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

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Comments

  • #5202
    LirW
    Registered Users, Registered Users 2 Posts: 4,825 ✭✭✭LirW


    I'm living in an ex-council house that's a freehold.
    In front of the houses here is a big patch of land that was bought from the council (is a freehold too) but the individual land units of the houses that still are in council ownership are attached to the big patch of land on land registry.


  • #5203
    ELM327
    Registered Users, Registered Users 2 Posts: 22,223 ✭✭✭✭ELM327


    Contracts signed this morning...estimated closing date is 8th march
    Wohooo


  • #5204
    b.o.d.
    Registered Users Posts: 2 ✭b.o.d.


    What income do they take into account ?
    My salary would not be enough but I get child maintenance and child benefit , are they considered ?


  • #5205
    purpleisafruit
    Registered Users, Registered Users 2 Posts: 508 ✭✭✭purpleisafruit


    b.o.d. wrote: »
    What income do they take into account ?
    My salary would not be enough but I get child maintenance and child benefit , are they considered ?
    They don't take child benefit into account in most places. No idea about maintenance.


  • #5206
    tusk
    Registered Users, Registered Users 2 Posts: 5,883 ✭✭✭tusk


    Common sentiment is that rates are due to begin rising. We're about to go forward with a mortgage from either ptsb or aib. I'm leaning towards aib fixed for 7 years, which is currently 3.5% versus ptsb for 5 year fixed at 3.4%.

    Any thoughts from the more seasoned minds here?


  • #5207
    Toyotafanboi
    Registered Users, Registered Users 2 Posts: 12,917 ✭✭✭✭Toyotafanboi


    Following on from my yarn here: https://www.boards.ie/vbulletin/showpost.php?p=105974518&postcount=4996

    Probably 5-6 weeks of total silence after making our offer, called the EA a few times, no update.

    Got an email from the EA last night to tell us two other people had been bidding on the property and he forgot to contact us :rolleyes: and in addition the owners want this whole charade finished by close of business today so if we are still interested we need to submit our "final offer" by private bid today and the best one wins.

    Pretty disheartened by this tbh. Maybe it's normal, part and parcel of the process but it's seems inherently unfair somehow?


  • #5208
    Cuddlesworth
    Registered Users, Registered Users 2 Posts: 13,998 ✭✭✭✭Cuddlesworth


    Toyotafanboi wrote: »
    Pretty disheartened by this tbh. Maybe it's normal, part and parcel of the process but it's seems inherently unfair somehow?

    Depends on how you view it, its a pretty common sales tactic to tell somebody they have a limited deadline to make a decision. Usually forces them into making a rash decision for more money. Or hes a plonker who has been ignoring a bunch of bids and the seller is pissed off.


  • #5209
    ELM327
    Registered Users, Registered Users 2 Posts: 22,223 ✭✭✭✭ELM327


    tusk wrote: »
    Common sentiment is that rates are due to begin rising. We're about to go forward with a mortgage from either ptsb or aib. I'm leaning towards aib fixed for 7 years, which is currently 3.5% versus ptsb for 5 year fixed at 3.4%.

    Any thoughts from the more seasoned minds here?
    BOI offering 3% fixed with 2% cashback. Was the best offer out there for me.


  • #5210
    tusk
    Registered Users, Registered Users 2 Posts: 5,883 ✭✭✭tusk


    Interesting. That's for the 5 year yeah?

    Don't know if I could handle going through the process again with another bank tbh.


  • #5211
    Toyotafanboi
    Registered Users, Registered Users 2 Posts: 12,917 ✭✭✭✭Toyotafanboi


    Cuddlesworth wrote: »
    Depends on how you view it, its a pretty common sales tactic to tell somebody they have a limited deadline to make a decision. Usually forces them into making a rash decision for more money. Or hes a plonker who has been ignoring a bunch of bids and the seller is pissed off.

    This is it.

    I did have an inkling that the EA never actually put our offer forward. We have no issue bringing it to a head but blind bidding against someone else is a bit daunting.


