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

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Comments

  • #11522
    kb70
    Registered Users, Registered Users 2 Posts: 1 ✭kb70


    https://www.boards.ie/discussion/comment/123614723#Comment_123614723

    Another Brock DeLappe low cost special. Madness however for Inchicore - at nearly 10k per sqm it's surpassing Ballsbridge pricing.



  • #11523
    camz09
    Registered Users, Registered Users 2 Posts: 409 ✭✭camz09


    Question: My AIP has 148,500 mortgage on an estimated 200,000 purchase value property. What happens if I find a property over the 200k, say 250k, can I just show a savings of 50k together (through bank statement for example) with AIP be enough? Or is it the difference between 250k and my aip of 148500 = 101,500 savings/gift proof of funds?



  • #11524
    frank730
    Registered Users, Registered Users 2 Posts: 173 ✭✭frank730


    https://www.boards.ie/discussion/comment/123615692#Comment_123615692

    if the asking price is 250k and you only have proof for 200k, the vendor might not allow you to bid as you can't afford it



  • #11525
    o1s1n
    Registered Users, Registered Users 2, Paid Member Posts: 36,946 ✭✭✭✭o1s1n
    Master of the Universe


    https://www.boards.ie/discussion/comment/123615692#Comment_123615692

    Do you mean when you show the estate agent your AIP, will they let you bid if it only shows 148k on the AIP?

    Never, ever let the estate agent know how much you AIP is for.

    They'll ask for a copy of it, redact the amount. It's the equivalent of going into a poker game with your cards facing the wrong way.



  • #11526
    ec18
    Registered Users, Registered Users 2 Posts: 2,789 ✭✭✭ec18


    https://www.boards.ie/discussion/comment/123615692#Comment_123615692

    our broker gave us a letter as proof of funds saying that we had the funds to cover the amount.

    it was essentially something like, as the broker acting for MR Camz09 I can confirm that they have the necessary funds available for that house that costs 250K

    (some people I know had something similar from their solicitor but I don't know how much of a thing that is )



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  • #11527
    camz09
    Registered Users, Registered Users 2 Posts: 409 ✭✭camz09


    Mortgage protection question

    Hi, so I am sale agreed on a property and I'm at a stage now with my mortgage broker discussing mortgage protection and insurance with me as part of the process. I went online and for quotes from the likes of lowquotes/hello.ie that are around 12 euro per month, and I believe are mostly from Royal London (mortgage protection, terminal illness cover,helping hand benefit, etc)

    When I got in touch with my mortgage broker he went through an application with me which I believe is with Irish Life OnePlan, I can see the MP was about 15/m but he also added specified illness cover which totals my monthly cost to 50 euros (mp + specified illness cover). Does this sound legit? Or do I have other options, with much lower price? Any experience you can share getting mortgage protection and insurance while securing your mortgage? Please help!



  • #11528
    o1s1n
    Registered Users, Registered Users 2, Paid Member Posts: 36,946 ✭✭✭✭o1s1n
    Master of the Universe


    https://www.boards.ie/discussion/comment/123647651#Comment_123647651

    I remember years ago with my first mortgage broker, to use his service you'd have to go with the mortgage protection offer of his choice. I can't remember who it was or for how much, but he was definitely getting some sort of comission from it.

    On my current spot we pay Royal London €34 a month. Also through a broker but he seemed more set on just getting us the cheapest deal.



  • #11529
    pavingslabber
    Registered Users, Registered Users 2 Posts: 1 ✭pavingslabber


    I have a question about switching - I bought last year and we were offered the green five year fixed 4.3%. It was the best option for us at the time but now our financial position is better and the house value has gone up, affecting the LTV.
    A friend at work bought about six months ago and his rate is 3.55%. I spoke to a broker and he said they think rates will be reviewed down again soon, and to call him back at the end of the month.
    I was looking at breaking out to get a lower interest rate, I called ptsb and they informed me the break fee would be almost €9k, which we can’t manage.

    My questions:

    1. Will the break fee slowly trickle to zero over time? I looked up the formula on the website but I couldn’t understand it.
    2. Should we just suck it up and switch once the time is up?
    3. Do we expect rates to hold or fall at a slow rate?

    Any opinions or speculation gratefully received.



  • #11530
    GiftofGab
    Registered Users, Registered Users 2 Posts: 2,571 ✭✭✭GiftofGab


    https://www.boards.ie/discussion/comment/123615692#Comment_123615692

    I had the opposite issue. The estimated purchase price was above the current offer. So I just blanked out the mortgage amount and purchase price and sent it to the estate agent. My broker also sent an email saying I had sufficient funds without saying how much.



  • #11531
    tigger123
    Registered Users, Registered Users 2 Posts: 4,613 ✭✭✭tigger123


    https://www.boards.ie/discussion/comment/123670804#Comment_123670804

    More than happy for any other posters to correct me here…

    1. Will the break fee slowly trickle to zero over time? I looked up the formula on the website but I couldn’t understand it

    My (limited) understanding is that the breakage fee is based upon the price (interest rate) of money at the point at which you fixed your mortgage, and it could go down or up in the future based upon when you want to break out of the rate, and the price of money at that point in time.

