dodo87 wrote: » I would black out the amount you were approved for before you send it across. This is what I was planning on doing but never had to give it in the end. I wouldn't want them to know my position however good or bad it is.
klose wrote: » We have recently been approved in principle for our mortgage ( and thank you for all the help and answers we've seen around here) and are ready to start viewing houses, however in order to do so we need to send the letter of approval to the estate agents (they're asking for it) That's fine however the amont we are offered is on the letter, which ultimately weakens our position as they know how high we can go, I'm just curious is this the norm or can we ask our bank to forward a letter without the amount on it? Can we ask for proof of bids on houses? It's in their best interest to get the highest price after all so it's easy to say the current bid is higher that what it actually is.
mimimcmc wrote: » You can certainly block it out and send that but you can also ask your mortgage advisor for a letter to state that you are approved for that amount. And you can probably ask for proof of bids, but i can't imagine any estate agent ever giving that information.. it's all part of the "game"
sparkle109 wrote: » Hi all, We have put a deposit down on a new build, won’t be ready until June/July next year. We are due to sign contracts in the next few weeks and I understand we have to pay the 10% deposit by then (availing of HTB so assuming this will cover the majority). What sort of protection do we have (if any) on the deposit as we will have to reapply for mortgage in 2021 (touch wood no change in circumstances)? Is it possible to protect the full deposit?
fin12 wrote: » Sorry off topic but I read today that Boris is looking to introduce 95% mortgages in the Uk. Wish they would increases the borrowing limit here. Plenty of people would have a deposit saved it’s the 3.5% holding them back.
Creamy Goodness wrote: » the 3.5x your salary discussion is done to death here, I ultimately think it's a good thing and stops people getting themselves into huge amounts of debt. if we increased the baseline to 4.5x times you'll still have people say they want it increased more, all the while house prices just shoot up and up and up. we do need to supplement this borrowing cap with decent supply and that's where we're failing. all of the above in just my opinion though.
Jasna1982 wrote: » I think it heavily depends on people’s salaries and shouldn’t be a blanket cap. People who earn 60k can afford 4.5 times much easier than people who earn 30k
Creamy Goodness wrote: » And there are exceptions at 60k (I was offered 4.5x myself in 2018). Problem now is banks who have already been strict with lending rules are now getting stricter due the C19. It’ll be interesting to see how 2021 pans out.
Markitron wrote: » This is what I will be hoping for. My outgoings are practically zero so if the exemptions are back on, I should have a decent chance at one.
Creamy Goodness wrote: » Wishing you the best of luck, it’s a hard slog keeping everything clean and dealing with some of the curveballs banks can throw at you but it’s absolutely worth it in the end.
Markitron wrote: » Yea I have been living this life for 9 months now and it is driving me mental. I am all set to apply first thing in January. Hopefully the bank doesn't question the PS5-shaped hole in my bank account in November
Starlord_01 wrote: » What insurance do we have to have in place before drawdown? Is it just mortagage protection or life insurance too? Also, would anyone have any recommendations for a solicitor in the Dublin 22 area?
Creamy Goodness wrote: » Ah that should be fine, a €300-400 transaction in a toy retailer in the run up to Christmas, ten a penny I would assume . One thing that stuck out for me I'll never forget it, was the bank going through my statements (in September) with a ruler under every transaction. I had taken out €1,000 from an ATM in two goes (2 x €500) in August. They paused and asked me what this was for, I had zero idea despite it being less than 4 weeks since I did it. They sent me home saying unless I can remember what that €1,000 was for, they couldn't give me the go ahead. It took me a week to figure it out that it was for replacing car shocks, new tyres and a car service :pac:.
Markitron wrote: » ****ing hell. Would they really care about your transactions as long as you are saving the required money each month? There will be a fairly large transaction this month as I need a new computer for WFH.
Creamy Goodness wrote: » As long as you have an answer for it, it’ll be grand. It was more the fact that I didn’t have an answer was the issue. Once I said car repairs they were like “grand job, let’s continue”.
Creamy Goodness wrote: » Legally you just need mortgage protection. Many banks will encourage you to have life assurance too, which is good but it’s not legally required.
stingz wrote: » Hi all Planning to buy apartment but I don't have enough money for deposit if I will take loan 30000 how much that will reduce my chance for mortgage? Second time buyer joint applications income around 85 000? Thanks
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