Buying a house 2012

killers1 · 04-04-2012 3:07pm

Verte11 wrote: »

Is the rate the variable at 3.75 or the APR 3.8?

It's the 3.75% interest rate... works out @ €112.50pm...

Verte11 · 04-04-2012 3:19pm

Great, thanks a million(again).

Learpholl · 04-04-2012 3:56pm

Hi Killers,

I dont know if you remember but we discussed repayment dates a while back and you mentioned how the first payment would always be at least a month after you've drawn down on the date selected in the direct debit mandate. I got a letter from the bank stating that the first repayment would be due on the 13th of April since I drew down on the 13th of March. However, when filling out the Direct Debit mandate, I chose the 1st of every month as my repayment date.

Now the bank are telling me that the repayment will be on the 13th and if I want to change it, I will need a written request to ask for it to be changed to the 1st. Do you know is this standard procedure? As now I will need to pay a full mortgage repayment on the 13th and again on the 1st which seems a little odd to me given our previous conversation. No bother doing it just a little curious really.

Thanks for your help before as well!

killers1 · 04-04-2012 4:05pm

Learpholl wrote: »

Hi Killers,

I dont know if you remember but we discussed repayment dates a while back and you mentioned how the first payment would always be at least a month after you've drawn down on the date selected in the direct debit mandate. I got a letter from the bank stating that the first repayment would be due on the 13th of April since I drew down on the 13th of March. However, when filling out the Direct Debit mandate, I chose the 1st of every month as my repayment date.

Now the bank are telling me that the repayment will be on the 13th and if I want to change it, I will need a written request to ask for it to be changed to the 1st. Do you know is this standard procedure? As now I will need to pay a full mortgage repayment on the 13th and again on the 1st which seems a little odd to me given our previous conversation. No bother doing it just a little curious really.

Thanks for your help before as well!

Hi Learpholl,

Yes, I remember! Looks like they ignored your instruction on the DD mandate for the repayments to be taken on the 1st of each month so the repayment falls due 1 month from date of drawdown. Seeing as you drew down on the 13th march they would have had enough time to set up DD and the first repayment should have come out on the 1st April. As it stands you can either Lear it at the 13th of the month or put in writing to be 1st of the month from may onwards. Its really makes no difference as your loan is to be repaid over X no of payments, you'll just have had the first 2 fairly close together...

blueturnip · 04-04-2012 9:48pm

Quick update from me...

Got our provisional letter of approval today and it is valid for 3 months. We sent it by post and it was delivered to them 23rd March. So it took 12 days to get back to us.

Now to find the right house!!

nemo32 · 05-04-2012 9:05am

blueturnip wrote: »

Quick update from me...

Got our provisional letter of approval today and it is valid for 3 months. We sent it by post and it was delivered to them 23rd March. So it took 12 days to get back to us.

Now to find the right house!!

Well done and good luck on the house search

folan · 05-04-2012 10:20am

blueturnip wrote: »

Quick update from me...

Got our provisional letter of approval today and it is valid for 3 months. We sent it by post and it was delivered to them 23rd March. So it took 12 days to get back to us.

Now to find the right house!!

congrats. I just got mine during the week, took 15 working days.

its a nice feeling after all the savings etc.

folan · 05-04-2012 10:21am

killers1 wrote: »

Have a read of this before you go...,

http://www.propertytoolbox.co.nz/the_house_hunt.php#viewing

was a great resource.

Was definatly not impressed by the houses. and to think that they were going for twice as much in the boom!

killers1 · 05-04-2012 10:24am

folan wrote: »

was a great resource.

Was definatly not impressed by the houses. and to think that they were going for twice as much in the boom!

Glad you found it useful. Take your time to hold out for the right house at the right price!!

chris_ie · 05-04-2012 1:58pm

May aswell stick a wee post in here. We just completed the purchase of our home. Nearly 5 years looking and finally got here! Happy with the deal we got aswell. Although we were due to be in the house at the end of January but just got in at the end of March. So took a while longer than expected.

L777 · 05-04-2012 3:23pm

Verte11 wrote: »

Hi there,
I thought I'd set up a thread so that anyone who is buying a house this year or has done so recently enough could share information.
I'll start it off with a question. Once my mortgage goes through I'll be applying for interest relief as I'm a first time buyer. Has anyone gone through the process of doing this online? You can't apply until after your first mortgage payment has gone through. Just wondering what info they need and if there's anything I could get sorted now in advance.
Even if you can't answer my question just let me know if you're interested in joining this little group of 2012 buyers.

Hi,

Thank you for setting this up!!!!

I'm totally new to this (just joined today) but I've often looked up for advice!

I'm excited/nervous/confused/lost!!! :eek:

We were going to build a house (spring 2013) - got planning permission granted just before christmas (it was a long process) but we got a quote to build and it was very expensive - apparently materials etc are very expensive! anyway long story short we decided to have a browse and think about buying but we unexpectately found our dream home and its reeeeeeeeeally close to home (where we were going to build).

so I need advice..... we are going to go for a mortgage but I dont know if wer gonna get it or not & if there is anything we could do to help the application it would reeeeealllly help!!!

we are going joint application. both in full time permanent employment. earn basic 63512 per year (joint) + 12000 extras. we have 8000 savings and are getting gifted inheritance of 13000 - paying 700 rent for the past 2 years, have a cu car loan 120 pm (in advance 2300) and a loan (which i took out last summer to clear and cancel my credit card) 186.97pm (also in advance)??????

any advice would be greatly appreciated!!!!!!! thanks in advance!!!!

