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

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Comments

  • #9182
    scheister
    Registered Users, Registered Users 2 Posts: 1,312 ✭✭✭scheister


    el Fenomeno wrote: »
    Finally got our keys yesterday.

    No flooring, no furniture, not a bit of cutlery or anything of that sort in yet - just an empty shell.

    But we sat on the floor eating Four Star Pizza last night to celebrate. Great feeling.

    Thanks to everyone who has offered help, advice and information in this thread. A massive resource for anyone going through the process.

    I would imagine something similar when i finally get the keys.
    My sister and husband did the same with there first house had take away on the concrete floor and slept in a sleeping bag simple as it was now there house. A friend refused recently to move into her house until there was wifi. How times change


  • #9183
    limnam
    Registered Users, Registered Users 2 Posts: 9,342 ✭✭✭limnam


    scheister wrote: »
    A friend refused recently to move into her house until there was wifi. How times change


    Was one of the first calls I made walking in the door :o


  • #9184
    Woshy
    Registered Users, Registered Users 2 Posts: 1,429 ✭✭✭Woshy


    Padre_Pio wrote: »
    They should count it if you can sell your shares.

    Thanks- something to look into I guess. I'm not sure of the details yet.


  • #9185
    charlietheminxx
    Registered Users, Registered Users 2 Posts: 2,579 ✭✭✭charlietheminxx


    I got my keys yesterday as well. Best feeling in the world, it's surreal :D

    We had so many delays on the way and thought we weren't going to be able to draw down before our mortgage offer expired (thanks to all who offered advice at the time) but we made it by the skin of our teeth. For anyone who is at the stressy tearing-their-hair-out stage at the moment, hang in there, you'll get there.


  • #9186
    Paul Tergat
    Registered Users, Registered Users 2 Posts: 10,796 ✭✭✭✭Paul Tergat


    Buying a new build house - should I get a survey done before signing contracts? I know a snag is to come down the line post signing contracts. Thanks


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  • #9187
    awec
    Administrators Posts: 55,019 Admin ✭✭✭✭✭awec


    Paul Tergat wrote: »
    Buying a new build house - should I get a survey done before signing contracts? I know a snag is to come down the line post signing contracts. Thanks

    No point.


  • #9188
    Paul Tergat
    Registered Users, Registered Users 2 Posts: 10,796 ✭✭✭✭Paul Tergat


    awec wrote: »
    No point.

    out of interest, why?


  • #9189
    Creamy Goodness
    Registered Users, Registered Users 2 Posts: 26,584 ✭✭✭✭Creamy Goodness


    They're expensive, why do it twice as it'll cost you double.


  • #9190
    awec
    Administrators Posts: 55,019 Admin ✭✭✭✭✭awec


    Paul Tergat wrote: »
    out of interest, why?

    No need for a survey on a new build. House will be subject to building controls, which means it's inspected by a certified person while it's being built and that person has to sign off on it and issue a certificate of compliance (which goes to your solicitor I believe).

    Just a snag is the normal procedure for new builds. Spend your money on a good snagger instead and don't waste it on a survey.


  • #9191
    Paul Tergat
    Registered Users, Registered Users 2 Posts: 10,796 ✭✭✭✭Paul Tergat


    Creamy Goodness wrote: »
    They're expensive, why do it twice as it'll cost you double.
    awec wrote: »
    No need for a survey on a new build. House will be subject to building controls, which means it's inspected by a certified person while it's being built and that person has to sign off on it and issue a certificate of compliance (which goes to your solicitor I believe).

    Just a snag is the normal procedure for new builds. Spend your money on a good snagger instead and don't waste it on a survey.

    Thanks lads, figured as much but solicitor was being a pain and had it in as a recommendation and didnt like being challenged on it.


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  • #9192
    Paul Tergat
    Registered Users, Registered Users 2 Posts: 10,796 ✭✭✭✭Paul Tergat


    Another question if that's ok - when is it best to take out the mortgage protection and home insurance? Want to make sure the timing of having to get these don't slow mortgage drawdown too long but as yet dont' know of completion date. Is it best to do this during the snag so they run alongside each other - also gives time to assign the mortgage protection to bank


  • #9193
    awec
    Administrators Posts: 55,019 Admin ✭✭✭✭✭awec


    Paul Tergat wrote: »
    Another question if that's ok - when is it best to take out the mortgage protection and home insurance? Want to make sure the timing of having to get these don't slow mortgage drawdown too long but as yet dont' know of completion date. Is it best to do this during the snag so they run alongside each other - also gives time to assign the mortgage protection to bank

    About a month before you are set to close IMO. You'll probably want both before you snag, since the time from snagging -> close can be quite short if your builder is looking to get your cash.


  • #9194
    TheShow
    Registered Users, Registered Users 2 Posts: 1,157 ✭✭✭TheShow


    Paul Tergat wrote: »
    Buying a new build house - should I get a survey done before signing contracts? I know a snag is to come down the line post signing contracts. Thanks

    New house, why would you need a survey?