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  • #5212
    theboringfox
    Registered Users Posts: 559 ✭✭✭theboringfox


    tusk wrote: »
    Common sentiment is that rates are due to begin rising. We're about to go forward with a mortgage from either ptsb or aib. I'm leaning towards aib fixed for 7 years, which is currently 3.5% versus ptsb for 5 year fixed at 3.4%.

    Any thoughts from the more seasoned minds here?

    Am looking at 7 year fix at 3.39% with UB. Looking at switch to BoI for 10 year fix at 3.3% and 2% cash back. But there's a few factors making it awkward both in terms of switch and looking at top up for some work on house.

    I know rates will rise in ecb but increased competition in RoI might also bring down bank margins and lead to net lower rates. But overall I'm never going to call market perfectly and sleep easier fixing mortgage.


  • #5213
    dev_ire
    Registered Users Posts: 157 ✭✭dev_ire


    BOI allow 10% overpay each month in a fixed rate so that is a nice perk.


  • #5214
    Jaelynn Eager Kindle
    Posts: 0 ✭✭✭✭ Jaelynn Eager Kindle


    ELM327 wrote: »
    BOI offering 3% fixed with 2% cashback. Was the best offer out there for me.

    This is what I will be going with for 5 years fixed initially, didn't see any other offer that matched this at all.


  • #5215
    ELM327
    Registered Users, Registered Users 2 Posts: 22,223 ✭✭✭✭ELM327


    Same, except I am fixing for 3 years. Intend to move on at that point.


  • #5216
    Bargain_Hound
    Registered Users Posts: 521 ✭✭✭Bargain_Hound


    BOI 5 Year LTV 81%-90% @ 3% with 2% cashback seems the best deal at the moment. That's what I am fixing to.

    Had a few approvals but was banking on BOI's approval coming through, which it did. fixing @ 3% vs 3.4+% is a nice saving over 5 years.


  • #5217
    Jaelynn Eager Kindle
    Posts: 0 ✭✭✭✭ Jaelynn Eager Kindle


    Bargain_Hound wrote: »
    BOI 5 Year LTV 81%-90% @ 3% with 2% cashback seems the best deal at the moment. That's what I am fixing to.

    Had a few approvals but was banking on BOI's approval coming through, which it did. fixing @ 3% vs 3.4+% is a nice saving over 5 years.

    On a €300k mortgage over 30 years, I make it to be a saving of about €4000 over the 5 years. Which is a lot of money!


  • #5218
    izzyflusky
    Registered Users, Registered Users 2 Posts: 427 ✭✭izzyflusky


    ELM327 wrote: »
    Contracts signed this morning...estimated closing date is 8th march
    Wohooo
    How long did the whole process take from sale agreed?




    We are fixing it 10 years with KBC for peace of mind. I can see it is not the best deal atm (3.5%) but same as another poster, can't face going through the process again and I'm happy with the repayments and the overpay option of 10% within that period.


  • #5219
    Jaelynn Eager Kindle
    Posts: 0 ✭✭✭✭ Jaelynn Eager Kindle


    izzyflusky wrote: »
    How long did the whole process take from sale agreed?




    We are fixing it 10 years with KBC for peace of mind. I can see it is not the best deal atm (3.5%) but same as another poster, can't face going through the process again and I'm happy with the repayments and the overpay option of 10% within that period.

    The 10 year rate will always be a bit higher but the peace of mind can certainly be worth it. And by the end of the term you might be saving money compared to everyone else anyway.

    Just FYI, Bank of Ireland also do 3.5% for 10 years but also give 2% cashback which KBC don't for new customers (to the best of my knowledge).


  • #5220
    autumnbelle
    Registered Users, Registered Users 2 Posts: 1,162 ✭✭✭autumnbelle


    What do the banks look for in bank statements?


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  • #5221
    goofy141
    Registered Users Posts: 83 ✭✭goofy141


    Can I ask what fees people are paying for solicitors fees? Also does anyone have a recommendation for someone to carry out a structural survey?

