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

ChewBerecca · 07-09-2019 03:25PM

Amber Round Eyelid wrote: »

My solicitor emailed to say the loan offer was received from the bank on Friday afternoon. I'm also using a broker. I want to confirm the offer is for the full amount for which I applied - is it the broker or the solicitor I should check this with on Monday?

The solicitor's email didn't say anything about needing to come in to sign anything yet. Is there usually some sort of immediate follow up required when the bank issues the loan offer, or do you need to have other things in place first? No contracts received yet from the vendor's solicitor, but probate hasn't been granted yet so I'm expecting a long delay there.

Solicitor will be able to tell you the loan amount.

They will call you in when they have received and are happy with the contracts to sign both loan offer and contracts at once.

red_bairn · 08-09-2019 03:53PM

What does legal fees entail? Is it just the fees for a solicitor or are there any other items usually included?

ChewBerecca · 08-09-2019 04:32PM

red_bairn wrote: »

What does legal fees entail? Is it just the fees for a solicitor or are there any other items usually included?

Land registry on deed of transfer (depends on the house cost, our fee was about 700), mortgage deed, new folio, searches.

Depending on the price of the house, you're looking at another 1000 on top of the solicitors fee and excluding stamp duty.

Some solicitors will bulk everything together into one fee when quoting, check what's included when getting the quote.

red_bairn · 08-09-2019 07:05PM

ChewBerecca wrote: »

Land registry on deed of transfer (depends on the house cost, our fee was about 700), mortgage deed, new folio, searches.

Depending on the price of the house, you're looking at another 1000 on top of the solicitors fee and excluding stamp duty.

Some solicitors will bulk everything together into one fee when quoting, check what's included when getting the quote.

That is the thing. My uncle in-law is acting as our solicitor and even though he said don't mind about a fee is still want to throw something his way. But the above should give me a tough ballpark figure for additional fees. Thanks.

TheShow · 09-09-2019 12:04PM

Blanco100 wrote: »

At what stage would you suggest getting the mortgage protection in place? As I said, our solicitor is still awaiting contracts.

We have a policy in mind,but don't want to be paying for it until we know a date from when we want it to begin.

Think I will go ahead and sort the valuation now

IS there any existing medical conditions? if so, the sooner the better as you will need to go to doctor etc for medical report and this could cause delays.

If no medical conditions, it can be done over the phone in a few minutes.

r93kaey5p2izun · 09-09-2019 04:33PM

I was accepted for mortgage protection today with just a relatively small loading on the premium. Such a relief! I was so worried it would be refused. I had to fill out a huge volume of additional paperwork for each existing illness, but they didn't look for a doctor's report or send me for a medical. I'm amazed given my lengthy and complex medical history!

So I'm 3.5 weeks since sale agreed and survey is complete, bank has done valuation and issued loan offer, mortgage protection insurance is sorted. Just home insurance left to arrange now. But I'm still expecting this to drag on until the new year due to probate.

Mickiemcfist · 09-09-2019 04:41PM

Amber Round Eyelid wrote: »

I was accepted for mortgage protection today with just a relatively small loading on the premium. Such a relief! I was so worried it would be refused. I had to fill out a huge volume of additional paperwork for each existing illness, but they didn't look for a doctor's report or send me for a medical. I'm amazed given my lengthy and complex medical history!

So I'm 3.5 weeks since sale agreed and survey is complete, bank has done valuation and issued loan offer, mortgage protection insurance is sorted. Just home insurance left to arrange now. But I'm still expecting this to drag on until the new year due to probate.

Out of interest who did you get the mortgage protection with? Have a complex history myself! Thanks

r93kaey5p2izun · 09-09-2019 05:01PM

Mickiemcfist wrote: »

Out of interest who did you get the mortgage protection with? Have a complex history myself! Thanks

Irish Life through a broker.

Blanco100 · 09-09-2019 05:07PM

TheShow wrote: »

IS there any existing medical conditions? if so, the sooner the better as you will need to go to doctor etc for medical report and this could cause delays.