  • #9195
    Paul Tergat
    Registered Users, Registered Users 2 Posts: 10,796 ✭✭✭✭Paul Tergat


    TheShow wrote: »
    New house, why would you need a survey?

    solicitor trying to spook me i think.


  • #9196
    tomister
    Registered Users, Registered Users 2 Posts: 271 ✭✭tomister


    Paul Tergat wrote: »
    Another question if that's ok - when is it best to take out the mortgage protection and home insurance? Want to make sure the timing of having to get these don't slow mortgage drawdown too long but as yet dont' know of completion date. Is it best to do this during the snag so they run alongside each other - also gives time to assign the mortgage protection to bank

    My bank has suggested to get the ball rolling about 6 weeks prior to the planned drawdown. If you've any concerns on the mortgage protection (life assurance) due to health issues I would suggest getting the ball rolling earlier as some companies will request information from your doctor.


  • #9197
    whatever76
    Registered Users, Registered Users 2 Posts: 1,037 ✭✭✭whatever76


    agree - just get the ball rolling and actually shop around for prices as you have the time and just have it lined up and ready to go when you draw down - I am near closing I hope and you be surprised how long it actually takes to draw down especially if you have some contract/legal stuff to agree to but i have all the requirements in place so not to cause further delays once these are sorted . You don't pay out for anything anyway until draw down so just have it ready .

    BTW - not sure if its different across different providers but be prepared for personal questions for getting mortgage protection … I was taken back a bit TBH at some of the questions as they are pretty personal but has to be done !


  • #9198
    woodchuck
    Registered Users, Registered Users 2 Posts: 15,411 ✭✭✭✭woodchuck


    I have a question if anyone can help...

    We're looking at mortgage comparisons on www.ccpc.ie with a view to picking which bank to apply to for a mortgage, but we're confused about the "Potential ongoing monthly repayments" column (APRC?). The difference between the monthly repayments and the potential ongoing monthly repayments vary wildly within the same fixed term for different banks (~440euro difference for one bank compared to only ~60euro difference for another bank).

    Should we just go with the bank that has the best initial interest rate and monthly repayments for the fixed term we have in mind, or do we need to put any stock in the potential ongoing monthly repayments? Presumably we can switch mortgage providers after the fixed term, so I don't know if we need to pay any attention to this number...


  • #9199
    G_R
    Moderators, Education Moderators Posts: 5,028 Mod ✭✭✭✭G_R


    woodchuck wrote: »
    I have a question if anyone can help...

    We're looking at mortgage comparisons on www.ccpc.ie with a view to picking which bank to apply to for a mortgage, but we're confused about the "Potential ongoing monthly repayments" column (APRC?). The difference between the monthly repayments and the potential ongoing monthly repayments vary wildly within the same fixed term for different banks (~440euro difference for one bank compared to only ~60euro difference for another bank).

    Should we just go with the bank that has the best initial interest rate and monthly repayments for the fixed term we have in mind, or do we need to put any stock in the potential ongoing monthly repayments? Presumably we can switch mortgage providers after the fixed term, so I don't know if we need to pay any attention to this number...

    You can switch providers, but you can also switch rates within the same bank.

    The APRC will be calculated based on that banks Standard Variable Rate after the fixed period. It's a pretty meaningless calculation to be honest, when there are so many variables at play.

    For example, most banks will allow you to re-fix after a fixed period (some will insist on a new valuation which may cost you 100-150), which will (usually) be substantially less than their SVR.

    I wouldn't give it much heed unless you plan on fixing for a period then not changing (which would be madness) and even then, its reliant on the SVR not changing to be accurate.


  • #9200
    woodchuck
    Registered Users, Registered Users 2 Posts: 15,411 ✭✭✭✭woodchuck


    Great, thanks G_R! It sounds like we shouldn't get hung up on that number at this stage of the process then.

    We were thinking of asking for a 5 year fixed rate, but it looks like up to 10 years is possible. Obviously it's a bit of a gamble no matter what you do, but I wonder would the 10 year fixed rate be worth considering to avoid the hassle (and legal fees etc) of changing providers after 5 years? I imagine the time will fly in!


  • #9201
    r93kaey5p2izun
    Closed Accounts Posts: 3,962 ✭✭✭r93kaey5p2izun


    woodchuck wrote: »
    Great, thanks G_R! It sounds like we shouldn't get hung up on that number at this stage of the process then.

    We were thinking of asking for a 5 year fixed rate, but it looks like up to 10 years is possible. Obviously it's a bit of a gamble no matter what you do, but I wonder would the 10 year fixed rate be worth considering to avoid the hassle (and legal fees etc) of changing providers after 5 years? I imagine the time will fly in!

