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Saving/Applying for a mortgage 2015/16/17/18/19

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    #542
    Santy2015
    Registered Users Posts: 1,065 ✭✭✭Santy2015


    Sleepy wrote: »
    1100sq foot is small? :eek: We're buying a property of that size and thought it was pretty big for a modestly priced house in Dublin!

    I'd consider an end of terrace house to be worth a premium over a terrace, having side access between the gardens is great for stuff like putting out bins, moving lawnmowers, kids bikes etc.

    The aspect of the unattached wall is an interesting consideration but I'd imagine one that's easily sorted with extra insulation if it's North facing...

    Yeah, the side access is great and it has the biggest of the back gardens in those terraced ones. Just waiting for confirmation on certain things like the stira stairs, and input into the kitchen


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    #543
    [Deleted User]
    Posts: 24,715 ✭ [Deleted User]


    Sleepy wrote: »
    1100sq foot is small? :eek: We're buying a property of that size and thought it was pretty big for a modestly priced house in Dublin!.

    The poster is from a country area I think from reading this thread so its all about perspective.

    I'm from a rural area where nearly everything is 2000sq ft+ (as would my home place etc so its what I'm used to). I've been looking at houses in the city I find them very small I have to say when someone else would find them normal from chatting about it. It's what you are used to I suppose.


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    #544
    Balmed Out
    Registered Users Posts: 4,714 ✭✭✭Balmed Out


    Rural homes will always be bigger, not so many facilities on your doorstep so more space needed.


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    #545
    [Deleted User]
    Posts: 24,715 ✭ [Deleted User]


    Balmed Out wrote: »
    Rural homes will always be bigger, not so many facilities on your doorstep so more space needed.

    They are bigger because you have the space and/or a lot are built by the people who will live in them rather than a developer so they make them bigger to have more space rather than trying to pack as many houses as you can into a space etc. Lets be honest living in a city you more often than not have to compromise on living space.

    I don't see any connection between space needed and facilitates. Most rural areas are not far from towns or cities anyway so you are only a short drive from all the facilities available to those living in the city.

    Anyway this is off topic for this thread.


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    #546
    Black_Knight
    Moderators Posts: 12,371 ✭✭✭✭Black_Knight


    Azalea Screeching Padding wrote: »
    I don't see any connection between space needed and facilitates. Most rural areas are not far from towns or cities anyway so you are only a short drive from all the facilities available to those living in the city.

    You need at least 20sqrm extra for the home cinema.


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    #547
    angeldelight
    Registered Users Posts: 5,175 ✭✭✭angeldelight


    One house we were interested in has an offer of 50k above asking on it, another just went sale agreed and there's no others at all available where we want


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    #548
    [Deleted User]
    Posts: 24,715 ✭ [Deleted User]


    Black_Knight wrote: »
    You need at least 20sqrm extra for the home cinema.

    What I mean is I don't see any connection between the size of a house and the facilities close by.

    Of course if you build a house in the country you can have a home cinema, games room etc (reasons why I plan to build a house in the future) which you can't have in a city but you aren't having them to replace anything you have in a city.


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    #549
    Santy2015
    Registered Users Posts: 1,065 ✭✭✭Santy2015


    I need a hand, we want to put an offer down on the house we want, what way would you word the email to the EA?


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    #550
    Glen_Quagmire
    Registered Users Posts: 1,137 ✭✭✭Glen_Quagmire


    Santy2015 wrote:
    I need a hand, we want to put an offer down on the house we want, what way would you word the email to the EA?


    Howya boss,

    Give ya 100k for your house there boss and I'll throw in a good pony too...

    Joking of course, I've never had the luxury of sending such an email so others here will point you in the right direction I'm sure..


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    #551
    Santy2015
    Registered Users Posts: 1,065 ✭✭✭Santy2015


    Glen_Quagmire wrote: »
    Howya boss,

    Give ya 100k for your house there boss and I'll throw in a good pony too...

    Joking of course, I've never had the luxury of sending such an email so others here will point you in the right direction I'm sure..
    Haha, brilliant. Thanks though but no sale boss ;)


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    #552
    bleary
    Registered Users Posts: 495 ✭✭bleary


    I wouldn't just email my offer, ring, suss out the situation , give offer don't discuss , then say you will follow up with email.
    Hi x ,
    Just to confirm my offer of x subject to survey and contract. I am mortgage approved (if you are) ,etc. etc.