If no medical conditions, it can be done over the phone in a few minutes.

no medical conditions thank god. got valuation sorted today as i believe contracts could be with my solicitor this week

VonLuck · 09-09-2019 07:35PM

Excuse my ignorance, but what fees are associated with switching mortgage providers after your fixed term ends? Whilst I'm not switching anytime soon, I may have naively thought that it was a straight forward process and did not factor in any potential costs in switching, which may have affected the term I selected.

oleard1987 · 09-09-2019 11:45PM

We just bought a 4 bed semi d for 335k in cork and the total cost of the stamp duty and solicitor fees all in was 5660
We taught it would be more but you only pay the stamp on price of the house excluding VAT
I'll try and find the solicitors letter tomorrow and show the full range of fees

GingerLily · 10-09-2019 12:04AM

oleard1987 wrote: »

We just bought a 4 bed semi d for 335k in cork and the total cost of the stamp duty and solicitor fees all in was 5660
We taught it would be more but you only pay the stamp on price of the house excluding VAT
I'll try and find the solicitors letter tomorrow and show the full range of fees

I think stamp duty is exVAT for new builds only??

GingerLily · 10-09-2019 12:05AM

VonLuck wrote: »

Excuse my ignorance, but what fees are associated with switching mortgage providers after your fixed term ends? Whilst I'm not switching anytime soon, I may have naively thought that it was a straight forward process and did not factor in any potential costs in switching, which may have affected the term I selected.

If you stay with your current mortgage provider I don't think there's a charge? Are you looking to change bank?

ChewBerecca · 10-09-2019 08:36AM

GingerLily wrote: »

I think stamp duty is exVAT for new builds only??

It is, we had to pay 3800 for our 380k house as it wasnt a new build.

whatever76 · 10-09-2019 08:47AM

ChewBerecca wrote: »

It is, we had to pay 3800 for our 380k house as it wasnt a new build.

My eyes water when I see Stamp Duty figure - I'll be coughing up more over 3k myself ... 1% is cruel ! all I can think of is the lovely couch I could get for that :mad: ....

Creamy Goodness · 10-09-2019 08:51AM

it's the same for everyone though.

Try calculating the stamp duty on a house for sale in Dalkey, think what sofa you could buy with the stamp duty on that? I'll give you a hint, it's a deposit for a new build in Wicklow :pac:. (I recognise this is a slightly exaggerated and uncommon scenario but it's just a bit of fun).

HairMare · 10-09-2019 09:40AM

Can anyone recommend a mortgage provider for someone seeking a single mortgage, need to be able to look at purchase price of roughly 160/165 and legal fees associated. Have in /around 27k saved, on 35k gross per annum - looking at buying a 3 bed and renting out one room at least longterm - do any lenders take renting out a room into consideration ?

whatever76 · 10-09-2019 11:11AM

Creamy Goodness wrote: »

it's the same for everyone though.

Try calculating the stamp duty on a house for sale in Dalkey, think what sofa you could buy with the stamp duty on that? I'll give you a hint, it's a deposit for a new build in Wicklow :pac:. (I recognise this is a slightly exaggerated and uncommon scenario but it's just a bit of fun).

lol … My couch would be dripping in gold with Diamond trimmings ... :P

ELM327 · 10-09-2019 11:14AM

HairMare wrote: »

Can anyone recommend a mortgage provider for someone seeking a single mortgage, need to be able to look at purchase price of roughly 160/165 and legal fees associated. Have in /around 27k saved, on 35k gross per annum - looking at buying a 3 bed and renting out one room at least longterm - do any lenders take renting out a room into consideration ?

They do not consider it as income.

35k per annum means max mortgage amount of 122.5k or max purchase price of ~136k (unless you can add more than 10% deposit)

HairMare · 10-09-2019 04:30PM

oh that' s fair enough have 26 or 27k savings, just need that wee bit more unfortunately... i know they used to take into account rental revenue but that was back in the good old days...

