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

Creamy Goodness · 11-09-2018 4:35pm

Do you often pay for services well in advance of them being complete? I wouldn't feel comfortable paying for the solicitor until they're pretty much done and dusted, as a previous poster said when the exchange of keys are being arranged would be the earliest I'd be thinking.

TheShow · 11-09-2018 6:04pm

Creamy Goodness wrote: »

Do you often pay for services well in advance of them being complete? I wouldn't feel comfortable paying for the solicitor until they're pretty much done and dusted, as a previous poster said when the exchange of keys are being arranged would be the earliest I'd be thinking.

Tis up to yourself whether you trust the solicitor to do the job right or not. Personally I don’t see what difference it makes if you pay up front or not. For me it was easier and cheaper to make one transfer.

limnam · 11-09-2018 10:14pm

TheShow wrote: »

Tis up to yourself whether you trust the solicitor to do the job right or not. Personally I don’t see what difference it makes if you pay up front or not. For me it was easier and cheaper to make one transfer.

Yeah, seems odd to use a solicitor you don't trust in the first place.

autumnbelle · 12-09-2018 10:51am

Creamy Goodness wrote: »

Do you often pay for services well in advance of them being complete? I wouldn't feel comfortable paying for the solicitor until they're pretty much done and dusted, as a previous poster said when the exchange of keys are being arranged would be the earliest I'd be thinking.

This is the same as my thinking. We will be drawing down on the mortgage in stages but are paying solicitor in first draw down. Why should they deal with any issues we have if they have already been paid. I think it should be nearer the end

hanaimai · 12-09-2018 4:42pm

Got our loan pack today! It's full of documents which I've only skimmed so far - I presume this is where my solicitor will jump in, in terms of reviewing these documents? I did notice a mistake in the initial valuation report where it says the house has 2 bathrooms instead of 3. Is this a big deal, given that we will have to get a second valuation done before drawdown anyway?

Having a bit of a nightmare trying to get the life insurance sorted, but hey at least the loan offer is one step down!

TheShow · 12-09-2018 5:13pm

hanaimai wrote: »

Got our loan pack today! It's full of documents which I've only skimmed so far - I presume this is where my solicitor will jump in, in terms of reviewing these documents? I did notice a mistake in the initial valuation report where it says the house has 2 bathrooms instead of 3. Is this a big deal, given that we will have to get a second valuation done before drawdown anyway?

Having a bit of a nightmare trying to get the life insurance sorted, but hey at least the loan offer is one step down!

Yep, solicitor will do all of that. just check the pre-drawdown conditions that you need to get sorted.
Would it be two bathrooms and one en-suite?

Life cover should be handy enough unless you have a medical condition which might rule you out of cover or make it very expensive. but ring around, just like you would for car insurance.

hanaimai · 12-09-2018 6:59pm

TheShow wrote: »

Yep, solicitor will do all of that. just check the pre-drawdown conditions that you need to get sorted.
Would it be two bathrooms and one en-suite?

Life cover should be handy enough unless you have a medical condition which might rule you out of cover or make it very expensive. but ring around, just like you would for car insurance.

Ah perfect, thanks for confirming! Yea it's one ensuite and two bathrooms - maybe that's it. There wasn't any box for ensuites so that was all that had me wondering if it was right or not.

Yea I had some medical issues years ago that unfortunately the insurance companies have all looked for evidence of. Almost a month going through the process now and still not sorted. Only good thing was I suspected there would be issues so I started looking the minute we put a deposit down. Still very annoying though.

Frank Castle · 13-09-2018 11:25am

Update on my own status.

Bank have been very easy to work with. Got the loan approval letter in less than 2 weeks.

We had some issues with the mortgage protection due to a health condition and were turned down by irish life and laya. Ending up going to the brokers Lion.ie and they sorted us out in less than a week. In fact they had our application submitted less than 24 hours after we contacted them. Very happy with their service, if you are struggling or just want to use a broker I would highly recommend them

The issue we have run into now is with the developers solicitor and lack of communication. We are finding it very difficult to get detailed information, even though they are pushing us to sign the contracts. They also refuse to add a clause for loan approval, so our solicitor has advised that we sign nothing until the day of closing. Especially as we have received basically no information on the house (new build house, bought off plan).

Overall the bank have been very easy and quick, the insurance brokers saved us a ton of trouble and time, and now we are stuck butting heads with the developer and their solicitor. Hoping to move in by the end of October as our own landlord is kicking us out so he can sell the house

Frank Castle · 13-09-2018 11:26am

hanaimai wrote: »

Got our loan pack today! It's full of documents which I've only skimmed so far - I presume this is where my solicitor will jump in, in terms of reviewing these documents? I did notice a mistake in the initial valuation report where it says the house has 2 bathrooms instead of 3. Is this a big deal, given that we will have to get a second valuation done before drawdown anyway?

Having a bit of a nightmare trying to get the life insurance sorted, but hey at least the loan offer is one step down!

Try lion.ie

We had the same problem with insurance due to health problems, but lion where great helping us get the insurance. even contacting us out of hours. delighted with their service tbh, as it was a real worry for us.