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    #553
    Santy2015
    Registered Users Posts: 1,065 ✭✭✭Santy2015


    bleary wrote: »
    I wouldn't just email my offer, ring, suss out the situation , give offer don't discuss , then say you will follow up with email.
    Hi x ,
    Just to confirm my offer of x subject to survey and contract. I am mortgage approved (if you are) ,etc. etc.
    Thanks, I'll do something like that, I've something similar drafted so will add in the survey bit.


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    #554
    wench
    Registered Users Posts: 1,640 ✭✭✭wench


    Santy2015 wrote: »
    Sorry never gave much details. They want 150k finished but on the property price register just before Xmas one of the same houses sold for 120k now I know prices have gone up in the last few months but 30k seems excessive.
    Are these new builds? If so, have you factored in that the price on the register is ex-vat. So the 120K price recorded would actually reflect an asking price of €136K.


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    #555
    Santy2015
    Registered Users Posts: 1,065 ✭✭✭Santy2015


    wench wrote: »
    Are these new builds? If so, have you factored in that the price on the register is ex-vat. So the 120K price recorded would actually reflect an asking price of €136K.

    Yes new builds, only after I looked it up I found out it excluded the vat, gives me a better understanding of it now.


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    #556
    Santy2015
    Registered Users Posts: 1,065 ✭✭✭Santy2015


    Got offer accepted on first attempt, small steps and deep breaths from here on. :)


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    #557
    HiGlo
    Registered Users Posts: 561 ✭✭✭HiGlo


    Santy2015 wrote: »
    Got offer accepted on first attempt, small steps and deep breaths from here on. :)

    It's been fun to join you on this journey and hear all about your progress. I wish you the very best of luck with the rest of the process now. :)


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    #558
    Tasden
    Closed Accounts Posts: 4,166 ✭✭✭Tasden


    Aw I'm so happy for all the posters updating with good news! :)


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    #559
    Black_Knight
    Moderators Posts: 12,371 ✭✭✭✭Black_Knight


    Santy2015 wrote: »
    Got offer accepted on first attempt, small steps and deep breaths from here on. :)

    Now in creeps the doubt... why was it so easy? :pac:

    Congrats.


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    #560
    Santy2015
    Registered Users Posts: 1,065 ✭✭✭Santy2015


    Black_Knight wrote: »
    Now in creeps the doubt... why was it so easy? :pac:

    Congrats.

    Thanks, there's always the doubt but staying positive from here on out. I think it's the fact we deserved a bit of luck. Some properties have passed us by while in the application process


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    #561
    Santy2015
    Registered Users Posts: 1,065 ✭✭✭Santy2015


    So, I'll be giving the EA our booking deposit Tuesday as that's the day he said to give it. I'll get a receipt etc. So after that. What's the process after this? I've my solicitor sorted and meeting with him Tuesday as well. All info is greatly appreciated :)


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    #562
    aka accounts 2010
    Registered Users Posts: 1,065 ✭✭✭aka accounts 2010


    Santy2015 wrote: »
    So, I'll be giving the EA our booking deposit Tuesday as that's the day he said to give it. I'll get a receipt etc. So after that. What's the process after this? I've my solicitor sorted and meeting with him Tuesday as well. All info is greatly appreciated :)

    Contact bank with all details. (Property address, sale agreed price, solicitor details etc etc etc)

    Pay booking deposit to EA and receive receipt. Usually paid via Bank Draft or Transfer.

    Meet with solicitor and provide all relevant details

    Solicitor will request copy of contracts from vendor's solicitor and begin all related legal work (could be a long process)

    Bank will request Valuation and will ask you to pay for this - Usually 120-135 Euro

    You will need to arrange for your Engineer to visit the property to carry out a survey (250-750 Euro depending on level of detail / type of property etc)

    Keep in regular contact with solicitor in order to assess progress

    Arrange Life Assurance, House Insurance, Illness Protection insurance etc

    Pay remaining deposit to solicitor (10% less booking deposit paid)

    When solicitor is finished work, meet and sign contracts. Contracts are then sent back to vendor's solicitor and bank. The sellers will the need to sign contracts.

    Your solicitor will then forward remaining documents to bank requesting issue of mortgage cheque

    Balance due paid to vendor's solicitor and date arranged for keys to be exchanged

    Meet with solicitor to draw up a Will

    Pay solicitor all fees including Stamp Duty due to Revenue




    The time all the above will take varies significantly from sale to sale. Could be done in 3 months but could take 12 months!


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    #563
    Santy2015
    Registered Users Posts: 1,065 ✭✭✭Santy2015


    aka accounts 2010 wrote: »
    Contact bank with all details. (Property address, sale agreed price, solicitor details etc etc etc)

    Pay booking deposit to EA and receive receipt. Usually paid via Bank Draft or Transfer.

