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

scarepanda · 30-10-2019 01:50PM

Hi guys,

This is a question I've in with our solicitor, but would love to hear what people think here as they haven't gotten back to us yet.

We think we are in a chain, although the sellers have not been up front about it. What we are afraid of is signing contracts and then being locked into following through with the sale even if the sellers then start dragging their feet and stringing us along while they find somewhere else themselves, which could take months. Is it possible to add into the contract a clause that states that if the sale doesn't close by a certain date that we can walk away without any penalties?

purpleisafruit · 30-10-2019 02:20PM

oleard1987 wrote: »

We got my sister to get all the appliances through a store that does flexi finance
The just transfer the money to her before the payment comes out of her account
Soon as we drawdown we will just wipe the fiance before they apply the interest rate

As said above i would get any loans ,finance etc in you or your partners name till you have the keys in your hand

I'd do it with cash as you don't want the bank requesting new statements before drawdown and questioning why you're moving cash to a sibling

wirelessdude01 · 30-10-2019 06:01PM

Has anyone used the likes of N26 to pay the mortgage and mortgage protection out of?

Dolbhad · 30-10-2019 08:45PM

scarepanda wrote: »

Hi guys,

This is a question I've in with our solicitor, but would love to hear what people think here as they haven't gotten back to us yet.

We think we are in a chain, although the sellers have not been up front about it. What we are afraid of is signing contracts and then being locked into following through with the sale even if the sellers then start dragging their feet and stringing us along while they find somewhere else themselves, which could take months. Is it possible to add into the contract a clause that states that if the sale doesn't close by a certain date that we can walk away without any penalties?

I would tell your solicitor you can’t be in an open ended contract. There needs to be a date in it. Now you’ll need to be flexible on that date. Being in a chain are a pain but if all parties in a chain are reasonable, it can be pulled off. Your solicitor will I assume be of the same mind set of having some sort of date.

Your sellers won’t return signed contracts to you until they have signed contracts in place to buy. So really depends on that transaction. Is there a further chain down the line?

Trimm Trabb · 30-10-2019 09:12PM

Another question re drawdown - do banks look for updated bank statements and proof of savings again at this time?

scarepanda · 30-10-2019 09:13PM

So putting in an end date is possible so?

I honestly don't know how far the chain goes. Being in a chain hasn't been confirmed to us. Is it possible to ask via the solicitors and expect an answer? We asked the agent a couple of times and didn't get an answer really, said he didn't know, but he wasn't convincing. I was chatting to a neighbour over the weekend and he said that as far as he was aware they didn't have anything else sorted out yet. That's obviously not a definitive answer, but from the chat with him a few questions we had ourselves in general kind of became clear.

We're first time buyers, so we can be a bit flexible, we just don't want to dicked about waiting for who knows how long to get the deal done, especially after we have the contracts signed if something else comes up and there's no movement on the current property

Dolbhad · 30-10-2019 09:29PM

scarepanda wrote: »

So putting in an end date is possible so?

I honestly don't know how far the chain goes. Being in a chain hasn't been confirmed to us. Is it possible to ask via the solicitors and expect an answer? We asked the agent a couple of times and didn't get an answer really, said he didn't know, but he wasn't convincing. I was chatting to a neighbour over the weekend and he said that as far as he was aware they didn't have anything else sorted out yet. That's obviously not a definitive answer, but from the chat with him a few questions we had ourselves in general kind of became clear.

We're first time buyers, so we can be a bit flexible, we just don't want to dicked about waiting for who knows how long to get the deal done, especially after we have the contracts signed if something else comes up and there's no movement on the current property

You can do but I think you need more information so ask your solicitor to ring the sellers solicitor and see what the situation is

scarepanda · 30-10-2019 10:03PM

Dolbhad wrote:

You can do but I think you need more information so ask your solicitor to ring the sellers solicitor and see what the situation is

Ya I know we do, but tbh we don't know who to ask for more info, and what info to actually believe.

JohnnyChimpo · 30-10-2019 10:08PM

Good to see that as of today, BOI have extended their cashback to June 2020. Was a little skeptical if we'd be able to draw down before the end of the year, so this takes some pressure off

Dolbhad · 30-10-2019 10:55PM

scarepanda wrote: »

Ya I know we do, but tbh we don't know who to ask for more info, and what info to actually believe.

If there is a change, the sellers solicitor will know (as presumably that solicitor will be dealing with the sale and purchase so trying to balance them). Auctioneer may only be working off what info the sellers are passing on which may be vague. I’d push your solicitor to chat with the sellers solicitor and see what information is available and a timeline on when contracts can be signed. You can use the excuse of “our loan offer is only valid for 6 months and has been issued and no guarantee it could be renewed again”.