    Thanks,


  • #5222
    ELM327
    Registered Users, Registered Users 2 Posts: 22,223 ✭✭✭✭ELM327


    autumnbelle wrote: »
    What do the banks look for in bank statements?
    Everything!
    Just be ready to explain any lodgements, withdrawals and transfers.
    You need documents for everything (shares sale etc)
    goofy141 wrote: »
    Can I ask what fees people are paying for solicitors fees? Also does anyone have a recommendation for someone to carry out a structural survey?

    Thanks,
    Mine was 1250+vat


  • #5223
    goofy141
    Registered Users Posts: 83 ✭✭goofy141


    sorry I should have said for buying and selling!


  • #5224
    bored_newbie
    Registered Users Posts: 806 ✭✭✭bored_newbie


    I know this is probably a question with an obvious answer but I've noticed more houses on daft that say
    "This property is open for viewing on <date:time>"
    and there is a hyperlink saying "reserve" which just lets you email the Estate Agent.

    Does this mean there is an open viewing at that time, ot is it best to go ahead and email the EA, rather than just show up at the stated time? Also, are these houses for auction or just for normal sale throu the EA?


  • #5225
    stargazer 68
    Registered Users, Registered Users 2 Posts: 5,146 ✭✭✭stargazer 68


    We have contacted the agent to 'book and we have just shown up too. Makes no odds really


  • #5226
    Jaelynn Eager Kindle
    Posts: 0 ✭✭✭✭ Jaelynn Eager Kindle


    bored_newbie wrote: »
    I know this is probably a question with an obvious answer but I've noticed more houses on daft that say
    "This property is open for viewing on <date:time>"
    and there is a hyperlink saying "reserve" which just lets you email the Estate Agent.

    Does this mean there is an open viewing at that time, ot is it best to go ahead and email the EA, rather than just show up at the stated time? Also, are these houses for auction or just for normal sale throu the EA?

    I normally call the EA just to get a bit of info before the viewing but generally you can just show up, and unless specified I would assume they houses are not for auction.


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  • #5227
    izzyflusky
    Registered Users, Registered Users 2 Posts: 427 ✭✭izzyflusky


    I just usually show up. They ask for your details at the door and that's it.


  • #5228
    Losty Dublin
    Registered Users, Registered Users 2 Posts: 13,245 ✭✭✭✭Losty Dublin


    Toyotafanboi wrote: »
    Following on from my yarn here: https://www.boards.ie/vbulletin/showpost.php?p=105974518&postcount=4996

    Probably 5-6 weeks of total silence after making our offer, called the EA a few times, no update.

    Got an email from the EA last night to tell us two other people had been bidding on the property and he forgot to contact us :rolleyes: and in addition the owners want this whole charade finished by close of business today so if we are still interested we need to submit our "final offer" by private bid today and the best one wins.

    Pretty disheartened by this tbh. Maybe it's normal, part and parcel of the process but it's seems inherently unfair somehow?

    Per chance, was it in Drogheda?


  • #5229
    Kamili
    Registered Users, Registered Users 2 Posts: 2,479 ✭✭✭Kamili


    Toyotafanboi wrote: »
    Following on from my yarn here: https://www.boards.ie/vbulletin/showpost.php?p=105974518&postcount=4996

    Probably 5-6 weeks of total silence after making our offer, called the EA a few times, no update.

    Got an email from the EA last night to tell us two other people had been bidding on the property and he forgot to contact us :rolleyes: and in addition the owners want this whole charade finished by close of business today so if we are still interested we need to submit our "final offer" by private bid today and the best one wins.

    Pretty disheartened by this tbh. Maybe it's normal, part and parcel of the process but it's seems inherently unfair somehow?

    Somehow seems like the seller is also P/O'd with the EA, I bet they are sick of trying to contact him too and told him sell today or we take our business elsewhere.


  • #5230
    autumnbelle
    Registered Users, Registered Users 2 Posts: 1,162 ✭✭✭autumnbelle


    Has anyone had any experience applying for a mortgage with outstanding loans (All repayments made on time)


  • #5231
    goofy141
    Registered Users Posts: 83 ✭✭goofy141


    autumnbelle wrote: »
    Has anyone had any experience applying for a mortgage with outstanding loans (All repayments made on time)

    It shouldnt be a problem, if you have sufficient money left at the end of the month.


