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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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IamTheWalrus95

as a rough guide, how long after signing contracts to getting keys?

Emma2019

IamTheWalrus95 wrote: »

as a rough guide, how long after signing contracts to getting keys?

Can be any amount of time at all. My friend is on 6 months now and no keys. I'll be 2 and a half months.

Depends on whether your vendor is in a chain/probate or how long they want to move out. Can be delayed by mortgage protection issues on your side too. A lot of variables.

wolfyboy555

Can someone advise on what to put down when applying for house insurance. House is a new build 4 bed detached costing 420k. I've had two valuations carried out by two different banks as I changed my mind on which bank I want to take mortgage with. Bank 1 has the rebuild cost on valuation form as 310k and bank 2 has a rebuild cost of 259k. Bit of a difference there. Just want to make sure I don't underinsure it.

Emma2019

Do you mean house insurance?

There are apparently some online calculators for house insurance where you fill in parameters and it gives you an estimated rebuild cost. Maybe pick whatever is closer to that.

My 3 bed end of terrace in Dublin had a rebuild of 220k if that helps.

wolfyboy555

Emma2019 wrote: »

Do you mean house insurance?

There are apparently some online calculators for house insurance where you fill in parameters and it gives you an estimated rebuild cost. Maybe pick whatever is closer to that.

My 3 bed end of terrace in Dublin had a rebuild of 220k if that helps.

Yes sorry I meant house insurance. Thanks for that I will check out those calculators. So I am free to declare the amount myself, I don't have to put down what's on the valuation from the bank?

Renjit

wolfyboy555 wrote: »

Yes sorry I meant house insurance. Thanks for that I will check out those calculators. So I am free to declare the amount myself, I don't have to put down what's on the valuation from the bank?

You can insure it for any amount greater than or equal to the valuation amount (provided by the bank approved valuer).

[Deleted User]

wolfyboy555 wrote: »

the rebuild cost

Apparently, your local Council can give you an accurate figure to use. They did for my brother (but he was buying a 1980s ex-council house.. not sure if that matters or not)

Jasna1982

Does anyone know if AIB are still doing exemptions up front?
I applied for AIP online and got an exemption approved, however when they're asking for all my documents they also ask for the address of the property I'm looking at which I don't currently have yet. I can submit this anytime before December so will I just wait to submit this until I go sale agreed? Or would they already give me underwritten AIP with an exemption without a property?

i'm always worried that I go sale agreed, and that the exemption then gets declined. I'd rather know up front what my budget can be for a house.

errlloyd

IamTheWalrus95 wrote: »

as a rough guide, how long after signing contracts to getting keys?

I signed contracts today. I am an FTB buying an empty apartment from a landlord. So I guess I am best case scenario.

My solicitor reckons 2 - 2.5 wks with no hitches BUT we went sale agreed MONTHS ago, and my solicitor has been super diligent on everything before this stage. So I reckon that is part of why he is so confident.

helloquestion

I have AIP, went to a viewing today of a nice house. I noticed in the house the floor is wooden and is uneven (bumping out). I asked the estate agent she said there was a basement under that room.
Does anyone know if there would be any issues insuring or getting surveyor there for the bank? Obviously don't want to waste my deposit money for valuation/surveyor. But that house seems good value for it's price for me.

Another question is, the bank I went with PTSB only gives 75% on apartments, I found some interesting property (end of terrace) that has management fees, basically a holiday home, is that considered an apartment or home? So would bank give me 90% or 75% hmmm....

[Deleted User]

Jasna1982 wrote: »

Does anyone know if AIB are still doing exemptions up front?

I'm not an AIB customer, so perhaps that may be why, but AIB told me they have no exemptions left for this year.

helloquestion wrote: »

I have AIP, went to a viewing today of a nice house. I noticed in the house the floor is wooden and is uneven (bumping out). I asked the estate agent she said there was a basement under that room.

A basement? That'd be exceptionally unusual. Did you go for a look into it?

