Buying a house 2012

killers1 wrote: »

leahyl wrote: »

Hi, just a quick question, I am trying to get the letter of offer and other documentation signed off but I need to meet with the mortgage advisor before I do so as I am unsure of a few things. I got the documentation nearly a month ago and you only have 30 days to get it in before the offer lapses. However last week the bank I am dealing with got flooded and is now 'closed until further notice' according to their voicemail. I left voicemails on the phones of the 2 people I was dealing with and also sent them emails but the offer lapses this Friday so I am anxious that If I don't get the documentation in before then I will have to apply all over again and I really don't want to have to do that - as they could change the amount they offer me then couldn't they??

Would they give an extension on the 30 days in this instance do you think??

Just sign the loan offer acceptance with your solicitor and ask them to return it to Head Office before Friday. You'll then have a further couple of months to drawdown the loan & sort out whatever other queries you have.

Thanks, I actually haven't got a solicitor sorted yet - do I have to sign the offer letter with a solicitor? Also I'm not sure about sending it to head office - afraid it would get lost - or is that where I'm actually meant to send it?

heltipp wrote: »

killers thanks for your reply. vendors got permission from council. they now need to register the propery with land registry. it a first regstration but this is taken time. my solicitor said once she receives a folio number we can proceed with sale

also we have contined to save even though we have all the deposit etc but were going to withdraw some for when we off during summer. is this a good idea or really bad. will we have to give more statements when.we drawing down money

You'll only have to give further statements if your loan offer expires..not for drawdown

leahyl wrote: »

killers1 wrote: »

leahyl wrote: »

Thanks, I actually haven't got a solicitor sorted yet - do I have to sign the offer letter with a solicitor? Also I'm not sure about sending it to head office - afraid it would get lost - or is that where I'm actually meant to send it?

You can't have a letter of offer if you haven't given the bank your solicitors details to send the loan pack to??

Well I do!

What bank are you with?

leahyl wrote: »

BOI

Any chance your Dad may have given the bank his solicitors details for you? BOI won't/can't print the loan offer until they have the solicitors details. You may have confirmation of the approval of some sort but it's not a loan pack if they've never been given details of any solicitor to print on the offer letter...

is that correct? You have only 30 days to sign loan offer?? I thought it was 3 months or have i read mine completly wrong????

Hello,

Im just wondering how far I am in the process of buying a house?

• Offer accepted on Mon 25.06. Met with mortgage agent same day for my mortgage application. Paid the Booking deposit to EA.
• Employed my Solictor on Thursday 28.06.
• Sales letter send by EA to solicitor on Monday 02.07
• Today Tues 03.07 I was offered a mortgage in principle and I will decide on rates / insurance and valuation report on Friday 06.07 with mortgage agent.
• Tomorrow I will have my structural survey done.

How far am I? Will the real Mortage approval take much more extra time considering I applied for the mortage in principle with the details of the house i want to buy? or is it just subject to the Valuation report?

I understand there is still the writing of contracts and registration stuff to be done, but I understood the mortgage application takes the longest.

All input appreciated!

N.

leahyl wrote: »

Ok you have me a bit confused killers! I have the mortgage loan offer letter in front of me and all the details of the loan
Are set out but there is no mention of any solicitor. On the next page there is a list of conditions that must be met before the loan can proceed and the first one is - details of the name and address of your solicitor

Don't be worrying your mortgage is fully approved. That just sounds like confirmation of mortgage approval. If you haven't picked a solicitor I'd suggest you do so quickly & tell the bank so that a loan pack can be printed by the bank and sent to them. In relation to the document you have that needs to be signed by Friday, just sign it and send it by registered post to the branch in question. Even though it is closed the fact that you can prove it was posted before the expiry date will be enough to ensure they stand over it.

killers1 wrote: »

leahyl wrote: »

Ok you have me a bit confused killers! I have the mortgage loan offer letter in front of me and all the details of the loan
Are set out but there is no mention of any solicitor. On the next page there is a list of conditions that must be met before the loan can proceed and the first one is - details of the name and address of your solicitor

Don't be worrying your mortgage is fully approved. That just sounds like confirmation of mortgage approval. If you haven't picked a solicitor I'd suggest you do so quickly & tell the bank so that a loan pack can be printed by the bank and sent to them. In relation to the document you have that needs to be signed by Friday, just sign it and send it by registered post to the branch in question. Even though it is closed the fact that you can prove it was posted before the expiry date will be enough to ensure they stand over it.

Thanks Killers!!! Yes that's what I'm going to do - get the letter of offer posted and attach a cover letter to it explaining what else I need to do (ie. That I would like to discuss with them) and also the name of my solicitor which I now have.

Thanks a mil as always - this house searching/buying and mortgage business is quite stressful when you don't have a clue what you're doing!!

leahyl wrote: »

killers1 wrote: »

leahyl wrote: »

Ok you have me a bit confused killers! I have the mortgage loan offer letter in front of me and all the details of the loan
Are set out but there is no mention of any solicitor. On the next page there is a list of conditions that must be met before the loan can proceed and the first one is - details of the name and address of your solicitor

Don't be worrying your mortgage is fully approved. That just sounds like confirmation of mortgage approval. If you haven't picked a solicitor I'd suggest you do so quickly & tell the bank so that a loan pack can be printed by the bank and sent to them. In relation to the document you have that needs to be signed by Friday, just sign it and send it by registered post to the branch in question. Even though it is closed the fact that you can prove it was posted before the expiry date will be enough to ensure they stand over it.

