Currently buying/selling a house? How is it going? READ MOD NOTE POST #1

davedub2015 · 08-04-2020 10:54am

lfen wrote: »

An FYI that the bank called this morning and advised us that all mortgage applications are on hold. We had AIP and a deposit down. Contracts with solicitor. All docs had been sent last week for full approval.

Am in the same position and have had no phonecall ?!

Conrad83 · 08-04-2020 10:57am

lfen wrote: »

An FYI that the bank called this morning and advised us that all mortgage applications are on hold. We had AIP and a deposit down. Contracts with solicitor. All docs had been sent last week for full approval.

What bank is this? My partner works for BOI and this has been the stance for the last few weeks and looks like for the next few weeks at least.

Only hope is if a new build and construction on hold that there is a bit of time to play with. We have a deposit down with contracts with solicitor also but EA has told our solicitor no panic basically as they are not building atm and understand position re banks etc.

KaiserSochez · 08-04-2020 11:36am

So that's BOI and UB halting lending from the sounds of it. Anyone aware if AIB and KBC gone the same route?

Logan Roy · 08-04-2020 11:42am

KaiserSochez wrote: »

So that's BOI and UB halting lending from the sounds of it. Anyone aware if AIB and KBC gone the same route?

Halting applications and lending aren't necessarily the same thing. Perhaps they don't have the capacity to deal with applications with staff so busy assessing applications for moratoriums?

I progressed to a full loan offer last week.

Conrad83 · 08-04-2020 11:44am

KaiserSochez wrote: »

So that's BOI and UB halting lending from the sounds of it. Anyone aware if AIB and KBC gone the same route?

Just to add to that. BOI have only halted as they are concentrating fully on the mortgage breaks and the backlog with that. They are not approving new mortgages but honouring existing ones (subject to no change in job circumstances).

Hasmunch · 08-04-2020 12:12pm

ClaptonBay wrote: »

What bank was that if you don't mind me asking?

AIB

rafatoni · 08-04-2020 12:22pm

Quick question if anyone might know, we have AIP also and it was reviewed early Feb due to myself getting a pay increase/ promotion in work. The bank then increased my oan amount and issue me with a new AIP. Is the AIP now extended based off that reviewed date in early Feb or when i originally got the first AIP in Mid December?

Just dont want this to lapse but what can you do in the current climate.

Bargain_Hound · 08-04-2020 12:34pm

I have a feeling PTSB are following suit and not moving on new approvals.

I've had 0 update on our full mortgage approval in 2 weeks now and providing very little information every time I request an update. Very frustrating as we are SA over month and can't get the loan offer out.

lfen · 08-04-2020 12:43pm

fago wrote: »

Renewing our mortgage AIP at the moment after a sale fell through (lucky us huh), so that killed our previous approved application.

Absolutely nothing from AIB about pausing, been told the application has been moved to their assessors mid last week. They have been pretty quick about following up on missing documents etc.

One would think if they were going to start blocking mortgage drawdowns, they would be putting a stop/slow to approvals.

I wonder other than the already known exemption removal, are banks slowing down higher LTV approval drawdowns?

We are in a slightly better situation for the application than a year ago, so will be interesting to see if they approve it as requested, or approve it with additional conditions.

Our LTV is 80% so not at the max or anything. If I get any further info I’ll post it as an FYI.

Maitguel · 08-04-2020 3:42pm

We received our loan offer today from PTSB. Not going for a very big mortgage and we’ll within our repayment capacity so that might have a bearing on it.

Bargain_Hound · 08-04-2020 3:50pm

Maitguel wrote: »

We received our loan offer today from PTSB. Not going for a very big mortgage and we’ll within our repayment capacity so that might have a bearing on it.

Glad to hear this!
Might just need to be a bit more patient!

DaveyDave · 08-04-2020 5:37pm

KBC said they won't release funds until the 14th as that's the date I put on my home insurance. I picked the date at random as we didn't have a move in date.

Funds will be held until the 20th when the solicitor is back open after the Easter break and we should close on the 21st.

JL555 · 08-04-2020 6:45pm

FutureGuy wrote: »

We went fixed with AIB for 3 years at 2.85. We haven’t drawn down. I now see the rate is 2.55.

Any chance they will give us the new rate?

You'll get the new rate, we are in the process too, AIB said we'll automatically get the 2.25%

JL555 · 08-04-2020 6:52pm

KaiserSochez wrote: »

So that's BOI and UB halting lending from the sounds of it. Anyone aware if AIB and KBC gone the same route?

AIB called me today to ask if we are still proceeding with the purchase. The mortgage advisor wanted to know if we would be drawing down the funds within the next 6 weeks (we are just waiting on a cert of compliance document from the vendor so I fully expect so), however reading between the lines I don't get a good feeling about what the next move will be from the banks. Really peed off now with the uncertainty, it took us a long time to get our deposit and reno budget built up. We are very lucky as we are in stable employment and can work from home.