L777 · 05-04-2012 3:25pm

Hi,

Thank you for setting this up!!!!
I'm totally new to this (just joined today) but I've often looked up for advice! I'm excited/nervous/confused/lost!!!

We were going to build a house (spring 2013) - got planning permission granted just before christmas (it was a long process) but we got a quote to build and it was very expensive - apparently materials etc are very expensive! anyway long story short we decided to have a browse and think about buying but we unexpectately found our dream home and its reeeeeeeeeally close to home (where we were going to build).

so I need advice..... we are going to go for a mortgage but I dont know if wer gonna get it or not & if there is anything we could do to help the application it would reeeeealllly help!!!

we are going joint application. both in full time permanent employment. earn basic 63512 per year (joint) + 12000 extras. we have 8000 savings and are getting gifted inheritance of 13000 - paying 700 rent for the past 2 years, have a cu car loan 120 pm (in advance 2300) and a loan (which i took out last summer to clear and cancel my credit card) 186.97pm (also in advance)??????

any advice would be greatly appreciated!!!!!!! thanks in advance!!!!

blueturnip · 05-04-2012 9:10pm

folan wrote: »

congrats. I just got mine during the week, took 15 working days.

its a nice feeling after all the savings etc.

Yay! It certainly does feel good, although I don't think it has entirely sunk in yet! There was always that thought in the back of our minds that they might say No.

We have our eye on a place, now to arrange a second viewing.

Verte11 · 06-04-2012 10:14am

Hey Chris_ie. congrats. 5 years is a long time you must be well happy now.

aviendha · 07-04-2012 9:48pm

Just had offer accepted by vendor based on preliminary offer letter from Bank last January - just getting updated offer letter so hopefully no additional conditions since then .. we were approved for an amount higher than what we are now requesting, so hopefully shouldn't cause any problems..
still..nervewracking while waiting...

killers1 · 07-04-2012 11:13pm

aviendha wrote: »

Just had offer accepted by vendor based on preliminary offer letter from Bank last January - just getting updated offer letter so hopefully no additional conditions since then .. we were approved for an amount higher than what we are now requesting, so hopefully shouldn't cause any problems..
still..nervewracking while waiting...

There's been no changes in lending policies since Jan that will negatively effect your application and given you need a lessor amount than you were approved for you'll be fine...

aviendha · 08-04-2012 5:22pm

Hopefully should be ok.. it's just so topsy turvy anecdotally that until we get the signed/sealed/delivered, we'll be on edge!

Also hoping to piggyback on simonopendoor.ie to get an architects ideas to redesign the interior - it's a 70s bungalow with a weird open plan/ breeze block interior with split levels - anyone have any other suggestions on where to get interior space plan ideas, I'm a boring accountant - too square for these creative ideas required!!

ted1 · 09-04-2012 8:33pm

killers1 wrote: »

There's been no changes in lending policies since Jan that will negatively effect your application and given you need a lessor amount than you were approved for you'll be fine...

when was the last change? I had an offer accpeted, had mortgage approvment that expired on Feb 15.

looking for a mortgage of approx 85% of the original mortgage offer with AIB.

it should be fine but there been a bit slow

killers1 · 09-04-2012 10:34pm

ted1 wrote: »

when was the last change? I had an offer accpeted, had mortgage approvment that expired on Feb 15.

looking for a mortgage of approx 85% of the original mortgage offer with AIB.

it should be fine but there been a bit slow

You'll be fine, nothing really changed since you were approved in November apart from a recent ltv change on loans over €400k and a new 2012 income calc taking into account budget changes. AIB are quite slow at the minute and sometimes when an approval expires they actually put it through the whole underwriting process again in terms of generating a different account no. so can take anything up to 3 weeks (particularly with all the Bank Holidays)...

Bigcheeze · 10-04-2012 7:03am

What's the ltv change?

killers1 · 10-04-2012 8:53am

Bigcheeze wrote: »

What's the ltv change?

Max LTV for loans over €400k has reduced to 85%

Iamhere · 10-04-2012 5:58pm

hello all,

Just looking for soon advice or info from anyone who has been in a similar situation as we are currently in. We have agreed a price on a house we want to purchase, the amount is 107,000, in February we were approved in principle with AIB for 92% of 150,000. The problem is that the previous owners handed the keys back to their bank but before they did this the look the kitchen out of the house, everything bar the tiles and the sockets!! AIB will not approve a mortgage for this house unless a valuer says there is no need for a final valuation, i have spoke to some valuers on their panel and it seems that the final decision may come down to how much of a deposit we put towards the house, we had intended on putting 10%. Any thoughts would be a great help as we are 1st time buyers so its all very new to us.

nemo32 · 10-04-2012 6:06pm

Iamhere wrote: »

hello all,

Just looking for soon advice or info from anyone who has been in a similar situation as we are currently in. We have agreed a price on a house we want to purchase, the amount is 107,000, in February we were approved in principle with AIB for 92% of 150,000. The problem is that the previous owners handed the keys back to their bank but before they did this the look the kitchen out of the house, everything bar the tiles and the sockets!! AIB will not approve a mortgage for this house unless a valuer says there is no need for a final valuation, i have spoke to some valuers on their panel and it seems that the final decision may come down to how much of a deposit we put towards the house, we had intended on putting 10%. Any thoughts would be a great help as we are 1st time buyers so its all very new to us.

