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

drunkmonkey · 19-08-2019 06:14PM

The deposit is fully refundable, 5k? They might not let you into the house without putting down the deposit.

bigslick · 19-08-2019 06:26PM

drunkmonkey wrote: »

The deposit is fully refundable, 5k? They might not let you into the house without putting down the deposit.

7.5k, which seems high. Would have thought fact we are paying for a survey to be done would show our serious intent. Guess just cautious handing over that amount and if purchase doesnt go ahead having to chase to get that amount back quick sharp!

drunkmonkey · 19-08-2019 06:59PM

It's standard, maybe they'll take less did you ask, it's refundable so wouldn't worry about it. You'll have a fair idea after having a good look at the house if there's anything pointing to something seriously wrong.
Go with the surveyor if you can, you'll be able to bounce any niggles or things you've spotted off him/her to ease your mind.

If it's in need of a serious revamp budget accordingly.

r93kaey5p2izun · 19-08-2019 07:11PM

I went sale agreed last Thursday. I have transferred the 5k deposit and finally managed to sort a solicitor, so details passed to estate agent. My broker is on holidays and I'm worried this will hold things up. I want to get moving on organising mortgage protection as I know I'm going to have problems. My gp is already pulling together everything for a report. I warned my broker my medical history is difficult but he said we would get it organised once I went sale agreed. I just want to get that part out of the way now.

Corruptedmorals · 19-08-2019 10:23PM

bigslick wrote: »

7.5k, which seems high. Would have thought fact we are paying for a survey to be done would show our serious intent. Guess just cautious handing over that amount and if purchase doesnt go ahead having to chase to get that amount back quick sharp!

Well everybody does the deposit and survey so survey alone isn't enough and isn't showing the same level of financial commitment...even though it is refundable and a survey is a sunken cost in sales that fall through. The estate agent might not be too willing to allow access without the deposit. From reading up before we went looking, the deposit appears to be cement sale agreed and pauses the house from further viewings etc.

We went sale agreed on a Friday evening and travelled to the only AIB fully open near us on the Saturday morning to be the quickest possible as the sellers had messed us around a bit so determined to show commitment.

Kiwi5449 · 19-08-2019 10:59PM

Hi everyone, great thread but didn’t quite find the answer to my question so hoping for some advice..

We have AIP and are very interested in a new build and close to paying the 5k booking deposit. My question is, with new builds once you go sale agreed (pay the booking deposit) to you draw down the mortgage as soon as contracts are signed by all parties (us and developers) or is draw down when the property is ready? Estate agents has said the property won’t be finished until Feb 2020. Our concern is we have been approved for Help To Buy and if draw down isn’t until Feb 2020 and the scheme isn’t continued in the budget...

Any advice would be much appreciated!

Natashaw88x · 19-08-2019 11:02PM

Kiwi5449 wrote: »

Hi everyone, great thread but didn’t quite find the answer to my question so hoping for some advice..

We have AIP and are very interested in a new build and close to paying the 5k booking deposit. My question is, with new builds once you go sale agreed (pay the booking deposit) to you draw down the mortgage as soon as contracts are signed by all parties (us and developers) or is draw down when the property is ready? Estate agents has said the property won’t be finished until Feb 2020. Our concern is we have been approved for Help To Buy and if draw down isn’t until Feb 2020 and the scheme isn’t continued in the budget...

Any advice would be much appreciated!

Hi,

We’ve also bought a new build. Should be ready end of this year. But loads have bought houses that won’t be ready till 2020. As soon as we signed contracts the builders asked us for or HTB details. They then claimed the refund. So no need to worry the builder will claim it before end of the year. Also you drawdown mortgage when your house is complete.

Kiwi5449 · 19-08-2019 11:28PM

Natashaw88x wrote: »

Hi,

We’ve also bought a new build. Should be ready end of this year. But loads have bought houses that won’t be ready till 2020. As soon as we signed contracts the builders asked us for or HTB details. They then claimed the refund. So no need to worry the builder will claim it before end of the year. Also you drawdown mortgage when your house is complete.

