Saving/Applying for a mortgage 2015/16/17/18/19

My partner and I are saving €1200 per month since Christmas. We have moved into his parent's home to save and pay €200 each to his parents. I save the quarterly bonuses I get and we were approved for the full 20k for the HTB. So we are saving away and keeping our eyes open regarding new builds within our price range, and tbh there is not a lot. So we have pretty much scrapped the idea of using the HTB and going for a new build.
We now have our sights set on a more affordable second hand house. So I've a few questions: at what point should we be looking into getting mortgage approval? When we have 30k or so saved?
Are we mad to scrap the HTB money? (we were looking at new builds in citywest and elder heath, but are not fans of the areas).
I feel like we will just end up living in his parents and saving for ages

Jess2019 wrote:

My partner and I are saving €1200 per month since Christmas. We have moved into his parent's home to save and pay €200 each to his parents. I save the quarterly bonuses I get and we were approved for the full 20k for the HTB. So we are saving away and keeping our eyes open regarding new builds within our price range, and tbh there is not a lot. So we have pretty much scrapped the idea of using the HTB and going for a new build. We now have our sights set on a more affordable second hand house. So I've a few questions: at what point should we be looking into getting mortgage approval? When we have 30k or so saved? Are we mad to scrap the HTB money? (we were looking at new builds in citywest and elder heath, but are not fans of the areas). I feel like we will just end up living in his parents and saving for ages

Hard to give you advise without knowing the areas you would like and your combined income/max approval amount and savings amount

Paul_Mc1988 wrote: »

Hard to give you advise without knowing the areas you would like and your combined income/max approval amount and savings amount

Hey our combined income plus bonuses is a bit over 80k. We are both from Tallaght so have been looking around that area. This is why we considered Citywest and Elder Heath.

charlietheminxx wrote: »

We initially wanted a second-hand house, but at several viewings we arrived to be told "there is an existing offer in for asking price/over the asking price". It was mad, we couldn't get a foot in the door anywhere, even when we went to ones which were a bit under our budget. One house we went to see sold for €45k over the asking price.

The asking price on a second hand house can be a strategic thing. It would be very rarely be pitched at the price the sellers will accept for the property. Often it'll be pitched low to generate interest and a bidding war, and sometimes it'll be pitched high in an effort to deter low-ball bids, and hope to get something near the asking.

Does anyone know how long after closing will the the solicitor send their invoice?

charlietheminxx wrote: »

Something to consider if you've focused on new build until now is that the advertised price on a second-hand means very little.

We initially wanted a second-hand house, but at several viewings we arrived to be told "there is an existing offer in for asking price/over the asking price". It was mad, we couldn't get a foot in the door anywhere, even when we went to ones which were a bit under our budget. One house we went to see sold for €45k over the asking price.

We ended up getting a new build in the end, we liked the houses and knew that the prices were fixed.

This worries me, as the second hand houses in the more attractive locations would be within our budget, but if they are expected to sell for any higher we are screwed. I have a feeling we may have to just settle for what we can get.

awec wrote: »

Solicitor will probably want to be paid before they send your mortgage money to the vendor's solicitor. You won't get the keys until your solicitor is fully paid up.

Perfect, thank you. Am I to assume the same for the estate agents fees?

awec wrote: »

No idea about those, since we didn't have a house to sell. I'd guess they just invoice you at some point since they wouldn't be involved to stall the process until you pay, unlike solicitors.

Yes, that makes sense. Thanks. I have all of the funds there obviously. But unsure as to when they'd all expect to be paid, and when I can start buying furniture with whatever is left over, which isn't a lot.

kitten_k wrote: »

Our estate agent took their fees from the booking deposit they receive from our buyer before transferring the balance to our solicitor.

Our solicitor then took his fees for the sale of our property from balance of the money (after mortgage etc were settled) before transferring whatever was left to us. In relation to his fees for the purchase of our new property I think we paid this by bank transfer before we closed.

That's great info, thanks. Our situation is a bit complicated. We have 2 solicitors, as there was a conflict of interest.

Jess2019 wrote: »

This worries me, as the second hand houses in the more attractive locations would be within our budget, but if they are expected to sell for any higher we are screwed. I have a feeling we may have to just settle for what we can get.

The bonus of a new build is you know the purchase price. Second houses are a mix bag. We’d prefer second hand house to new build but the bidding and waiting can wear you down. The main thing is know your limit and after a while you can an idea of an area (and auctioneer).

Some auctioneers I’ve learnt now always mark the asking at least 20k under the value of house. And I know if I’m looking at that auctioneer what to expect.

Some tend to overvalue a house by a lot. I’ve recently placed a bid on house going under asking and being told they want over asking. I get the asking price alone was a bit much but there isn't anything you can do unless you want to pay what seller wants. Which we didn’t. I was also bidding on a house that took 4 weeks to get to asking cause the first bidder went under asking by 20k so we all followed suit and no one was bidding more than 1k at a time.

But depends on location. I’m seeing houses in some Cork areas now dropping abit from original asking after sitting there for a few months. But also seeing some houses that are very overpriced. It’s made me look at other areas. But I am finding if new builds have gone into an area, there is some price correction for second hand houses. But if there hadn’t been any new builds, it’s a guessing game on price.

kitten_k wrote: »

Our estate agent took their fees from the booking deposit they receive from our buyer before transferring the balance to our solicitor.

Our solicitor then took his fees for the sale of our property from balance of the money (after mortgage etc were settled) before transferring whatever was left to us. In relation to his fees for the purchase of our new property I think we paid this by bank transfer before we closed.

Does the buyer pay the estate agent out of their booking deposit?

Was my understanding the agent is engaged by seller and they pay the agents fees.

L1011 wrote: »

The seller is paying - they just took the cash at the time of the booking deposit basically. It's transparent to the buyer

so buyer is refunded the booking deposit?