0gac3yjefb5sv7 · 08-04-2020 6:55pm

JL555 wrote: »

You'll get the new rate, we are in the process too, AIB said we'll automatically get the 2.25%

Would that apply to PTSB also?

Maitguel · 08-04-2020 7:08pm

Where did you hear they were lowering their fixed interest rates? AIB still quoting 2.55 for its 3Y would love if PTSB dropped their!

Logan Roy · 08-04-2020 7:11pm

JL555 wrote: »

You'll get the new rate, we are in the process too, AIB said we'll automatically get the 2.25%

Presume you mean 2.55%?

Logan Roy · 08-04-2020 7:17pm

JL555 wrote: »

AIB called me today to ask if we are still proceeding with the purchase. The mortgage advisor wanted to know if we would be drawing down the funds within the next 6 weeks (we are just waiting on a cert of compliance document from the vendor so I fully expect so), however reading between the lines I don't get a good feeling about what the next move will be from the banks. Really peed off now with the uncertainty, it took us a long time to get our deposit and reno budget built up. We are very lucky as we are in stable employment and can work from home.

Can I ask are you seeking an exemption?

Dolbhad · 08-04-2020 8:13pm

The property registration authority has closed whole restrictions are on. It’s causing issues as any properties sold and mortgages drawn down can’t be registered at moment. This has made banks nervous I say and may prevent funds issuing if they continue to close.

I’ve heard Ulster Bank, PTSB and Haven require letters from employers before drawdown of funds that employment isn’t affected by Covid.

Also Aib are sending out letters today to solicitors who have clients loan offer about the PRA and registering the mortgage, that you can close within 6 weeks and that no change to clients employment.

That’s onerous and would expect that means it will be hard to draw down in this moment

Banks seem to have paused exemptions.

Anybody have a loan offer issue in the last week?

NeitherJohn · 08-04-2020 8:25pm

Dolbhad wrote: »

The property registration authority has closed whole restrictions are on. It’s causing issues as any properties sold and mortgages drawn down can’t be registered at moment. This has made banks nervous I say and may prevent funds issuing if they continue to close...

Aren't the PRA still doing eRegistrations? Is this the same thing just done online rather than via post/DX?

Dolbhad · 08-04-2020 8:29pm

NeitherJohn wrote: »

Aren't the PRA still doing eRegistrations? Is this the same thing just done online rather than via post/DX?

You do the form 17 online which creates the application. But it’s pre lodged only at that stage. Not valid until its printed off, signed by solicitor and it’s posted into the land registry with the original documents. PRA have said do not post anything in. So registrations are stopped and means searches cannot be relied upon.

Law society seem to be putting pressure for PRA to open.

Logan Roy · 08-04-2020 8:29pm

Dolbhad wrote: »

The property registration authority has closed whole restrictions are on. It’s causing issues as any properties sold and mortgages drawn down can’t be registered at moment. This has made banks nervous I say and may prevent funds issuing if they continue to close.

I’ve heard Ulster Bank, PTSB and Haven require letters from employers before drawdown of funds that employment isn’t affected by Covid.

Also Aib are sending out letters today to solicitors who have clients loan offer about the PRA and registering the mortgage, that you can close within 6 weeks and that no change to clients employment.

That’s onerous and would expect that means it will be hard to draw down in this moment

Banks seem to have paused exemptions.

Anybody have a loan offer issue in the last week?

Received mine last week.

Dolbhad · 08-04-2020 8:33pm

Logan Roy wrote: »

Received mine last week.

That’s good to hear since few people seem to say their loan offers are paused while bank deal with the backlog of seeking a mortgage break.

NeitherJohn · 08-04-2020 8:34pm

Dolbhad wrote: »

You do the form 17 online which creates the application. But it’s pre lodged only at that stage. Not valid until its printed off, signed by solicitor and it’s posted into the land registry with the original documents. PRA have said do not post anything in. So registrations are stopped and means searches cannot be relied upon.

Law society seem to be putting pressure for PRA to open.

Good to know. Thanks.

lomb · 08-04-2020 8:34pm

Dolbhad wrote: »

The property registration authority has closed whole restrictions are on. It’s causing issues as any properties sold and mortgages drawn down can’t be registered at moment. This has made banks nervous I say and may prevent funds issuing if they continue to close.

I’ve heard Ulster Bank, PTSB and Haven require letters from employers before drawdown of funds that employment isn’t affected by Covid.

Also Aib are sending out letters today to solicitors who have clients loan offer about the PRA and registering the mortgage, that you can close within 6 weeks and that no change to clients employment.