Thanks for the reply, that’s good to know about the HTB and when draw down happens for new builds!

mloc123 · 21-08-2019 02:36PM

Quick question for people that know the process, what is the minimum term that a bank wants you in a new job before they will approve a mortgage? I know somebody, continuous employment for years but moved job 7 months ago, probation completed now but thinks that you need to be in for 1yr at least to apply?

TheShow · 21-08-2019 02:38PM

mloc123 wrote: »

Quick question for people that know the process, what is the minimum term that a bank wants you in a new job before they will approve a mortgage? I know somebody, continuous employment for years but moved job 7 months ago, probation completed now but thinks that you need to be in for 1yr at least to apply?

Once in full time employment with all probation completed as outlined above, there shouldn't be an issue.

Prospector1989 · 21-08-2019 02:54PM

TheShow wrote: »

Once in full time employment with all probation completed as outlined above, there shouldn't be an issue.

Can confirm this. Have a friend who is in the job 4 months (6 months probation) and already talking to the broker. Banks seem happy to progress but won't allow drawdown until completion of probation.

red_bairn · 21-08-2019 05:34PM

Prospector1989 wrote: »

Can confirm this. Have a friend who is in the job 4 months (6 months probation) and already talking to the broker. Banks seem happy to progress but won't allow drawdown until completion of probation.

Same here, our broker confirmed the same: No drawdown until the probation is complete.

Dupont · 21-08-2019 08:32PM

We have to look at house insurance now and life insurance. For house insurance I think they were asking about value of contents. What would be a typical value of the contents of a 4 bed bungalow with just 2 people living. Also is any one going for mortgage protection. Yes if I injure myself at work I won’t have any income other than social welfare sick pay maybe. Does this still count as income therefore the insurance won’t pay out

hanaimai · 21-08-2019 08:56PM

Dupont wrote: »

We have to look at house insurance now and life insurance. For house insurance I think they were asking about value of contents. What would be a typical value of the contents of a 4 bed bungalow with just 2 people living. Also is any one going for mortgage protection. Yes if I injure myself at work I won’t have any income other than social welfare sick pay maybe. Does this still count as income therefore the insurance won’t pay out

Mortgage protection is life insurance i.e. it only pays out when you die. It's a lump sum payment to the bank for the amount of mortgage outstanding. It's also mandatary for the mortgage unless you can't get insurance cover due to existing or previous illnesses and then it's at the discretion of the bank whether they waive the requirement or not.

Blanco100 · 21-08-2019 10:33PM

hanaimai wrote: »

Mortgage protection is life insurance i.e. it only pays out when you die. It's a lump sum payment to the bank for the amount of mortgage outstanding. It's also mandatary for the mortgage unless you can't get insurance cover due to existing or previous illnesses and then it's at the discretion of the bank whether they waive the requirement or not.

We were told mortgage protection must be paid monthly its not like car insurance where premium can be paid in one go on yearly basis.

50 quid a month for next 30 years sounds exciting ðŸ˜‚

We havent arranged it yet but imagine thats what it costs thereabouts

hanaimai · 21-08-2019 10:45PM

Blanco100 wrote: »

We were told mortgage protection must be paid monthly its not like car insurance where premium can be paid in one go on yearly basis.

50 quid a month for next 30 years sounds exciting ��

We havent arranged it yet but imagine thats what it costs thereabouts

I pay mine yearly. It's about 250 for 2 people and my portion is loaded due to an old medical condition.

The reference to a lump sum in my previous post was the payout if you die by the insurance company to the bank, just in case that caused confusion.

TheShow · 22-08-2019 10:30AM

Blanco100 wrote: »

We were told mortgage protection must be paid monthly its not like car insurance where premium can be paid in one go on yearly basis.

50 quid a month for next 30 years sounds exciting &#55357;&#56834;

We havent arranged it yet but imagine thats what it costs thereabouts

I'm pretty sure you can pay it monthly or annually.

r93kaey5p2izun · 22-08-2019 04:17PM

When is normal for getting a survey of the house done once sale agreed? Waiting on bank to do valuation and issue loan offer at the moment. This is a probate sale, probate is not yet granted and I know to expect long delays with this. Should I arrange a survey asap or should I be waiting for some other step to complete first? I'm clueless.

