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Saving/Applying for a mortgage 2020-22 Edition

Graham

Continued from here: https://www.boards.ie/vbulletin/showthread.php?t=2057501206

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brisan

wally79 wrote: »

It’s fairly common. You will just need your parents to fill out and sign a form stating that it is a gift and they have no interest in the property

As far as I recall it needs to be witnessed by someone not involved in the transaction also

A commissioner of oaths or a solicitor will do this for a nominal fee usually 10-20 euro

wally79

brisan wrote: »

A commissioner of oaths or a solicitor will do this for a nominal fee usually 10-20 euro

Our solicitor at the time said it can be anyone even the postman if you want

into_the_wild

Any recommendations for a good solicitor and a surveyor? I'm going sale agreed pretty soon hopefully

brisan

into_the_wild wrote: »

Any recommendations for a good solicitor and a surveyor? I'm going sale agreed pretty soon hopefully

Where in the country are you ?
Only tip I can give you is a fixed cost solicitor rather than a percentage one
The work on a 300k second hand house is the same as a 900k house so why the difference in price with a percentage charge.

into_the_wild

brisan wrote: »

Where in the country are you ?
Only tip I can give you is a fixed cost solicitor rather than a percentage one
The work on a 300k second hand house is the same as a 900k house so why the difference in price with a percentage charge.

Dublin. Any clue how much a solicitor and a surveyor should charge for a 2 bed terraced house?

brisan

into_the_wild wrote: »

Dublin. Any clue how much a solicitor and a surveyor should charge for a 2 bed terraced house?

Fixed fee about 1500-1750 plus VAT
Always ask in advance

IvoryTower

Solicitor is charging me 1250, Drogheda, I'm buying off my dad so not sure if that makes any difference to price. Its a straight forward purchase so i couldn't tell you if they're good or not but he does reply to my emails almost instantly so that's nice at least.

lcarrol3

brisan wrote: »

Fixed fee about 1500-1750 plus VAT
Always ask in advance

Wow this seems like a lot - maybe I'm crazy? Our solicitor is a fixed fee of 950 plus VAT on a 400,000 home.

Pepp1989

lcarrol3 wrote:

Wow this seems like a lot - maybe I'm crazy? Our solicitor is a fixed fee of 950 plus VAT on a 400,000 home.

That would be a low Prof fee. Solicitor isn't making money at that price for the time that goes into it. Maybe a volume approach.

1250 is a good price I think. 1500 the average in my experience.

Cutielaide

Does anyone know if banks are still granting exemption with all this pandemic

mimimcmc

Cutielaide wrote: »

Does anyone know if banks are still granting exemption with all this pandemic

Not currently... they will probably start again in the new year

Conrad83

Cutielaide wrote: »

Does anyone know if banks are still granting exemption with all this pandemic

We got a small exception from AIB 3 weeks ago. They were the only bank still doing them but they did say there wasnt many left.

[Deleted User]

Pepp1989 wrote: »

That would be a low Prof fee. Solicitor isn't making money at that price for the time that goes into it. Maybe a volume approach.

1250 is a good price I think. 1500 the average in my experience.

Ours was €1,200 + VAT for the 'legal fee', with additional charges like land registry fees tacked on at €1,111. And I wasn't at all pleased with the service tbh.

I had shopped around for quotes and some were a little cheaper but looked far less professional, so I went for the €1,200 quote as it was mid-range and the communication was really prompt and professional. But once we gave their name to the estate agents and started to proceed, it just seemed that they didn't have any time for us anymore. I'd love to say lesson learned, but I don't know how you can really predict that kind of change in service.

maximoose

Any lenders moving on the wage subsidy?

Had a chat with BoI today and they flat out said as long as the subsidy remains on payslips they can't give an offer letter or drawdown of funds. My wife's employer is claiming the subsidy, imagine they will be as long as it's available and with that being kicked out to spring it's quite frustrating.

zweton

maximoose wrote: »

Any lenders moving on the wage subsidy?

Had a chat with BoI today and they flat out said as long as the subsidy remains on payslips they can't give an offer letter or drawdown of funds. My wife's employer is claiming the subsidy, imagine they will be as long as it's available and with that being kicked out to spring it's quite frustrating.

Yeah i hear you, could potentially go until April next year. Very frustrating, i thought someone on here recently said that ICS and KBC bank were ok with it...