That’s onerous and would expect that means it will be hard to draw down in this moment

Banks seem to have paused exemptions.

Anybody have a loan offer issue in the last week?

I'm with BOI and if they sent me a letter advising close within 6 weeks I would be sueing for breach of contract - damage to reputation as well as loss of deposit as well as going to the press. The offer letter is 6 months. There are conditions in mine but not too onerous as long as you aren't redundant etc.
I can close with family monies but it would be a real pisser for me as it's a waste of my time

Sheeps · 08-04-2020 11:45pm

Dolbhad wrote: »

The property registration authority has closed whole restrictions are on. It’s causing issues as any properties sold and mortgages drawn down can’t be registered at moment. This has made banks nervous I say and may prevent funds issuing if they continue to close.

I’ve heard Ulster Bank, PTSB and Haven require letters from employers before drawdown of funds that employment isn’t affected by Covid.

Also Aib are sending out letters today to solicitors who have clients loan offer about the PRA and registering the mortgage, that you can close within 6 weeks and that no change to clients employment.

That’s onerous and would expect that means it will be hard to draw down in this moment

Banks seem to have paused exemptions.

Anybody have a loan offer issue in the last week?

I did, with an exemption.

Mixmistro · 09-04-2020 12:35am

Drewdown Monday and closed Wednesday with small exemption (PTSB).

0gac3yjefb5sv7 · 09-04-2020 12:36am

Mixmistro wrote: »

Drewdown Monday and closed Wednesday with small exemption (PTSB).

Did you get a lower fixed rate, I think a poster above mentioned they did for AIB?

Mixmistro · 09-04-2020 1:03am

Lorelai Thoughtless Purple wrote: »

Did you get a lower fixed rate, I think a poster above mentioned they did for AIB?

I didn't hear PTSB rates had changed.

Nijmegen · 09-04-2020 10:26am

The PRA closure is being used as the excuse to hold up the buy side of my chain. Really surprised that they just went and shut up shop like that, essentially freezing everyone on a fairly routine technical point.

SpencerJC · 09-04-2020 12:35pm

Ulster bank contacted me today saying they have to pause the mortgage. As they expect COVID to have an impact on the housing market they'd like to re-evaluate the property and its value before drawing down, they said this is the approach most the banks are now taking. It's probably only a good thing as it will act as a further negotiation tool if they come back and say they can only lend us 90% of what they previously were going to. Have others been contacted too?

ZX7R · 09-04-2020 12:48pm

SpencerJC wrote: »

Ulster bank contacted me today saying they have to pause the mortgage. As they expect COVID to have an impact on the housing market they'd like to re-evaluate the property and its value before drawing down, they said this is the approach most the banks are now taking. It's probably only a good thing as it will act as a further negotiation tool if they come back and say they can only lend us 90% of what they previously were going to. Have others been contacted too?

It would be great if you could attach the letter from Ulster bank obviously blocking out your details it would be great if we could see how they worded it .
Thanks

IndieRoar111 · 09-04-2020 12:50pm

Mixmistro wrote: »

Drewdown Monday and closed Wednesday with small exemption (PTSB).

Congrats, just hope it doesn't come back to bite you. Wish you all the best

SpencerJC · 09-04-2020 2:19pm

ZX7R wrote: »

It would be great if you could attach the letter from Ulster bank obviously blocking out your details it would be great if we could see how they worded it .
Thanks

It was just a phone call. They just explained that they are putting a hold on our mortgage as they are reevaluating the market. They said they don't want a repeat of the last crash where people had mortgages worth a lot more than the house value and they lose their job etc. It could be a case where they come back and say they will give us 5% or 10% less than what we are requesting based on their evaluation, or who knows...

akesha · 09-04-2020 2:24pm

SpencerJC wrote: »

It was just a phone call. They just explained that they are putting a hold on our mortgage as they are reevaluating the market. They said they don't want a repeat of the last crash where people had mortgages worth a lot more than the house value and they lose their job etc. It could be a case where they come back and say they will give us 5% or 10% less than what we are requesting based on their evaluation, or who knows...

But in what stage are you? Just AIP, sale agreed or contracts exchanged?

ZX7R · 09-04-2020 2:46pm

SpencerJC wrote: »

It was just a phone call. They just explained that they are putting a hold on our mortgage as they are reevaluating the market. They said they don't want a repeat of the last crash where people had mortgages worth a lot more than the house value and they lose their job etc. It could be a case where they come back and say they will give us 5% or 10% less than what we are requesting based on their evaluation, or who knows...