I'm in and out of houses a lot, in day to day life with work. Any houses that have been lying idle for a while (a few years, generally seems to be the case) the floors are like speed bumps. I don't know if it's the lack of warmth/heating in the house, or stale air becoming damp, but swollen wooden floors are a common enough issue in my experience. I think it's due to the coldness of the concrete, perhaps, as I never really see it upstairs. It's almost exclusively an issue on the ground floor.

Can't imagine they'd be an issue for drawing down. Perhaps tell your surveyor you know the craic with them and ask him not to mention them on his survey? You'll likely need to replace them, though, so budget for that.

DmanDmythDledge

What's the position for overtime/bonuses being included in the mortgage calculator? I was on overtime up to earlier this year but now on bonus. I won't have received any bonus by the time I was planning to apply. The full bonus would be worth more than the overtime I would have been entitled to.

niniboots

DmanDmythDledge wrote: »

What's the position for overtime/bonuses being included in the mortgage calculator? I was on overtime up to earlier this year but now on bonus. I won't have received any bonus by the time I was planning to apply. The full bonus would be worth more than the overtime I would have been entitled to.

Finance Ireland take bonus 100% into calculations, ICS give 25% of bonus. You need proof of bonus though, we had to supply 3 years, yep 3 years of salary certs to show overtime & bonus. We did get the increase though. I don't know if other banks do but check with broker.

Ikozma

Would it be easier to get a mover mortgage rather then a first time one, if you have your 20% deposit saved and you've been paying a mortgage for 15 years on your first home surely it'll be a doddle?

[Deleted User]

niniboots wrote: »

Finance Ireland take bonus 100% into calculations

I was talking to a Finance Ireland broker in Dundalk and they told me that they'd only offer 3.5* my net income (instead of gross income). Wasn't much use to me.

[Deleted User]

Ikozma wrote: »

Would it be easier to get a mover mortgage rather then a first time one, if you have your 20% deposit saved and you've been paying a mortgage for 15 years on your first home surely it'll be a doddle?

Surely your deposit would be the equity you have in the house?

niniboots

[Deleted User] wrote: »

I was talking to a Finance Ireland broker in Dundalk and they told me that they'd only offer 3.5* my net income (instead of gross income). Wasn't much use to me.

Ours was calculated on gross but we had 20% deposit, so maybe ahop around

[Deleted User]

niniboots wrote: »

Ours was calculated on gross but we had 20% deposit, so maybe ahop around

How do you know you had 20% deposit at that point, though? Surely up to AIP stage you don't know how much you're going to get offered, or how much you're going to spend on a house?

niniboots

[Deleted User] wrote: »

How do you know you had 20% deposit at that point, though? Surely up to AIP stage you don't know how much you're going to get offered, or how much you're going to spend on a house?

I'm not sure what you mean exactly, we did our own figures 3.5 × by our salaries & as I'm civil servant ICS & Finance Ireland offered two points up my scale, we got more with Finance Ireland than ICS. It probably helped that we had house chosen, in that mortgage price range so we knew our deposit savings were strong. I'm not sure if Finance Ireland do on a case by case basis but they absolutely took our gross salaries & not net.

[Deleted User]

So how long should I be waiting for a loan offer from bank of Ireland? Valuation was done a week ago. Applying for mortgage protection but that's gonna take a week or two due to request for further info from doc. So think that's gonna be only slow part on my side.

[Deleted User]

niniboots wrote: »

I'm not sure what you mean exactly, we did our own figures 3.5 × by our salaries & as I'm civil servant ICS & Finance Ireland offered two points up my scale, we got more with Finance Ireland than ICS. It probably helped that we had house chosen, in that mortgage price range so we knew our deposit savings were strong. I'm not sure if Finance Ireland do on a case by case basis but they absolutely took our gross salaries & not net.

Ah okay, if you'd a house chosen it probably helps a lot.

It's just I would have been under the impression that a bank, when first figuring out what they'll lend to you, wouldn't consider you as having a % deposit, they'd just look at it as 'savings'.