Dolbhad · 30-10-2019 10:57PM

JohnnyChimpo wrote: »

Good to see that as of today, BOI have extended their cashback to June 2020. Was a little skeptical if we'd be able to draw down before the end of the year, so this takes some pressure off

That is good. The BOI cashback is biggest on market so I think they could lose business if it was not extended.

I’ve heard kbc are giving €3000 back in loan offers if it’s drawn down by end of year and are a FTB and not getting an exemption to policy.

scarepanda · 31-10-2019 12:14AM

Dolbhad wrote:

Auctioneer may only be working off what info the sellers are passing on which may be vague.

This could be the case, but something tells us that it's not. Time will tell!

Thank you though for your advice!

wally79 · 31-10-2019 01:23AM

scarepanda wrote: »

So putting in an end date is possible so?

I honestly don't know how far the chain goes. Being in a chain hasn't been confirmed to us. Is it possible to ask via the solicitors and expect an answer? We asked the agent a couple of times and didn't get an answer really, said he didn't know, but he wasn't convincing. I was chatting to a neighbour over the weekend and he said that as far as he was aware they didn't have anything else sorted out yet. That's obviously not a definitive answer, but from the chat with him a few questions we had ourselves in general kind of became clear.

We're first time buyers, so we can be a bit flexible, we just don't want to dicked about waiting for who knows how long to get the deal done, especially after we have the contracts signed if something else comes up and there's no movement on the current property

If their solicitor is worth what they are paying him he won’t let them sign a contract with an end date. Puts them under huge pressure to buy or they end up renting.

I’m not even sure if it is legally enforceable. We were in a similar situation and there was something my solicitor said about this that I just can’t recall.

They are in the drivers seat. The only real bargaining chip you have is that you can pull out any time before you sign contracts with no penalty except perhaps solicitor fees

scarepanda · 31-10-2019 01:41AM

wally79 wrote:

They are in the drivers seat. The only real bargaining chip you have is that you can pull out any time before you sign contracts with no penalty except perhaps solicitor fees

Ya, at the moment we're not overly bothered about being in a chain coz were not locked in and can leave things as they are and keep looking. Our landlord knows we've gone sale agreed and he just wants to be kept in the loop about when we might be moving out, so we're not under pressure from that point of view.

What we're afraid of is them playing ball up until we sign contracts and then start dicking us about by dragging things out. We're just very suspicious that that's very liable to happen.

Woshy · 31-10-2019 10:58AM

Kiwi5449 wrote: »

I’m currently on probation and went for a mortgage with AIB, got AIP first, then underwritten AIP. We now have full approval but a condition that we cannot draw down until my probation is passed which suits us as it’s a new build and won’t need to draw down until April 2020 and my probation ends in December. We let our solicitor know, we have paid the booking deposit but won’t sign contracts until December when I have completed probation and we can move to get the loan offer from the bank then. Hope this helps!

Thank you. We are buying a house from a family member so it would be a quick sale and we would want to drawdown straight away. I might just apply with our own bank and see what they say but I also don't mind waiting if we have to. We are already living in the house.

JohnnyChimpo · 31-10-2019 11:13AM

Dolbhad wrote: »

That is good. The BOI cashback is biggest on market so I think they could lose business if it was not extended.

I’ve heard kbc are giving €3000 back in loan offers if it’s drawn down by end of year and are a FTB and not getting an exemption to policy.

I think EBS are basically head-to-head with BOI in terms of cashback, both require 5 years to get the 2+1%.

As regards KBC, I'm pretty sure the €3000 is only for switchers unless I'm mistaken. Pretty ****e to only reward switchers and not new customers but there you have it. Will probably go there myself if the offer's still going after 2 years of my BOI mortgage

Fia11 · 31-10-2019 11:45AM

JohnnyChimpo wrote: »

I think EBS are basically head-to-head with BOI in terms of cashback, both require 5 years to get the 2+1%.

As regards KBC, I'm pretty sure the €3000 is only for switchers unless I'm mistaken. Pretty ****e to only reward switchers and not new customers but there you have it. Will probably go there myself if the offer's still going after 2 years of my BOI mortgage

KBC are 100% offering cashback to FTBs. I have no loyalty to them myself, but will be glad to see the 3k coming our way soon.

JohnnyChimpo · 31-10-2019 12:05PM

Fia11 wrote: »

KBC are 100% offering cashback to FTBs. I have no loyalty to them myself, but will be glad to see the 3k coming our way soon.

Very interesting, couldn't find anything about it on their website...