CarlosV

Hi all

Have just received a new letter of loan offer from the bank as our previous one had expired. Gave in updated payslips, salary certs etc and it was all approved. It lasts for 6 weeks due to COVID restrictions. Our house should be ready within that timeframe. Will the banks recheck our accounts just prior to drawdown? We are with BOI. My fiance's new job has been delayed so technically he is unemployed even though he is contractually obliged to work for public service for 3 years. Position won't start until 2nd week of sept.

mojesius

CarlosV wrote: »

Hi all

Have just received a new letter of loan offer from the bank as our previous one had expired. Gave in updated payslips, salary certs etc and it was all approved. It lasts for 6 weeks due to COVID restrictions. Our house should be ready within that timeframe. Will the banks recheck our accounts just prior to drawdown? We are with BOI. My fiance's new job has been delayed so technically he is unemployed even though he is contractually obliged to work for public service for 3 years. Position won't start until 2nd week of sept.

Most banks ask for most recent payslips at drawdown to check there are no changes in your circumstances.

The Wordress

Does anyone experience of this...

My broker has come back to say that ICS have flagged that my husband fell into arrears with a personal loan last year. I poured over his statements and I can see 2 missed repayments, around the time he moved jobs. The loan is now paid off in full- it was a 48 month term loan and we paid it off in 24 months.

My accounts are squeaky clean, good salary and I have a good deposit.

Should the missed repayments really stop us from getting a mortgage?

Aurelian

zweton wrote: »

Yeah i hear you, could potentially go until April next year. Very frustrating, i thought someone on here recently said that ICS and KBC bank were ok with it...

Very frustrating situation if they will keep saying No until April 2021. Surely, some lenders will have to take a more nuanced view over the next few months?

I'm stuck with a property I gutted to renovate, and as things stand I won't be able to make it habitable until next summer...

I could potentially change job to a non subsidised company, take a paycut, be made permanent and got a mortgage in the meantime.

If the new scheme removes the subsidy from your payslip, how will the banks police this? Can they ask for a letter from your employer stating they are not in receipt of supports? Surely not...

bush

Does anyone know if you already own a house and want to get a second house and rent out the original house does the potential rent count as income when applying for a 2nd mortgage?

guyfawkes5

bush wrote: »

Does anyone know if you already own a house and want to get a second house and rent out the original house does the potential rent count as income when applying for a 2nd mortgage?

They can, although the approach varies from bank to bank.

Although for your plan in general, if you took a residential mortgage for your original property and then rent it out afterwards, this is breaking the terms of your mortgage contract and the bank would move you to BTL rates if they found out, which are usually far more expensive.

bush

guyfawkes5 wrote: »

They can, although the approach varies from bank to bank.

Although for your plan in general, if you took a residential mortgage for your original property and then rent it out afterwards, this is breaking the terms of your mortgage contract and the bank would move you to BTL rates if they found out, which are usually far more expensive.

Thanks for the info

SteelyDanJalapeno

Any bank offering small exemptions? We need about 3.6 our combined salary.

Or alternatively, PTSB won't acknowledge our strong 8% bonuses, will any other bank look more favourably on non sales related bonuses?

Duke of Url

SteelyDanJalapeno wrote: »

Any bank offering small exemptions? We need about 3.6 our combined salary.

Or alternatively, PTSB won't acknowledge our strong 8% bonuses, will any other bank look more favourably on non sales related bonuses?

BOI took our Yearly bonus into account,

SteelyDanJalapeno

Duke of Url wrote: »

BOI took our Yearly bonus into account,

Is that a gauranteed bonus? Mine depends on how the company performs, but has been paid for the last 7 years

ELM327

Duke of Url wrote: »

BOI took our Yearly bonus into account,

Same here, bonus and overtime.
All I had to show was evidence that it was paid over the prior 3 years P60

Duke of Url

SteelyDanJalapeno wrote: »

Is that a gauranteed bonus? Mine depends on how the company performs, but has been paid for the last 7 years

I receive a bonus each year. I dont work in Sales so its not commission bonuses

My Bonus is also related on Company performance.

In the BOI Application there is a section related to:

First Applicant
Bonus / Commission (gross per year) €
Second Applicant
Bonus / Commission (gross per year) €

Bonus and Commission are 2 different things with BOI

With the Salary Cert that you need to gert filled out by your Company its also states the following

8.
Gross basic
annual salary:
Car allowance:
Health/Dental Insurance: (employer contribution)
Shift allowance:
Overtime:
Bonus:
Commission:

Danger781

I had no idea that the subsidy will affect our application until just now after reading the posts above. We met with a Broker two weeks ago and he never mentioned it. That will be so disheartening if it turns out to be the case. I'm 90% positive herself is getting the subsidy via work.

yaknowski

Might have been asked before.. For 2nd time buyers do you still need to show a six months consistent saving pattern?

ELM327

yaknowski wrote: »

Might have been asked before.. For 2nd time buyers do you still need to show a six months consistent saving pattern?

Yes
We were asked for this

You need to "at absolute minimum show repayment capacity of 85% of the proposed repayment including stress test".
They do include current mortgage payment (if selling) as repayment capacity. So it shouldnt be an issue