(for example, if you have 50k in the bank, and you buy a house for 500k, you've a 10% deposit, but if you buy a house for 200k you've a 25% deposit, but until you actually settle on a house/go sale agreed, you don't really know how much of a deposit you actually have.. if you get what I mean?).

Renjit

Deleted User wrote: »

So how long should I be waiting for a loan offer from bank of Ireland? Valuation was done a week ago. Applying for mortgage protection but that's gonna take a week or two due to request for further info from doc. So think that's gonna be only slow part on my side.

Neither valuation, nor mortgage protection should be necessary for offer letter. Those are only required during before drawdown.

[Deleted User]

Renjit wrote: »

Neither valuation, nor mortgage protection should be necessary for offer letter. Those are only required during before drawdown.

Ya I guess, it's more drawdown approval I guess? Sorry I'm bad at terminology. I'm approved already so it's more having the funds ready at this point. The bank has done valuation.

Renjit

Deleted User wrote: »

Ya I guess, it's more drawdown approval I guess? Sorry I'm bad at terminology. I'm approved already so it's more having the funds ready at this point. The bank has done valuation.

For drawdown of funds, you will need to have valuation in place. Then you need to have home insurance equal to or more than the reinstatement value mentioned in the valuation report. You should also apply for mortgage protection at the same time. Send these to the bank or whoever is your bank contact. Send to your solicitor too.

Your solicitor will also receive notification of completion from developer solicitor. Then your solicitor will send the final documentation to your bank. Bank will release the funds then.

ec18

Deleted User wrote: »

Ah okay, if you'd a house chosen it probably helps a lot.

It's just I would have been under the impression that a bank, when first figuring out what they'll lend to you, wouldn't consider you as having a % deposit, they'd just look at it as 'savings'.

(for example, if you have 50k in the bank, and you buy a house for 500k, you've a 10% deposit, but if you buy a house for 200k you've a 25% deposit, but until you actually settle on a house/go sale agreed, you don't really know how much of a deposit you actually have.. if you get what I mean?).

Realistically though when you go to a bank you'll have a rough idea of what your house budget is when you go to a bank so you'll know what deposit % you have.

sillysocks

[Deleted User] wrote: »

So how long should I be waiting for a loan offer from bank of Ireland? Valuation was done a week ago. Applying for mortgage protection but that's gonna take a week or two due to request for further info from doc. So think that's gonna be only slow part on my side.

Just curious, we’ve had approval in principle and have just now put in on a specific house for full approval. Need to get life assurance sorted now too and wondering do you need a doctors report for that or what did you need from the doctor?

[Deleted User]

sillysocks wrote: »

Just curious, we’ve had approval in principle and have just now put in on a specific house for full approval. Need to get life assurance sorted now too and wondering do you need a doctors report for that or what did you need from the doctor?

Depends on loads of factors I think. Eg I have a preexisting condition so they queried my doc on it and got me to fill out some additional forms. I don't think they ask for anything if you're in perfect health etc. It seems like a pretty quick process though.

Renjit

sillysocks wrote: »

Just curious, we’ve had approval in principle and have just now put in on a specific house for full approval. Need to get life assurance sorted now too and wondering do you need a doctors report for that or what did you need from the doctor?

May be required if you have some existing ailment. We were not asked for doctor's report. You have to declare existing conditions in the form provided.

brianc27

sillysocks wrote: »

Just curious, we’ve had approval in principle and have just now put in on a specific house for full approval. Need to get life assurance sorted now too and wondering do you need a doctors report for that or what did you need from the doctor?

Mine was sorted in about 2 minutes, no existing known issues so was all very straight forward

xElDeeX

Deleted User wrote: »

Depends on loads of factors I think. Eg I have a preexisting condition so they queried my doc on it and got me to fill out some additional forms. I don't think they ask for anything if you're in perfect health etc. It seems like a pretty quick process though.

Just wondering did the extra paperwork take long? How detailed was it? I'm hoping to go sale agreed this week and have a preexisting condition. There was one consultation I was waiting for but not happening until August. Trying to decide do I bite the bullet and go for a private consultation in case this loose end slows things down.