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  • #5232
    Jaelynn Eager Kindle
    Posts: 0 ✭✭✭✭ Jaelynn Eager Kindle


    autumnbelle wrote: »
    Has anyone had any experience applying for a mortgage with outstanding loans (All repayments made on time)

    Along with my partner I have AIP with two outstanding loans. Now something could change when we go to draw down, as that's very different from AIP, but our mortgage manager in the bank seems entirely unconcerned by them. As long as you can show your capacity to repay everything it should be fine.


  • #5233
    goofy141
    Registered Users Posts: 83 ✭✭goofy141


    Hi All, when do I pay the estate agent and the solicitor? Many thanks


  • #5234
    autumnbelle
    Registered Users, Registered Users 2 Posts: 1,162 ✭✭✭autumnbelle


    goofy141 wrote: »
    Hi All, when do I pay the estate agent and the solicitor? Many thanks
    I think solictor is after you have drawn down mortgage and signed contracts


  • #5235
    Cuddlesworth
    Registered Users, Registered Users 2 Posts: 13,998 ✭✭✭✭Cuddlesworth


    goofy141 wrote: »
    Hi All, when do I pay the estate agent and the solicitor? Many thanks

    For Seller,

    Solicitor is after sale(they take it off the final sale price)
    Estate agent is after sale(they take it off the deposit, which they retain from Sale Agreed)

    For the buyer,
    Solicitor is after or at the very end of the sale(Mortgage draw down/Moving in).


  • #5236
    JDD
    Registered Users, Registered Users 2 Posts: 1,580 ✭✭✭JDD


    Hi guys

    I know this has been asked before I just can't find the answer to it! Do you think our bank (BOI) would be willing to allow just my husbands name to go on the title deeds where there would be both our names on the mortgage deeds? My husband is a first time buyer whereas I'm a second time buyer. I believe for the purposes of Revenue and the Help to Buy scheme they will only look at the name of the person on the title deeds? My mortgage advisor seems to think that even where only my husbands name is on the title deeds he would be considered a second time buyer solely on the fact that he is married to a second time buyer.

    I understand the implications of not having my name on the title deeds. There's ways around that to protect my legal interest in the property.


  • #5237
    Sarn
    Registered Users, Registered Users 2 Posts: 3,091 ✭✭✭Sarn


    There’s no way around your husband losing his first time buyers status for a mortgage given that you are a second time buyer and will have an interest in the property. The help to buy scheme is different in how revenue determines FTB status.


  • #5238
    JDD
    Registered Users, Registered Users 2 Posts: 1,580 ✭✭✭JDD


    Thanks Sam.

    I actually ended up looking at the Taxes Consolidation Act and it says in order to qualify for the HTB you must submit evidence of a "qualifying loan". For the mortgage to be a qualifying loan it would have to be solely between my husband and the lender, which it clearly isn't. Ah well. It was worth a try.


  • #5239
    izzyflusky
    Registered Users, Registered Users 2 Posts: 427 ✭✭izzyflusky


    Just wanted to share that I had gone sale agreed about a month ago (I posted it here at the time). It was the second time the property went sale agreed and I understand that the vendors where anxious to move on. However, they kept pressuring me through the EA on matters that were out of my hands and being unpleasant about the whole thing (I wanted a quick sale too!).

    The latest was refusing to arrange another viewing unless I gave them a final date for signing the contracts (we were only 2 and half weeks into the process). So in the end another house that we liked (new build) became available so we pulled out of the first sale. They obviously didnt see that coming considering the way the market is atm. They came back asking us if we would reconsider if they arranged that viewing asap but we declined.

    As if the process weren't stressfull enough! I think it's safe to say that nobody buying or selling wants to drag on the process for months on end. I just want it over at this stage!


  • #5240
    emc87
    Registered Users Posts: 6 ✭emc87


    I have put a booking deposit on a new build house and applied to a few banks to get a full mortgage offer. PTSB have come back with an AIP, and said that they will not issue a full mortgage offer until a valuation (at a cost of €150) is completed.

