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

09-06-2016 04:56PM

Thanks all, I wasn't really sure how to approach it. from some reason I had it in my head they would be secretive of the highest bid particular if it was lower than asking or they might just lie about what the highest bid is.

SB_Part2 · 10-06-2016 04:13PM

Got the keys!

SarahMollie · 10-06-2016 04:17PM

SB_Part2 wrote: »

Got the keys!

Now you're home free

Congrats.

Santy2015 · 10-06-2016 04:26PM

SB_Part2 wrote: »

Got the keys!

Sweeeeet!! Congrats

Sleepy · 10-06-2016 04:34PM

Congrats! Still waiting on a date!

Santy2015 · 10-06-2016 05:22PM

Sleepy wrote: »

Congrats! Still waiting on a date!

You and me both. We got a verbal closing date today but I'll take that with a pinch of salt. Had to put in 300 litres of oil into the tank today as well. Plumber was fitting the boiler and firing it up. Supposedly house will be ready in 2 weeks and he'll replace damaged Windows once we move in. Some little ****es scratched our bay window with names and other crap

GinaI · 11-06-2016 11:44AM

Hi. I have an approval in principal, I found a house I'd like to buy, my offer was accepted by the vendor and I gave the property details to my bank. The bank came back with answer that as the property is about 70 km away from my place of employment they are not sure I will be able to pay the increased costs of commuting!But my mortgage repayments will be only a half of my current rent! That's the reason I am trying to move to the cheaper area.The difference in my current rent and future mortgage repayments is more then enough to cover a cost of journey to work.I put my calculations in writing and sent back to them.Waiting for decision.has anyone experienced anything like that? Any advice? If the bank agree to go ahead can there be issues after evaluation?

Water John · 11-06-2016 11:58AM

Their really stretching it with that level of invasiveness. Sounds like BOI.
You have presented your sums to them. If you need to may be get an accountant to do the figures and present them.
I suppose they will tell you next to only do your shopping in Lidl and Penneys.

I'd go talking to one or two other lenders. Always have a plan B. There is nothing like them also knowing they are not the only players in the market for your business.

mollybird · 11-06-2016 01:04PM

Santy that's bloody crap. We viewed our very first house this morning and heading to view our second one after lunch. Reviewed the place we looking at in the afternoon and def liking it that bit more. Place this morning was a bit more small in places that just didn't suit us. As i said to my friends i feel like im shopping for my wedding dress all over again. hahaha!!!

Santy2015 · 11-06-2016 02:02PM

mollybird wrote: »

Santy that's bloody crap. We viewed our very first house this morning and heading to view our second one after lunch. Reviewed the place we looking at in the afternoon and def liking it that bit more. Place this morning was a bit more small in places that just didn't suit us. As i said to my friends i feel like im shopping for my wedding dress all over again. hahaha!!!

We viewed 5 houses in total and viewed the one we are buying 3 times. The house is a new build the window is only a minor hiccup. They certainly won't be doing that when we move in. I'll get my Hurley to them.

11-06-2016 02:48PM

Why don't you take out a mortgage with KBC. They allow you to over pay your mortgage and with one weeks written notice you can withdraw any over payments. So for example if I pay off a lump sum of say 20000 an two weeks later I need the money back I just request it in writing and they'll refund it. There's no penalty or administration fee. This way instead of keeping the money in a deposit account your earning the equivalent of 4% interest by over paying the loan and you still have the option of getting the money back if s**t hits the fan.

Villa05 · 11-06-2016 04:09PM

Water John wrote:

Their really stretching it with that level of invasiveness. Sounds like BOI. You have presented your sums to them. If you need to may be get an accountant to do the figures and present them. I suppose they will tell you next to only do your shopping in Lidl and Penneys.

I'm sure the banks have sufficient data to tell them that buying a house a considerable distance from work can cause substantial affordability issues.

Banks also stress test at higher rates

athtrasna · 11-06-2016 04:57PM

Mod note

GinaI I have moved your posts to this thread as they were unrelated to the thread you has posted them in.

GinaI · 11-06-2016 06:16PM

Villa05 wrote: »

I'm sure the banks have sufficient data to tell them that buying a house a considerable distance from work can cause substantial affordability issues.

Banks also stress test at higher rates

I had traveling a similar distance to work for years before getting job close to my rented house. And I managed to pay my rent, to pay the costs of travel and to maintain my savings at healthy level every month.As I said I've done my maths and I thought it through. I have never been I arrears with rent payments. Why would I suddenly be unable to pay mortgage if it is only a half of my rent payment?....

Water John · 11-06-2016 06:33PM

The one advantage of BOI overall is they have a full preclearance system for mortgage. That means your application is fully approved, prior to bidding on any house. All that has to be done once you have succeeded in buying is the engineers report and valuation.

Villa05 · 11-06-2016 06:39PM

GinaI wrote:

I had traveling a similar distance to work for years before getting job close to my rented house. And I managed to pay my rent, to pay the costs of travel and to maintain my savings at healthy level every month.As I said I've done my maths and I thought it through. I have never been I arrears with rent payments. Why would I suddenly be unable to pay mortgage if it is only a half of my rent payment?....