Thanks Killers!!! Yes that's what I'm going to do - get the letter of offer posted and attach a cover letter to it explaining what else I need to do (ie. That I would like to discuss with them) and also the name of my solicitor which I now have.

Thanks a mil as always - this house searching/buying and mortgage business is quite stressful when you don't have a clue what you're doing!!

Leahyl, don't want to rain on your parade and maybe this won't happen to you - but we received the approval letter you're talking about from BOI back at the end of April and put down a booking deposit the the house we want to buy, mid May. However we are still waiting on BOI to issue our loan offer because they kept coming back with more requests and kept querying specific things on our payslips and bank statements.

Maybe they won't do this to you, but just be warned - the "approval" that Boi give seems to be approval in principal. When the underwriter starts forensically examining everything in preparation for issuing your actual loan offer to your solicitor, they seem to waste lots of time querying this and that and getting you to submit more recent bank statements and payslips.

Hopefully we should we getting our loan offer by the end of this week - 7 weeks after putting down our booking deposit!

Funnyonion79 wrote: »

Leahyl, don't want to rain on your parade and maybe this won't happen to you - but we received the approval letter you're talking about from BOI back at the end of April and put down a booking deposit the the house we want to buy, mid May. However we are still waiting on BOI to issue our loan offer because they kept coming back with more requests and kept querying specific things on our payslips and bank statements.

Maybe they won't do this to you, but just be warned - the "approval" that Boi give seems to be approval in principal. When the underwriter starts forensically examining everything in preparation for issuing your actual loan offer to your solicitor, they seem to waste lots of time querying this and that and getting you to submit more recent bank statements and payslips.

Hopefully we should we getting our loan offer by the end of this week - 7 weeks after putting down our booking deposit!

It's definitely just an 'approval in principle' subject to whatever conditions are noted on it (as Leah has). They can be a pain looking for additional info to have a loan offer issued. For anyone who has an AIP but not located a property yet the best thing to do is submit everything listed on the AIP as soon as possible so that when a property is located it will only be subject to a satisfactory valuation report.

leahyl wrote: »

Oh I know but what is that I have exactly then?? I mean it's "official" documentation so to speak and there is a property down on the loan offer letter for the purposes of getting official approval I guess? They need an address even though I'm not going with the house.

You have an 'approval in principle' subject to whatever conditions are listed on it. BOI insist on a property address being on the application. 50% of the time these are dummy addresses as people are looking to see how much they can borrow before starting to put bids on. Are there many conditions attached to your AIP & what are they?

leahyl wrote: »

There are 7 conditions in total - I have gone through them and gathered most of the stuff I need. One of them is a valuation of the property which obv I can't do cos I er don't have a property yet...!

The others are:
- Name and address of solicitor - have
- Last 6 mnths original current account statements - unsure whether I have to have it on original PTSB paper - but I've printed e-statements anyway
- an original salary cert - again I already gave them one on photocopied paper so not sure if I need to get it done again on original paper?
- copy of passport/driving licence and a recent utility bill (I presume in my case a phone bill would do since I don't act pay the bills)
- my most recent payslip showing my gross income
- evidence of savings of x amount confirming that they have been accumulated over a satisfactory period of time - so I presume just my savings accounts statements??

Standard stuff... Just ensure all the bank statements you give them are originals, they won't accept estatements of any description anymore for loan offer (will for AIP decision) since 2/3 weeks ago. So long as your payslip matches the salary cert & your savings were built up as you advised them you'll be fine... You won't get a loan offer until you've satisfied all those, had a valuation carried on the property you are buying and they are happy with same & you give them your solicitors details.

killers1 wrote: »

If your mortgage approval is only subject to a property valuation then you are very far on in the process from an Underwriting point of view and a loan offer will be a formality so long as the valuation report is in order. The other non-legal items e.g life ins, home ins & DD can be sorted when you meet advisor next. The 2 main thing that will tell you how far along the process you are will be 1) how your structural survey goes tomorrow & 2) when your solicitor receives the contracts, whether they are in order & the proposed closing date for the purchase as mentioned in the contracts.

You seem to be well on top of things so everything should just fall into place as you go along.

Thanks Killers1!

bananas1409 wrote: »

This is a really helpful thread! Thanks you guys!

I'm just getting the ball rolling with house hunting and a mortgage application. It will be a sole application. I earn just over 32K a year net. I have 17.5K saved over last 4 years. I live at home, so no rent bills, have no overdraft or credit card bill. I pay 200 a month to a family member for a interest free car loan.
I have been living it up a bit this year with holidays, a new car and going out. I'm just wondering do you think I'll qualify for a mortgage, and if so, for approx. how much?

Thanks for any help you can give

What's you gross salary? How old are you? How much do you save per month or how much have you saved on average per month in the past year? Is the €200pm paid by cash or standing order from your bank account each month?

bananas1409 wrote: »

Gross Basic Salary 32K + 10,665 shift premium + 1230 bonus + 600 other. I save between 500 - 1000 every month. The repayments for the car loan commence in August and will be by direct debit. I just bought the car a couple of weeks ago. I turn 30 in September.

The only repayment capacity you have to show is your savings and there is a huge difference between €500 & €1,000pm. What was you savings account balance 12 mths ago, 6 mths ago and what is it now? is there any element of your shift premium that is guaranteed income? Is your bonus guaranteed?