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

Musefan wrote: »

Hi,

The banks valuation is being done today (ulster bank). Will I get a copy of this or does then bank keep it for themselves?

You will get a copy via your solicitor when you go to sign docs if i remember correctly. Or you can ask the valuer, if you know who it is.

Stupid question but ill blame the stress of morgage process - BOI Life Choice Home ... does this cover the mandatory Insurances you need to set up before draw down ? I understand I need this and just Home insurance ... right ?

has anyone had any experience with beagelbid.ie?
Estate Agent on a house I have viewed is using this to track bids and has a minimum bid figure listed which is interesting.

they also want a copy of your AIP letter to register you on this site, which is fine.

any input welcome!
thanks

Phileas Frog wrote: »

They're exactly the same thing.

No they're not

Phileas Frog wrote: »

They're exactly the same thing.

no they are not.

awec wrote: »

Not quite.

Mortgage protection, which banks insist on, is only designed to pay off the mortgage if you need it, and the value of it decreases over time . It'll payout the remaining value of the mortgage and not a cent more.

Life assurance, which is optional, is there to protect your dependents. The value of the pay-out does not decrease over time. It will pay-out a lump sum, irrespective of your current mortgage liability, if you die, to replace what would be your income.

thanks for explanation … so am I being over sold here getting this policy in place ? Its covering Mortgage protection & Life Assurance then ? No so bad if doing both but Id be peeved if I have to get mortgage protection as well.

sorry I am just addled from it all !! :mad:

TheShow wrote: »

it depends on what you want.
Mortgage protection is the bare minimum. its the cheapest option and works fine. If you die during the term of your mortgage, the policy pays out and clears the debt.

Life cover offers various different possibilities with varying costs.

You only need one life policy - either a basic mortgage protection policy or a something more substantial.

You will also need home insurance, with a rebuild value as stated in the valuation and contents as per the value of your contents.

thanks soo much !! got it now ...

whatever76 wrote: »

thanks for explanation … so am I being over sold here getting this policy in place ? Its covering Mortgage protection & Life Assurance then ? No so bad if doing both but Id be peeved if I have to get mortgage protection as well.

sorry I am just addled from it all !! :mad:

Hey! I was quoted 34 per month for life assurance. Broker I spoke to said the mortgage protection only worked out about 15 euro. He said he could work with a budget of 34 to get separate life assurance and mortgage protection products. That way, the life assurance lump sum isn’t used to pay off the mortgage, and the mortgage protection takes care of the remainder of the loan.

GingerLily wrote: »

Both myself and my partner have death benefit and some illness cover through work, so we only needed the mortgage protection ourselves, I wonder how many people already have the cover they need through work benefits? I know they tried to over sell to us and we almost bought it until we checked!

We have death in service and health insurance with work but still decided to get specified illness benefit with our mortgage protection insurance. Didnt go with our banks policy.

Our VHI cover might take care of hospital bills, but it would do nada in terms of paying the mortgage if one of us was diagnosed with a serious illness. I'd rather pay the extra each month to have the peace of mind that should either of us get some dreaded news, half our mortgage would be paid off. Would make things much easier in the long run if one of us was out of work due to illness.

It is a personal decision for everyone. The bank only need th bare minimum, but if you can spare the extra cash it does give a nice safety net.

Blanco100 wrote: »

Can anyone give ballpark timeline of how long it takes for contracts to be drawn up by vendors solicitor?

There is no chain either side, house we are buying is vacant, we are not selling and seller isnt buying if that makes sense.

Solicitor will obviously let us know but wont be carrying out required searches etc.. until contracts are at hand

If everything is in order, should be done within a day. But this never happens. Either the solicitor is busy/on leave/or trying to locate a missing document.

The actual contracts for the house we were buying were only a few pages, mostly half empty boxes, and the planning maps etc as appendices.

We're in the same situation as you, no chain. Contracts took close to 5 weeks to reach our solicitor. I'd say I could retype the same contracts in an afternoon if not sooner.

It's the deeds, planning etc which can hold everything up.

Bank valuation complete. Rebuild cost is 35k more than the house which was a surprise.

Drawdown request going in first thing tomorrow morning. End is now in sight

So when you put in a bid, do you black out all the numbers in Approval in Principle letter or do you get something else from the bank?

Guys, when saving for a mortgage, what do banks look at in terms of ability to save..? ie..we’re saving e1200 a month and hoping to be ready to apply by February, some weeks it could be e100 that goes in and other weeks it could be e500, depending on when we both get paid but we always aim to save the same amount each month.. Will the bank wonder why if differs on a weekly basis or are they more interested in the total amount by the month..? Hope I’m making sense! Thanks