I understand that however, banks look at risk factors and I'm sure they have plety poor performing mortgages where the commute to work may be cited for the inability to meet the full mortgage repayment.

Note that mortgage interest and petrol are at/or near record lows. What happens when they return to normal pricing.

loveisdivine · 12-06-2016 10:34AM

Ginal do you mind me asking what bank that's with? We are sale agreed on a house that's about 80km from our jobs, but we have factored this into our monthly outgoings. We are also lucky that one of our vehicles is fully electric so no fuel costs at all.

You've got me worried now that something similar could happen to us.

Our broker did a ask where we were planning on buying so that already know the county at least.

GinaI · 12-06-2016 01:13PM

loveisdivine wrote: »

Ginal do you mind me asking what bank that's with? We are sale agreed on a house that's about 80km from our jobs, but we have factored this into our monthly outgoings. We are also lucky that one of our vehicles is fully electric so no fuel costs at all.

You've got me worried now that something similar could happen to us.

Our broker did a ask where we were planning on buying so that already know the county at least.

Hi, I sent you a PM. When I had a meeting with a mortgage advisor in the bank I did mention the location I was going to buy.But the question about expenses only came up when I found the house and gave the details to the bank.

GinaI · 12-06-2016 01:16PM

Water John wrote: »

The one advantage of BOI overall is they have a full preclearance system for mortgage. That means your application is fully approved, prior to bidding on any house. All that has to be done once you have succeeded in buying is the engineers report and valuation.

I got an approval in principal from them, not a full approval. I was asked to provide the details of the property once I find it and t was only at that stage when a question about expenses came up

GinaI · 12-06-2016 01:41PM

loveisdivine wrote: »

Ginal do you mind me asking what bank that's with? We are sale agreed on a house that's about 80km from our jobs, but we have factored this into our monthly outgoings. We are also lucky that one of our vehicles is fully electric so no fuel costs at all.

You've got me worried now that something similar could happen to us.

Our broker did a ask where we were planning on buying so that already know the county at least.

Just thinking, if you are sale agreed it means you've signed the contract, right? I think you've passed that stage where the bank can question you ability to repay the mortgage. ( I could be wrong here, of course)

SB_Part2 · 12-06-2016 01:45PM

GinaI wrote: »

Just thinking, if you are sale agreed it means you've signed the contract, right? I think you've passed that stage where the bank can question you ability to repay the mortgage. ( I could be wrong here, of course)

No you can be sale agreed for weeks/months before contracts are signed.

And the bank can question your ability to repay the mortgage up until they send out the offer letter to your solicitor.

GinaI · 12-06-2016 01:59PM

SB_Part2 wrote: »

No you can be sale agreed for weeks/months before contracts are signed.

And the bank can question your ability to repay the mortgage up until they send out the offer letter to your solicitor.

Thank you. I remember reading somewhere in the internet that you move to sale agreed stage when the contracts are signed. Can't find that link now.

mollybird · 12-06-2016 03:21PM

Just had our first weekend at looking at houses. We looked at 3 new developments. All three a no go but one we were considering a small bit but said no in the end. The first place was a bit too small, the second one we really liked but was just too much money and the place we saw today didn't have the house we wanted on show. we would be just getting it straight from the plans which we thuoght was a bit crazy. we both def agreed that for spending that amount of cashola we def would need to see the house physically.

Never thought viewings could be so bloody tiring though. we didn't spend that much time in either of the places we looked in but ive always come home wrecked. lol!!!

SB_Part2 · 12-06-2016 05:01PM

GinaI wrote: »

Thank you. I remember reading somewhere in the internet that you move to sale agreed stage when the contracts are signed. Can't find that link now.

You are sale agreed when you pay your booking deposit.

mickoneill31 · 13-06-2016 11:30AM

MAXFANTANA wrote: »

Why don't you take out a mortgage with KBC. They allow you to over pay your mortgage and with one weeks written notice you can withdraw any over payments. So for example if I pay off a lump sum of say 20000 an two weeks later I need the money back I just request it in writing and they'll refund it. There's no penalty or administration fee. This way instead of keeping the money in a deposit account your earning the equivalent of 4% interest by over paying the loan and you still have the option of getting the money back if s**t hits the fan.

Their new mortgages don't allow this. Their old ones did alright and it was very handy like you say but it's gone. Obviously confirm with them yourself if you're applying.

Utah · 14-06-2016 01:50PM

Out mortgage advisor was checking us out on LinkedIn...wonder did he not believe us

GinaI · 14-06-2016 02:00PM

Utah wrote: »

Out mortgage advisor was checking us out on LinkedIn...wonder did he not believe us

what do you mean?

IvoryTower · 14-06-2016 02:02PM

GinaI wrote: »

what do you mean?

it tells you on linkdin who viewed your profile, so they may have been checking to see where they worked(even though you could lie there as well)

GinaI · 14-06-2016 02:11PM

IvoryTower wrote: »

it tells you on linkdin who viewed your profile, so they may have been checking to see where they worked(even though you could lie there as well)

but details of your employer will be on your salary cert anyway

Utah · 14-06-2016 02:14PM

GinaI wrote: »

but details of your employer will be on your salary cert anyway

Yeah, that's why I said - I wonder did he not believe us!

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

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