    Have you considered whether the LTV will have dropped into a lower category during the term too? I'm completely risk averse and wanted to fix for 10 years because stability is so important to me. My broker advised against because my LTV will be in a different category well before then according to him, so I would be in a "cheaper" category. He advised I fix for 4 or 5 but I think I'll go for 7. It's a tough decision!


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  • #9202
    Paul Tergat
    Registered Users, Registered Users 2 Posts: 10,796 ✭✭✭✭Paul Tergat


    Thanks all. In terms of the timing though, I have quotes from companies but when do I actually take out the policies? For example, if the new build is going to be completed (pre-snag) in mid November, should I just take it out now? Can I even do this when I don't yet own the property?


  • #9203
    Bez Bing
    Registered Users, Registered Users 2 Posts: 210 ✭✭Bez Bing


    How easy or hard is it to switch rates within the same bank after a fixed rate expires? Is it as simple as an email/call to your advisor pick the new rate or is more complicated than that?


  • #9204
    KingCong
    Registered Users, Registered Users 2 Posts: 235 ✭✭KingCong


    Bez Bing wrote: »
    How easy or hard is it to switch rates within the same bank after a fixed rate expires? Is it as simple as an email/call to your advisor pick the new rate or is more complicated than that?

    Very easy, call them and they'll likely send out a form with the various rate options, fill it in and send it back.


  • #9205
    colly10
    Registered Users, Registered Users 2 Posts: 3,041 ✭✭✭colly10


    Just got a loan pack and am wondering if I need both Life Insurance and Mortgage Protection?

    With mortgage protection, if I die, the bank get the money back so why would I also need life insurance?


  • #9206
    Creamy Goodness
    Registered Users, Registered Users 2 Posts: 26,584 ✭✭✭✭Creamy Goodness


    colly10 wrote: »
    Just got a loan pack and am wondering if I need both Life Insurance and Mortgage Protection?

    With mortgage protection, if I die, the bank get the money back so why would I also need life insurance?
    If you have dependents it's nice for them to have a lump sum to cover them, they'll have a lot to grieve having them worrying about the next pay cheque is one less thing to deal with.


  • #9207
    awec
    Administrators Posts: 55,019 Admin ✭✭✭✭✭awec


    colly10 wrote: »
    Just got a loan pack and am wondering if I need both Life Insurance and Mortgage Protection?

    With mortgage protection, if I die, the bank get the money back so why would I also need life insurance?

    Mortgage protection payout reduces over time, it basically just covers the exact amount outstanding on your mortgage, so if you die, your mortgage is paid off and nothing more. It is bare minimum cover.

    Life assurance is a fixed sum, that will be paid when you die. It is there to protect your surviving dependents. The value of the payout doesn't decrease over time, and basically means your surviving dependents don't have to live off a single income (or no income, in the case where your surviving partner doesn't work). It basically means as much as possible your family is not worse off financially as a result of your death.


  • #9208
    moonlighting_1
    Closed Accounts Posts: 135 ✭✭moonlighting_1


    Guys whats the deal with pulling out of a house sale.
    I ask because my job turned into a nightmare just around the time I went sale agreed on a house.Great timing.
    Company bought over and now everybody stabbing each other in the back trying to hold onto their jobs.

    Had planned to stay till I got the keys of new house in my hands but sadly I cant do it anymore.
    Payed the 5k deposit, Got the bank loan paperwork sorted. Solicitor is working away in the background.
    Is it still possible to pull out of the sale. I need to re-plan my Career.


  • #9209
    KingCong
    Registered Users, Registered Users 2 Posts: 235 ✭✭KingCong


    moonlighting_1 wrote: »
    Guys whats the deal with pulling out of a house sale.
    I ask because my job turned into a nightmare just around the time I went sale agreed on a house.Great timing.
    Company bought over and now everybody stabbing each other in the back trying to hold onto their jobs.

    Had planned to stay till I got the keys of new house in my hands but sadly I cant do it anymore.
    Payed the 5k deposit, Got the bank loan paperwork sorted. Solicitor is working away in the background.
    Is it still possible to pull out of the sale. I need to re-plan my Career.

    If you have only paid the booking deposit and haven't signed contracts and sent them back you can pull out without any losses (except maybe a bill from solicitor)


  • #9210
    moonlighting_1
    Closed Accounts Posts: 135 ✭✭moonlighting_1


    KingCong wrote: »
    If you have only paid the booking deposit and haven't signed contracts and sent them back you can pull out without any losses (except maybe a bill from solicitor)


    Thank god, thanks for the info. Got some worrying phone calls to make next week.


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  • #9211
    woodchuck
    Registered Users, Registered Users 2 Posts: 15,411 ✭✭✭✭woodchuck


    We're still trying to decide what bank we might apply to.

    Would it be worthwhile going to a broker or mortgage advisor though as opposed to just applying directly to a bank? If anybody has any experience of this, how much it costs, if it's worth the money etc, that would be great, thanks :)


This discussion has been closed.
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