ELM327 · 10-09-2019 04:33PM

HairMare wrote: »

oh that' s fair enough have 26 or 27k savings, just need that wee bit more unfortunately... i know they used to take into account rental revenue but that was back in the good old days...

So, using 27k of savings less 5k for legal fees + stamp duty etc, leaves 22k + 122.5k max mortgage means that you could spend 144.5k at the moment (assuming you get underwritten).

AFAIK the rental income thing stopped after the crisis

r93kaey5p2izun · 10-09-2019 05:04PM

I need some advice on the Deed of Assignment for mortgage protection insurance - do people usually just sign it and submit it, or is it something that should be checked by solicitor?

ChewBerecca · 10-09-2019 05:49PM

Amber Round Eyelid wrote: »

I need some advice on the Deed of Assignment for mortgage protection insurance - do people usually just sign it and submit it, or is it something that should be checked by solicitor?

Depending on your bank, it has to be witnessed by either solicitor or bank official.

We're with AIB and just brought it to the mortgage advisor in a branch near our work.

r93kaey5p2izun · 10-09-2019 06:01PM

ChewBerecca wrote: »

Depending on your bank, it has to be witnessed by either solicitor or bank official.

We're with AIB and just brought it to the mortgage advisor in a branch near our work.

Thanks. My mortgage broker will witness it, I was just wondering whether it's something my solicitor should review first. The top of the document says you should seek legal advice before signing - do most people actually get it checked or not bother? I need to submit it asap but they seemed surprised when I suggested I would need time to check it with my solicitor.

ChewBerecca · 10-09-2019 06:22PM

Amber Round Eyelid wrote: »

Thanks. My mortgage broker will witness it, I was just wondering whether it's something my solicitor should review first. The top of the document says you should seek legal advice before signing - do most people actually get it checked or not bother? I need to submit it asap but they seemed surprised when I suggested I would need time to check it with my solicitor.

Both of the deeds of assignment (home insurance and mortgage protection insurance) were standard issue forms from our bank.

I was happy enough with the content but if you are unsure, then by all means ask for a review or explanation.

Make sure whoever is witnessing knows how to fill out the forms, if they are completed incorrectly it can cause major hassle.

VonLuck · 10-09-2019 07:17PM

GingerLily wrote: »

If you stay with your current mortgage provider I don't think there's a charge? Are you looking to change bank?

Not right now, but when the fixed period of my mortgage finishes I will want to change to another fixed rate, potentially from another bank.

r93kaey5p2izun · 10-09-2019 08:19PM

ChewBerecca wrote: »

Both of the deeds of assignment (home insurance and mortgage protection insurance) were standard issue forms from our bank.

I was happy enough with the content but if you are unsure, then by all means ask for a review or explanation.

Make sure whoever is witnessing knows how to fill out the forms, if they are completed incorrectly it can cause major hassle.

It looks standard to me. I'll go ahead and sign it. I think everyone is just eager to get it in place before anything else new crops up with my health.

TheShow · 11-09-2019 11:32AM

Amber Round Eyelid wrote: »

I need some advice on the Deed of Assignment for mortgage protection insurance - do people usually just sign it and submit it, or is it something that should be checked by solicitor?

No need for the solicitor to be involved, unless you want to pay them for the privilege.
The form allows the bank to take assignment of the policy and in the event of your death during the life of the mortgage, the insurance company pay out directly to the bank.

TheShow · 11-09-2019 11:34AM

VonLuck wrote: »

Not right now, but when the fixed period of my mortgage finishes I will want to change to another fixed rate, potentially from another bank.

there will be legal fees as your solicitor needs to be involved, but they should be reduced as there is no transfer of title etc involved.

Ask your solicitor for a quote is the best way to find out how much.

11-09-2019 12:27PM

VonLuck wrote: »

Not right now, but when the fixed period of my mortgage finishes I will want to change to another fixed rate, potentially from another bank.

Then you'll need a solicitor which obviously costs money. It should be cheaper than buying a new house though, and a lot of the banks will offer some incentive to switchers to cover legal fees.

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

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