TheShow · 22-08-2019 04:19PM

Survey asap before you get past the point of no return. Don't sign any contracts/pay any further deposit until you have survey results and you are satisfied with them.

22-08-2019 10:56PM

Amber Round Eyelid wrote: »

When is normal for getting a survey of the house done once sale agreed? Waiting on bank to do valuation and issue loan offer at the moment. This is a probate sale, probate is not yet granted and I know to expect long delays with this. Should I arrange a survey asap or should I be waiting for some other step to complete first? I'm clueless.

Immediately. If the surveyor finds some defect you'll want to withdraw.

Blanco100 · 23-08-2019 10:06AM

Ayan Prickly Road wrote: »

Immediately. If the surveyor finds some defect you'll want to withdraw.

how common is it for surveyors to find defects worthy of withdrawal?

Id imagine most 2nd hand dwellings especially in dublin are snapped up regardless?

Having an issue ourselves currently, surveyor found issue to chimney, recommended it may need to be demolished in time but stopped short of saying it absolutely, seller is now organising her own report.

no mention of how much job would cost or how long before job would need to be done etc..

its a balancing act really, chimney is shared stack with neighbour

TheShow · 23-08-2019 10:14AM

Blanco100 wrote: »

how common is it for surveyors to find defects worthy of withdrawal?

Id imagine most 2nd hand dwellings especially in dublin are snapped up regardless?

Common enough. It boils down to how much you want the house. How much it costs to rectify the position and if you can renegotiate the price of the house down given the findings.

Sunrise_Sunset · 23-08-2019 10:53AM

Blanco100 wrote: »

how common is it for surveyors to find defects worthy of withdrawal?

Id imagine most 2nd hand dwellings especially in dublin are snapped up regardless?

Having an issue ourselves currently, surveyor found issue to chimney, recommended it may need to be demolished in time but stopped short of saying it absolutely, seller is now organising her own report.

no mention of how much job would cost or how long before job would need to be done etc..

its a balancing act really, chimney is shared stack with neighbour

We had issues with the place we're selling, to do with our attic conversion. It has been an extremely stressful situation, and touch and go a few times as to whether the sale was going through. The buyer didn't get a survey and the issues were only brought to light a few weeks in. The buyer still wanted to proceed. We have spent a few thousand getting these issues fixed. It has been worth it though.

23-08-2019 10:55AM

Sunrise_Sunset wrote: »

We had issues with the place we're selling, to do with our attic conversion.

What were the issues out of curiosity ?

Sunrise_Sunset · 23-08-2019 11:01AM

BrownFinger wrote: »

What were the issues out of curiosity ?

The original carpenter moved the trusses/joists. It would cause the structure to weaken. We had to reinstate.
It wasn't something that we requested of the original carpenter. He was a family member, and thought they were doing us a "favour" by making the room bigger. It was a case that we came home from work and it was done, and we didn't know any better at the time, we were far too wet around the ears. More fool us.

Paul_Mc1988 · 23-08-2019 12:41PM

Hi there,

I've just gone sale agreed and am looking around for a solicitor. First one has come back with a quote of €2700. Can anyone tell me if this is good or bad?

House is situated in south Dublin with a sale agreed price of €440k.

23-08-2019 01:08PM

Fairly steep imo
paid 1600e a few months back.
I rang 4/5 different places and went with the cheapest .

Edit- was 2k

Prospector1989 · 23-08-2019 01:12PM

South Dublin house. All fees and outlays excluding Stamp Duty came to just under €2.5k for us. June just gone.

That was broken down including land registry etc.

Sunrise_Sunset · 23-08-2019 02:33PM

North Wicklow house, less expensive than your own - just paid 3130 for everything (fee, VAT, closing searches, registration fee) excluding stamp duty.

r93kaey5p2izun · 23-08-2019 02:36PM

I'm buying in North Kildare. All solicitors quotes I received were between €2550 and €2750 including everything except stamp duty.

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

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