And even recent Irish Times article indicates it's only for switchers. https://www.irishtimes.com/business/financial-services/kbc-cuts-fixed-mortgage-rates-for-borrowers-1.3974183

Not doubting you've done your homework, just find it a little bizarre that they wouldn't advertise it

Fia11 · 31-10-2019 12:34PM

JohnnyChimpo wrote: »

Very interesting, couldn't find anything about it on their website...

And even recent Irish Times article indicates it's only for switchers. https://www.irishtimes.com/business/financial-services/kbc-cuts-fixed-mortgage-rates-for-borrowers-1.3974183

Not doubting you've done your homework, just find it a little bizarre that they wouldn't advertise it

When we first went for AIP with KBC it didn't exist, the broker only informed us of it two weeks ago. I also haven't seen it advertised anywhere. I will be combing through the offer letter for sure.

Playoff_Beard · 06-11-2019 11:14AM

Is it often possible to switch after paying a mortgage for 1-year only? I took out a mortgage last year and started out on a 1-year fixed. Also is it possible to switch and top-up at the same time? Thanks!

heebusjeebus · 06-11-2019 01:15PM

Playoff_Beard wrote: »

Is it often possible to switch after paying a mortgage for 1-year only? I took out a mortgage last year and started out on a 1-year fixed. Also is it possible to switch and top-up at the same time? Thanks!

Yes & Yes

Chesty08 · 06-11-2019 02:19PM

I am looking to start drawing down on a mortgage from January 2020 for a self build. Everything else is lined up and ready to go.

Ideally I want variable rate so I can put lump sums off over the period of time.

Who is currently best on market for FTB for variable rate. I’m reading BOI as 4.2% and AIB as 2.95% which is a big difference.

Any insights would be much appreciated

GingerLily · 07-11-2019 08:59AM

Chesty08 wrote: »

I am looking to start drawing down on a mortgage from January 2020 for a self build. Everything else is lined up and ready to go.

Ideally I want variable rate so I can put lump sums off over the period of time.

Who is currently best on market for FTB for variable rate. I’m reading BOI as 4.2% and AIB as 2.95% which is a big difference.

Any insights would be much appreciated

Have you considered partially fixing your loan? That way you can get the benefit of fixing with good interest rates and certainty but leave a percentage variable that you can pay back at any time over the fixed life cycle!

Chesty08 · 07-11-2019 10:08AM

GingerLily wrote: »

Have you considered partially fixing your loan? That way you can get the benefit of fixing with good interest rates and certainty but leave a percentage variable that you can pay back at any time over the fixed life cycle!

This was mentioned to me but wasn’t sure entirely how it works, how much I need at fixed & how much %. Required at variable

Probsbly makes sense though from an interest paying perspective

GingerLily · 07-11-2019 10:53AM

Chesty08 wrote: »

This was mentioned to me but wasn’t sure entirely how it works, how much I need at fixed & how much %. Required at variable

Probsbly makes sense though from an interest paying perspective

Thats up to you- if it were me, I'd figure out what the max amount I'd be overpaying in the space of the fixed term and just assign that much to the variable amount.

KingCong · 08-11-2019 01:07PM

Chesty08 wrote: »

I am looking to start drawing down on a mortgage from January 2020 for a self build. Everything else is lined up and ready to go.

Ideally I want variable rate so I can put lump sums off over the period of time.

Who is currently best on market for FTB for variable rate. I’m reading BOI as 4.2% and AIB as 2.95% which is a big difference.

Any insights would be much appreciated

Looks at Ulster Bank, some of the lowest fixed rates and you can overpay up to 10% of the total mortgage each year while fixed without penalty.

Bargain_Hound · 09-11-2019 12:04AM

Has anybody successfully drawn down a mortgage while on probation in a new job?

Dolbhad · 09-11-2019 12:11AM

Bargain_Hound wrote: »

Has anybody successfully drawn down a mortgage while on probation in a new job?

As far as I know you can’t, they will issue a loan offer while your on probation but it will be a special condition that probation must be over by the time you drawn down.

Trimm Trabb · 09-11-2019 12:23AM

Dolbhad wrote: »

As far as I know you can’t, they will issue a loan offer while your on probation but it will be a special condition that probation must be over by the time you drawn down.

Do they actually ask for current documentation at drawdown (eg statement of earnings/bank statements from last 6 months again) or do they just proceed with documentation supplied at time of loan offer?

09-11-2019 09:50PM

Trimm Trabb wrote: »

Do they actually ask for current documentation at drawdown (eg statement of earnings/bank statements from last 6 months again) or do they just proceed with documentation supplied at time of loan offer?

From my experience they don't ask for any more documents, just a letter from your employer stating you're off probation.

I applied while on probation with a view to drawing down once through it, worked out fine. Our broker told us KBC were willing to waive the probation condition but I never saw that in writing and as things turned out we drew down afterwards anyway.

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

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