Advertisement
If you have a new account but are having problems posting or verifying your account, please email us on hello@boards.ie for help. Thanks :)
Hello all! Please ensure that you are posting a new thread or question in the appropriate forum. The Feedback forum is overwhelmed with questions that are having to be moved elsewhere. If you need help to verify your account contact hello@boards.ie

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

Options
1…296297299301302…330

Comments

  • Options
    #8942
    nak
    Registered Users Posts: 1,538 ✭✭✭nak


    ChewBerecca wrote: »
    It wasn't possible for us with AIB.

    Our mortgage advisor knew that one set of our parents was planning on paying the solicitor (family friend, mortgage advisor knows both the parents and solicitor) and another set the stamp duty.

    We were still asked to have 6k deposited into one of our accounts and gift letters signed before they would submit the application in order to prove if the sale closed the following day we had all funds in place.

    We have all the funds in the account at moment, I was taking away the rent we have to pay later this month (which we wouldn't be paying if the sale closed).


  • Options
    #8943
    skippy123!
    Registered Users Posts: 60 ✭✭skippy123!


    Very good news. Mortgage fully approved by BOI, valuation completed and submitted to the bank and insurance signed today. Monday we are meeting our solicitor for contracts and loan offer... What is next? What can we expect? This is a new build.


  • Options
    #8944
    Blanco100
    Registered Users Posts: 1,933 ✭✭✭Blanco100


    TheShow wrote: »
    The solicitor will just review the terms of the contract for now. Title searches etc are not done until closing day.
    If you have the engineers report and are happy with it, then go ahead with the valuation, no point in holding that up.
    The rest can be done very quickly when you are closer to closing the sale. No point in getting an home insurance policy without the rebuild cost as the bank wont accept it, so it is just a waste of time.
    Contract/offer letter can be be done on the same day when you're in with the solicitor and he/she is happy with the terms of the contract.

    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


  • Options
    #8945
    Bez Bing
    Registered Users Posts: 209 ✭✭Bez Bing


    Does anyone know if the cash back offers are subject to tax?


  • Options
    #8946
    Humour Me
    Registered Users Posts: 360 ✭✭Humour Me


    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

    Organise the mortgage protection now as you may need medical underwriting. You can confirm the start date at a later stage.


  • Advertisement
  • Options
    #8947
    manatoo
    Registered Users Posts: 376 ✭✭manatoo


    Bez Bing wrote: »
    Does anyone know if the cash back offers are subject to tax?

    They're not subject to tax. They're part of the total loan so you don't pay tax on it same as you don't pay tax on the loan amount when you draw it down.


  • Options
    #8948
    r93kaey5p2izun
    Closed Accounts Posts: 3,962 ✭✭✭r93kaey5p2izun


    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.


  • Options
    #8949
    ChewBerecca
    Registered Users Posts: 301 ✭✭ChewBerecca


    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.


  • Options
    #8950
    red_bairn
    Registered Users Posts: 2,342 ✭✭✭red_bairn


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


  • Options
    #8951
    ChewBerecca
    Registered Users Posts: 301 ✭✭ChewBerecca


    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.


  • Advertisement
  • Options
    #8952
    red_bairn
    Registered Users Posts: 2,342 ✭✭✭red_bairn


    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.


  • Options
    #8953
    TheShow
    Registered Users Posts: 1,157 ✭✭✭TheShow


    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.


  • Options
    #8954
    r93kaey5p2izun
    Closed Accounts Posts: 3,962 ✭✭✭r93kaey5p2izun


    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.


  • Options
    #8955
    Mickiemcfist
    Registered Users Posts: 1,585 ✭✭✭Mickiemcfist


    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


  • Options
    #8956
    r93kaey5p2izun
    Closed Accounts Posts: 3,962 ✭✭✭r93kaey5p2izun


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

    Irish Life through a broker.


  • Options
    #8957
    Blanco100
    Registered Users Posts: 1,933 ✭✭✭Blanco100


    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


  • Options
    #8958
    VonLuck
    Registered Users Posts: 2,176 ✭✭✭VonLuck


    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.


  • Options
    #8959
    oleard1987
    Registered Users Posts: 172 ✭✭oleard1987


    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


  • Options
    #8960
    GingerLily
    Registered Users Posts: 4,767 ✭✭✭GingerLily


    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??


  • Options
    #8961
    GingerLily
    Registered Users Posts: 4,767 ✭✭✭GingerLily


    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?


  • Advertisement
  • Options
    #8962
    ChewBerecca
    Registered Users Posts: 301 ✭✭ChewBerecca


    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.


  • Options
    #8963
    whatever76
    Registered Users Posts: 1,007 ✭✭✭whatever76


    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: ....


  • Options
    #8964
    Creamy Goodness
    Registered Users Posts: 26,556 ✭✭✭✭Creamy Goodness


    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).


  • Options
    #8965
    HairMare
    Registered Users Posts: 258 ✭✭HairMare


    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 ?


  • Options
    #8966
    whatever76
    Registered Users Posts: 1,007 ✭✭✭whatever76


    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


  • Options
    #8967
    ELM327
    Registered Users Posts: 21,446 ✭✭✭✭ELM327


    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)


  • Options
    #8968
    HairMare
    Registered Users Posts: 258 ✭✭HairMare


    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...


  • Options
    #8969
    ELM327
    Registered Users Posts: 21,446 ✭✭✭✭ELM327


    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


  • Options
    #8970
    r93kaey5p2izun
    Closed Accounts Posts: 3,962 ✭✭✭r93kaey5p2izun


    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?


  • Advertisement
  • Options
    #8971
    ChewBerecca
    Registered Users Posts: 301 ✭✭ChewBerecca


    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.


This discussion has been closed.
Advertisement