Glen_Quagmire · 13-09-2018 6:03pm

Why don't estate agents take booking deposits over the phone or in person their office but insist people queue up outside the sales office on the site even after the initial launch date?

Mickiemcfist · 13-09-2018 6:45pm

Glen_Quagmire wrote: »

Why don't estate agents take booking deposits over the phone or in person their office but insist people queue up outside the sales office on the site even after the initial launch date?

Optics

AppleBottle · 13-09-2018 9:44pm

Anyone have any experience with a receiver sale as in it’s owned by the banks? How did it go?

All I’ve heard about this is that it can be slower than an individual sale.

Glen_Quagmire · 13-09-2018 10:29pm

Mickiemcfist wrote:

Optics

Would you say thats the only reason?

TheShow · 13-09-2018 10:49pm

Glen_Quagmire wrote: »

Why don't estate agents take booking deposits over the phone or in person their office but insist people queue up outside the sales office on the site even after the initial launch date?

I’d say purely optics, they have to make it look like they are actually doing something, cos from my experience most estate agents are a waste of space/time/money.
The initial agent I dealt with when buying my house was a muppet. Always late for viewings and her attitude sucked. She Actually put us off buying the house because I hated dealing with her. Then we saw the developer put a different agent on to sell the house and we swooped in. To be fair to the second agent they were a lot more professional and easy to deal with.

Mickiemcfist · 13-09-2018 11:38pm

Glen_Quagmire wrote: »

Would you say thats the only reason?

Yea I think so. It's to show the developer that they're doing something & to show the wider public that there's mass shortages of housing so buy buy buy.

Bawnmore · 14-09-2018 9:14am

6 weeks after going sale agreed, and the paperwork is being sent from vendor solicitor to our solicitor today. Excited that it's moving, but you really wouldn't want to be holding your breath!

TheShow · 14-09-2018 9:40am

Bawnmore wrote: »

6 weeks after going sale agreed, and the paperwork is being sent from vendor solicitor to our solicitor today. Excited that it's moving, but you really wouldn't want to be holding your breath!

yep, its a slow and sometimes frustrating process, but there's light at the end of the tunnel. Best of luck with it.

hots · 14-09-2018 10:23am

AppleBottle wrote: »

Anyone have any experience with a receiver sale as in it’s owned by the banks? How did it go?

All I’ve heard about this is that it can be slower than an individual sale.

I'm very early in the process and it's a killer so far.

TheShow · 14-09-2018 10:25am

AppleBottle wrote: »

Anyone have any experience with a receiver sale as in it’s owned by the banks? How did it go?

All I’ve heard about this is that it can be slower than an individual sale.

I haven't experienced directly, but a friend of mine went through it. Expect long waiting times between transactions, and add a few months onto any closing date.

wally79 · 14-09-2018 10:35am

Bawnmore wrote: »

6 weeks after going sale agreed, and the paperwork is being sent from vendor solicitor to our solicitor today. Excited that it's moving, but you really wouldn't want to be holding your breath!

Don’t get too excited. Our solicitor got the contracts 6 weeks ago and still waiting

Glen_Quagmire · 14-09-2018 1:56pm

Folks, do estate agents accept deposits on new builds with AIP?

amcalester · 14-09-2018 1:59pm

Glen_Quagmire wrote: »

Folks, do estate agents accept deposits on new builds with AIP?

I was accepted without AIP and didn't apply for the mortgage until after I'd paid the booking deposit.

Talk to the agent, tell them what stage you're at and see what they say.

TheShow · 14-09-2018 2:00pm

Depends on each EA i'd imagine. sorry, cant be more concise than that.
There are no actual rules around it. I didn't have AIP on my mortgage when I paid booking deposit. Just said the mortgage application was submitted to the lender.

IS EA refusing to take booking deposit?

hanaimai · 14-09-2018 3:23pm

My EA never even asked about AIP, just took my booking deposit and that was that.

awec · 14-09-2018 4:47pm

Glen_Quagmire wrote: »

Folks, do estate agents accept deposits on new builds with AIP?

Of course. What else would they accept?

Captain Flaps · 14-09-2018 4:52pm

wally79 wrote: »

Don’t get too excited. Our solicitor got the contracts 6 weeks ago and still waiting

Our solicitor got our contracts in the first week of April and we didn't close until mid July

Glen_Quagmire · 14-09-2018 6:47pm

awec wrote:

Of course. What else would they accept?

An actually offer letter

TheShow · 14-09-2018 6:55pm

In theory you shouldn’t need any letter to put down a booking deposit, the whole purpose of making a booking deposit is that it gives you time to get all that stuff sorted.
But I think that due to the sheer demand, crafty EA’s are making their own rules up as they go along.

Glen_Quagmire · 16-09-2018 8:33am

What are most people going with these days, fixed or variable?

Looking on various different bank calculators and Bonkers but very difficult to decide what's the best choice.

Looking at around 300k over 27-30 years

toby2111 · 16-09-2018 9:43am

We gave our final few documents (insurance, mortgage protection, direct debit & deed of assignment) to our broker on Friday 7th September. PTSB say they've only received 2 of these, broker resent all 4 again.... It's painful how slow this process is(and has been) ...probably be another 10 days now before its issued.
What are people's experiences of getting cheque drawn down from PTSB?

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

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