For your first post you said you were sale agreed and mortgage approved for a number of weeks,I find it hard to believe your mortgage was put on hold for the reasons your stating.
I personally know two people who drew down there mortgages this week.
One couple are with Aib and the other with Ptsb.
Are you expecting an extension by any chance

SpencerJC · 09-04-2020 3:08pm

ZX7R wrote: »

For your first post you said you were sale agreed and mortgage approved for a number of weeks,I find it hard to believe your mortgage was put on hold for the reasons your stating.
I personally know two people who drew down there mortgages this week.
One couple are with Aib and the other with Ptsb.
Are you expecting an extension by any chance

We were pretty much ready to sign the contracts. The solicitors had been back and forth and everything was going smoothly. We had some questions that the solicitor wanted us to clarify with the management company but thereafter we were going to be signing the contract. We then received this call today from Ulster bank. Maybe they are pushing ahead with some and not others, I don't know to be honest, just that ours has been paused for the time being.

SpencerJC · 09-04-2020 3:12pm

ZX7R wrote: »

For your first post you said you were sale agreed and mortgage approved for a number of weeks,I find it hard to believe your mortgage was put on hold for the reasons your stating.
I personally know two people who drew down there mortgages this week.
One couple are with Aib and the other with Ptsb.
Are you expecting an extension by any chance

To answer your question, yes we were fully approved. I don't know what exactly the next steps will be other than they will be back in touch in a couple of weeks. Our solicitor said they may revise what the amount they would like to lend us or they could just give us the go-ahead, just speculating really.

akesha · 09-04-2020 3:15pm

SpencerJC wrote: »

To answer your question, yes we were fully approved. I don't know what exactly the next steps will be other than they will be back in touch in a couple of weeks. Our solicitor said they may revise what the amount they would like to lend us or they could just give us the go-ahead, just speculating really.

But you didn't sign contracts neither the loan, right? Maybe they are just pausing people who didn't sign the loan yet.

SpencerJC · 09-04-2020 4:18pm

akesha wrote: »

But you didn't sign contracts neither the loan, right? Maybe they are just pausing people who didn't sign the loan yet.

Yeah, we did not have anything signed no, that was the next step. I wouldn't expect something like this to apply to anyone who has already signed as they are already in a contract.

lomb · 09-04-2020 5:39pm

SpencerJC wrote: »

Yeah, we did not have anything signed no, that was the next step. I wouldn't expect something like this to apply to anyone who has already signed as they are already in a contract.

I signed a loan offer and returned it before covid struck and contracts and have heard nothing from BOI. Hopefully drawing down soon.

lfen · 10-04-2020 12:24am

SpencerJC wrote: »

Ulster bank contacted me today saying they have to pause the mortgage. As they expect COVID to have an impact on the housing market they'd like to re-evaluate the property and its value before drawing down, they said this is the approach most the banks are now taking. It's probably only a good thing as it will act as a further negotiation tool if they come back and say they can only lend us 90% of what they previously were going to. Have others been contacted too?

Yes. Pretty much identical call. We were sale agreed but like yourself, contracts not yet signed.
We asked when we can expect to hear more but we’re told they have no timelines so have to just wait it out I suppose.

setanta1984 · 10-04-2020 9:49am

lfen wrote: »

Yes. Pretty much identical call. We were sale agreed but like yourself, contracts not yet signed.
We asked when we can expect to hear more but we’re told they have no timelines so have to just wait it out I suppose.

Had ye already had the valuation done before this call?

SpencerJC · 10-04-2020 12:50pm

setanta1984 wrote: »

Had ye already had the valuation done before this call?

I already had it done ye.

lfen · 10-04-2020 2:49pm

setanta1984 wrote: »

Had ye already had the valuation done before this call?

I hadn’t. We were waiting for a date to be confirmed.

lomb · 10-04-2020 4:02pm

SpencerJC wrote: »

I already had it done ye.

Obviously your bank isn't much of a bank. Did you sign and return the loan offer to make it binding on them?

JL555 · 10-04-2020 5:49pm

lomb wrote: »

Obviously your bank isn't much of a bank. Did you sign and return the loan offer to make it binding on them?

We signed our offer witnessed by the solicitor outside their office on Tuesday, she forward this straight to the bank, but due to the current circumstances, there still might be an issue with drawdown coming down the tracks

NeitherJohn · 13-04-2020 9:53am

According to their website, the PRA is accepting paperwork by post/DX from next week so that should help speed up some transactions.

jrosen · 13-04-2020 12:09pm

We draw down tomorrow. Our delays were with the builder but have have had zero issue with bank and solicitor.

Bargain_Hound · 13-04-2020 2:22pm

jrosen wrote: »

We draw down tomorrow. Our delays were with the builder but have have had zero issue with bank and solicitor.

What bank? (If you don't mind me asking)

Currently buying/selling a house? How is it going? READ MOD NOTE POST #1

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