Its more why would you? You are risking your house for the cost of a car loan. Mortgage free is more important than kitting your house out to impress your friends.
Minimum mortgage amount is 25K. I'm not sure why they wouldn't?
Just get a short term loan from your family. I smell a bit of BS here but if you are stuck for 80k to pay solicitors and furnish a property. A mortgage is the least friendly way to do it. I somehow doubt any bank would go to the trouble or risk of a mortgage for 80k eitherway.
Any body know wait times for BOI and PTSB Currnetly ?
We had AIP with BOI and went sale agreed. Our file is now being prepped for the under writer. Any body any idea the timelines with BOI?
Sent an application into PTSB also 9 days ago but the broker is saying it will be at least 4 weeks from them.
Thanks for that
You have 310k and want a mortgage for 80k. The mind boggles.
I'm in a good situation at the moment. I've gone sale agreed on a house for 350K. I've 30K in savings and am in the extremely fortunate position that I'm getting a gift of 280,000 from family. So my thinking was to get a mortgage of about 80K to cover the cost of solicitors, stamp duty, completely furnishing the house, and some extra to cover myself in case the job market drops out from under me.
So my question is, will the bank be ok with that, or will they offer me the amount to cover what I need for the house only. Should I maybe say the gift amount is lower than it actually is?
I just don't want to leave myself short and struggling to pay for things.
Heard nothing! So frustrating! Uploaded my documents two weeks ago today. In the meantime we’ve gotten approval with another lender so not as panicked now.
Thanks nighttime, what would be an example of something you would/could get changed at this stage? It was my understanding that if there's something wrong then fair enough but you can't go in and say you want the walls pained a different colour?!
Do the snag list with the long term in mind, and get stuff that you find slightly annoying now changed if you can other than that your list is pretty spot on.
If you go to AIB they have the whole thing laid out in a step by step timeline/check list format its very straight forward and gets you to get exactly what you need.
Have you still not heard?! I had heard BOI had increased, not PTSB. Either way we would not be drawing down for another few months so fully expect interest hike. The sale of our apt has gone pear-shaped so everything is looking dodgy now as mortgage is fully reliant on that sale. Always something!
Nope but our broker is very confident we will get it - we are more skeptical because our situation is so complicated and there is a reason no other bank will consider the application. He even told us to go ahead and get the property valued. But you are right, my mother used to work in the banks and said from her experience that the extra things they requested suggest they will say yes, if it was to be a 'no' that we likely would have heard by now! Were you informed that PTSB are upping their interest rates this week but will honour any current loan offers at the rates they were offered until December 9th (and therefore you must drawdown by December 9th). It's a short time to sort out mortgage protection and solicitors are so slow!
Home insurance too
edited to add: PP is right I think, you shouldn't need an engineer because a new build should come with a certificate of compliance (I think!)
You won't need an engineer for a new build
Hi folkd, I'm just gone sale agreed. It's a new build.. Looking fod guidance next
Get a solicitor
Contact bank
Snagger
Engineer to inspect house
Life assurane
I'm probably missing a lot here.. Any advice/tips? Also is it a good idea to take recommendations off the auctioneer for the above jobs?
Thanks for any help
We have applied to AIB, PTSB and BOI very same day.
Underwritten approval in exactly 1 week by PTSB and BOI.
We are still waiting for AIB, it's week 4. They are really slow
Oh gosh....I had thought you'd hear by now. I would expect you would have heard by now if it wasn't good news. I hope so. Here's hoping it's tomorrow so you can have a worry free weekend.
That's great news, I hope the rest of the process goes smoothly for you! My broker said he expects a decision today/tomorrow for us but then again, he also told us roughly 3 weeks for the AIP in total and that was almost 6 weeks ago now...
Applied to BOI who came back to us yesterday looking for extra/updated documentation. Any idea how long the timeline is with them now that we're this far? Scared of going sale agreed without underwritten approval.
Thank you.
Yay! Delighted for you! Hope the rest of the process is quick and pain free.
Good news today...AIP finally approved. I hope you get good news too.
No! Unreal... the stress. Has to be soon!
I still haven't heard back, have you?
Right well I'd say we will both get our answers next week !
Ach sorry to hear that. It is such a nightmare. The things we were asked for were absurd and with the AIP there was also a special condition - a document that we already provided. I hope you hear soon.
Congrats. With the crazy rate increases this is prob best decision. Enjoy your new home.
No, most recent correspondence after giving extra documents was that it was now going to their credit team and we'd hear within 72hrs. That was Thursday. Broker said that 72hrs is more like 5 working days at the moment, so with bank holiday that will be next Friday at best. There must be people losing houses all over the country due to these ridiculous wait times. 6 weeks for just AIP.
Did you hear already? We got our AIP from BOI this week, 5 weeks after applying.
We decided to stay with Finance Ireland because we are further along in the process and desperate to finish this process. We signed the contracts on Thursday. Hopefully getting keys soon.