Hi,
So have you been AIP for the amount? We had to get our valuation done before the letter of offer is given. Is this what you mean?

Iamhere · 10-04-2012 6:10pm

Sorry my mistake just had another look at the letter and it was sanctioned in our names in Feb...

nemo32 · 10-04-2012 6:15pm

Iamhere wrote: »

Sorry my mistake just had another look at the letter and it was sanctioned in our names in Feb...

Okay so your good to go then. So you just need to get your valuation done and send it back into them and they will issue the Letter of Offer to your solicitor. Shouldn't be a problem with the kitchen situation. We were in the same boat and it doesn't really devalue your house as far as I know, But obviously it depends on how much you paid for the house aswell

Good Luck

killers1 · 10-04-2012 6:30pm

Iamhere wrote: »

hello all,

Just looking for soon advice or info from anyone who has been in a similar situation as we are currently in. We have agreed a price on a house we want to purchase, the amount is 107,000, in February we were approved in principle with AIB for 92% of 150,000. The problem is that the previous owners handed the keys back to their bank but before they did this the look the kitchen out of the house, everything bar the tiles and the sockets!! AIB will not approve a mortgage for this house unless a valuer says there is no need for a final valuation, i have spoke to some valuers on their panel and it seems that the final decision may come down to how much of a deposit we put towards the house, we had intended on putting 10%. Any thoughts would be a great help as we are 1st time buyers so its all very new to us.

Has one of AIB's Panel Valuers actually carried out the inspection yet? If so, have they put on the report that a Final Val is required? Have they said that the property is not suitable security for the Bank in it's current state? Do you have sufficient savings to carry out whatever work is necessary?

Iamhere · 10-04-2012 6:45pm

No valuation has been done yet but it should be done this week, we do have the money to put the kitchen and would pay for it out of our savings... I am just worried that they will require a final valuation if that is the case its back to square one...

killers1 · 10-04-2012 6:56pm

Iamhere wrote: »

No valuation has been done yet but it should be done this week, we do have the money to put the kitchen and would pay for it out of our savings... I am just worried that they will require a final valuation if that is the case its back to square one...

I don't see how you are back to square one? I'd suggest getting the valuation done and then reverting here with the outcome...You have no issue here that can't be overcome...

MOVER2012 · 11-04-2012 8:11pm

Hi All,

I wonder if anyone on here could give me some advice.

Myself and my other half are thinking about buying a house this year.
We both have good jobs with combined earnings of approx €100K p.a and total savings of approx €90K.
We are looking at buying a house for approx €250K, so would be asking for a mortgage for approx €225K keeping alot of our savings.

Now things get a bit tricky.
We both work in Dublin but are thinking of buying our house near both our parents in Galway, as we are expecting our first child later this year.
So our plan is to move just before the baby arrives.
On the job front, I could easily keep my job in Dublin, and work from home half the week, commute to Dublin the rest, until I pick up another job closer to home, but my outer half works in the public service so once her maternity leave is finished may find it difficult to get another job locally.

So basically what I'm asking is when applying for a mortgage should we be upfront from day one?
And if we are upfront what are our chances of being approved for a mortgage?

Thanks alot,
Mover2012

killers1 · 12-04-2012 9:18am

MOVER2012 wrote: »

Hi All,

I wonder if anyone on here could give me some advice.

Myself and my other half are thinking about buying a house this year.
We both have good jobs with combined earnings of approx €100K p.a and total savings of approx €90K.
We are looking at buying a house for approx €250K, so would be asking for a mortgage for approx €225K keeping alot of our savings.

Now things get a bit tricky.
We both work in Dublin but are thinking of buying our house near both our parents in Galway, as we are expecting our first child later this year.
So our plan is to move just before the baby arrives.
On the job front, I could easily keep my job in Dublin, and work from home half the week, commute to Dublin the rest, until I pick up another job closer to home, but my outer half works in the public service so once her maternity leave is finished may find it difficult to get another job locally.

So basically what I'm asking is when applying for a mortgage should we be upfront from day one?
And if we are upfront what are our chances of being approved for a mortgage?

Thanks alot,
Mover2012

It really depends on how our combined income of €100k is broken down? Is it €50k each? If you are looking to buy a property on the other side of the country to where you work banks will want to know the rationale behind it, whether it's a commutable distance and may look for some confirmation from your employer that you do have the option to work from home a few days a week....Also, there is a world of difference between a joint mortgage application with 2 incomes versus a sole income, 3 person family application...

Buying a house 2012

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