    Meet with solicitor and provide all relevant details

    Solicitor will request copy of contracts from vendor's solicitor and begin all related legal work (could be a long process)

    Bank will request Valuation and will ask you to pay for this - Usually 120-135 Euro

    You will need to arrange for your Engineer to visit the property to carry out a survey (250-750 Euro depending on level of detail / type of property etc)

    Keep in regular contact with solicitor in order to assess progress

    Arrange Life Assurance, House Insurance, Illness Protection insurance etc

    Pay remaining deposit to solicitor (10% less booking deposit paid)

    When solicitor is finished work, meet and sign contracts. Contracts are then sent back to vendor's solicitor and bank. The sellers will the need to sign contracts.

    Your solicitor will then forward remaining documents to bank requesting issue of mortgage cheque

    Balance due paid to vendor's solicitor and date arranged for keys to be exchanged

    Meet with solicitor to draw up a Will

    Pay solicitor all fees including Stamp Duty due to Revenue




    The time all the above will take varies significantly from sale to sale. Could be done in 3 months but could take 12 months!

    Yeah that's what I was thinking. Hopefully it'll be the 3/4 months. Developer is notoriously hard to deal with once you go sale agreed


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    #564
    Jen44
    Registered Users Posts: 455 ✭✭Jen44


    great news Santy2015...all the very best with it!


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    #565
    Santy2015
    Registered Users Posts: 1,065 ✭✭✭Santy2015


    Jen44 wrote: »
    great news Santy2015...all the very best with it!

    Thanks Jen44 :)


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    #566
    lovelystuff
    Closed Accounts Posts: 364 ✭✭lovelystuff


    I'm hoping someone can help me figure out the maths, I'm in the earlyish stages of saving for a mortgage and I'm trying to figure out what deposit we will need. Combined salary of 85000, no kids or loans.

    From my calculations we would need 70000 deposit for a house that's worth 350,000 but the online calculators are telling me we would need 48000 which is a huge difference.

    I'd really appreciate any feedback, think it's too early to ask my bank as I don't have enough saved yet. Thanks!


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    #567
    Michael D Not Higgins
    Moderators, Society & Culture Moderators Posts: 7,223 Mod ✭✭✭✭Michael D Not Higgins


    lovelystuff wrote: »
    I'm hoping someone can help me figure out the maths, I'm in the earlyish stages of saving for a mortgage and I'm trying to figure out what deposit we will need. Combined salary of 85000, no kids or loans.

    From my calculations we would need 70000 deposit for a house that's worth 350,000 but the online calculators are telling me we would need 48000 which is a huge difference.

    I'd really appreciate any feedback, think it's too early to ask my bank as I don't have enough saved yet. Thanks!

    48k would be the first time buyer minimum deposit, i.e. 10% of 220k and 20% of the balance.


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    #568
    PhoenixParker
    Registered Users Posts: 2,672 ✭✭✭PhoenixParker


    Michael D Not Higgins wrote: »
    48k would be the first time buyer minimum deposit, i.e. 10% of 220k and 20% of the balance.

    This, however with a joint income of 85K, your maximum mortgage would be E297.5K without an exemption. That would leave you needing a deposit of E52.5K.

    Also bear in mind that you will need closing costs like solicitors fees, stamp duty and you'll probably also need to have some money to buy basic furniture/do basic decorating in the house when you move in.


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    #569
    lovelystuff
    Closed Accounts Posts: 364 ✭✭lovelystuff


    Thanks a million i couldn't figure it out! It's just good to have a target to save towards so I appreciate it


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    #570
    loveisdivine
    Registered Users Posts: 2,463 ✭✭✭loveisdivine


    Can anyone tell me what the building survey actually tells you. I read a UK one that tells you what needs to be done right away, what else probably needs doing and an estimated cost. Is it the same here? I hope it's not some vague report with lots of industry lingo that I wont understand.


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    #571
    Flatzie_poo
    Registered Users Posts: 562 ✭✭✭Flatzie_poo


    loveisdivine wrote: »
    Can anyone tell me what the building survey actually tells you. I read a UK one that tells you what needs to be done right away, what else probably needs doing and an estimated cost. Is it the same here? I hope it's not some vague report with lots of industry lingo that I wont understand.

    Most are reputable and do exactly what you seek above.

    On the other hand, there are cowboys about who could give you something like this;

    http://www.boards.ie/vbulletin/showthread.php?p=89299405

    Do your homework on whoever you choose and it will pay dividend.

    Let me know if you're around Dublin/need this done soon, I'll PM you the crowd that I used, if you'd like. They were great!


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