    The breakage fee fluctautes along with the price of money on international markets.

    2. Should we just suck it up and switch once the time is up?

    It all depends on the breakage fee. You could switch, which has costs of a few grand attached to it, then end up paying a breakage fee of a few grand, so you're back to a net zero gain/loss.

    3. Do we expect rates to hold or fall at a slow rate?

    God knows.



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  • #11532
    Redchick
    Registered Users, Registered Users 2 Posts: 113 ✭✭Redchick


    Hope someone can help me manage my expectations in relation to the amount of time it’s taking for a buyer to move things along!!

    We went sale agreed 4 weeks ago, 1st contracts were issued to the buyers solicitor almost 2 weeks ago and nothing has happened since. There has been no attempt from the buyers to get a valuation done for loan offer or a pre purchase survey done. Is this a normal pace? We are buying elsewhere and advised our estate agent that we wanted a quick sale and it was under that condition that we accepted their offer.

    Maybe I’m being unrealistic about timeframes but we are buying elsewhere, went sale agreed there 4 weeks ago also but have already seen 1st contracts, solicitor has raised queries and gotten answers, we’ve had the valuation for loan offer done and also the pre purchase survey.



  • #11533
    herbalplants
    Registered Users, Registered Users 2 Posts: 1,458 ✭✭✭herbalplants


    https://www.boards.ie/discussion/comment/123681086#Comment_123681086

    Nope it is not normal, you need to get your solicitor to put pressure on the buyer solicitor also ask the estate agent.

    Remember the shills only get paid when you react to them.



  • #11534
    Redchick
    Registered Users, Registered Users 2 Posts: 113 ✭✭Redchick


    https://www.boards.ie/discussion/comment/123681345#Comment_123681345

    Thank you very much for replying. I didn’t want to be badgering our estate agent, if I was being unrealistic, even though he’s really lovely and very responsive to queries etc. He actually rang me after I posted here and said they’ve been on to the buyers solicitor and the buyers to try and get them moving. No urgency at all from either party, but yet the buyers want to come in and ‘make measurements’ of windows etc!



  • #11535
    herbalplants
    Registered Users, Registered Users 2 Posts: 1,458 ✭✭✭herbalplants


    https://www.boards.ie/discussion/comment/123681555#Comment_123681555

    I wouldn't let them yet to take any measurements unless they move with the contracts. Also don't forget estate agents are as eager for you to wrap up as this is how they get their fee. You are ready to go so the whole thing should be wrapped up in 2 months.

    Remember the shills only get paid when you react to them.



  • #11536
    Redchick
    Registered Users, Registered Users 2 Posts: 113 ✭✭Redchick


    https://www.boards.ie/discussion/comment/123681621#Comment_123681621

    Was of that mind ourselves to be honest, but also didn’t want to annoy the buyers by seeming unhelpful etc.



  • #11537
    VW 1
    Registered Users, Registered Users 2 Posts: 4,555 ✭✭✭VW 1


    I'd definitely be of the attitude that you do whatever you need to, to move it on. You don't need to be friends after, so badger everyone involved to move it along as the squeakiest wheel gets the grease.



  • #11538
    Roberto_gas
    Registered Users, Registered Users 2 Posts: 4,691 ✭✭✭Roberto_gas


    https://www.boards.ie/discussion/comment/123681555#Comment_123681555

    As a recent buyer I got entire txn done in two months along with renegotiation of price. I was the one chasing seller. Sale agreed in Feb end and got keys in April end. Check if they are themselves in a chain sale or not



  • #11539
    theboringfox
    Registered Users, Registered Users 2 Posts: 580 ✭✭✭theboringfox


    https://www.boards.ie/discussion/comment/123681555#Comment_123681555

    My concern here is someone has gone sale agreed and now working out costs on house. They could be lining up then to renegotiate price. Valuation and survey should be done by now. They seem to have done nothing since sale agreed that shows commitment to buying. Valuations, surveys and solicitors reviewing contracts cost money and show commitment. I would be absolutely not allow anything more on house until see movement.



  • #11540
    Redchick
    Registered Users, Registered Users 2 Posts: 113 ✭✭Redchick


    https://www.boards.ie/discussion/comment/123681954#Comment_123681954

    Nicely phrased - will remind myself of that every time I pick up the phone!! Thanks.



  • #11541
    Redchick
    Registered Users, Registered Users 2 Posts: 113 ✭✭Redchick


    https://www.boards.ie/discussion/comment/123682328#Comment_123682328

    This is pretty much what I was expecting from ours! Delighted your purchase went quickly for you.
    They are in a chain and are also sale agreed, but are seemingly in a position to raise the money to complete the purchase of our house before their own has closed.

    Post edited by Redchick on


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  • #11542
    Redchick
    Registered Users, Registered Users 2 Posts: 113 ✭✭Redchick


    https://www.boards.ie/discussion/comment/123682493#Comment_123682493

    Thanks for that, you’ve nailed my concern there. I’m thinking we’re at a point where I need to set a deadline for moving on to the underbidders. I’m very nervous that we will lose the house we want to buy because of this. As you say they really haven’t shown any commitment beyond paying the booking deposit, and the agent was very clear regarding speed at which we wanted to move.



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