    We need a full mortgage offer in place before we can sign the contracts for the house, which are due for signing in the next week or two. The house isn't complete yet, so not sure how they could complete a valuation. Has anyone else gone through this process?


  • #5241
    GingerLily
    Registered Users, Registered Users 2 Posts: 4,767 ✭✭✭GingerLily


    emc87 wrote: »
    I have put a booking deposit on a new build house and applied to a few banks to get a full mortgage offer. PTSB have come back with an AIP, and said that they will not issue a full mortgage offer until a valuation (at a cost of €150) is completed.

    We need a full mortgage offer in place before we can sign the contracts for the house, which are due for signing in the next week or two. The house isn't complete yet, so not sure how they could complete a valuation. Has anyone else gone through this process?

    They will do an initial valuation so you can get your loan pack, and then before drawdown there will be a second evaluation when the build is complete.

    The second valuation is 60e.


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  • #5242
    emc87
    Registered Users Posts: 6 ✭emc87


    GingerLily wrote: »
    They will do an initial valuation so you can get your loan pack, and then before drawdown there will be a second evaluation when the build is complete.

    The second valuation is 60e.

    Thanks GingerLily!


  • #5243
    Cows Go µ
    Registered Users, Registered Users 2 Posts: 902 ✭✭✭Cows Go µ


    izzyflusky wrote: »
    Just wanted to share that I had gone sale agreed about a month ago (I posted it here at the time). It was the second time the property went sale agreed and I understand that the vendors where anxious to move on. However, they kept pressuring me through the EA on matters that were out of my hands and being unpleasant about the whole thing (I wanted a quick sale too!).

    The latest was refusing to arrange another viewing unless I gave them a final date for signing the contracts (we were only 2 and half weeks into the process). So in the end another house that we liked (new build) became available so we pulled out of the first sale. They obviously didnt see that coming considering the way the market is atm. They came back asking us if we would reconsider if they arranged that viewing asap but we declined.

    As if the process weren't stressfull enough! I think it's safe to say that nobody buying or selling wants to drag on the process for months on end. I just want it over at this stage!

    I'm the opposite, went sale agreed on 19/01 paid the booking deposit same day and my solicitor is yet to receive anything from the seller's solicitor. My mum is a legal secretary so she is able to keep me updated. Apparently the other solicitor is really particular so she likes to have everything perfect before she sends the contracts but I just really want to have something from them.

    I have everything for the mortgage sorted already. Just need the house insurance but I need to find out details from the seller before I can get quotes for that. It's so frustrating.

    I'm terrified they are going to pull out.


  • #5244
    Cuddlesworth
    Registered Users, Registered Users 2 Posts: 13,998 ✭✭✭✭Cuddlesworth


    Cows Go µ wrote: »
    I'm the opposite, went sale agreed on 19/01 paid the booking deposit same day and my solicitor is yet to receive anything from the seller's solicitor. My mum is a legal secretary so she is able to keep me updated. Apparently the other solicitor is really particular so she likes to have everything perfect before she sends the contracts but I just really want to have something from them.

    I have everything for the mortgage sorted already. Just need the house insurance but I need to find out details from the seller before I can get quotes for that. It's so frustrating.

    I'm terrified they are going to pull out.

    Put a offer on the table in June, bid accepted in late July, sale agreed mid August, house sold in late December. Don't bid on a house your not prepared to lose, it will just end up in a stressful panic buy.


  • #5245
    Cows Go µ
    Registered Users, Registered Users 2 Posts: 902 ✭✭✭Cows Go µ


    Cuddlesworth wrote: »
    Put a offer on the table in June, bid accepted in late July, sale agreed mid August, house sold in late December. Don't bid on a house your not prepared to lose, it will just end up in a stressful panic buy.

    I just heard back that the solicitor handling the sale is actually in the middle of leaving so one of the others is going to look into it. He said he would get back to my solicitor tomorrow.

    I'm buying by myself on a relatively small salary so my options are very limited and since the new government scheme came out, all of the houses in my price bracket have completely disappeared. However this house has everything I wanted and is much better than I was ever expecting to get. I know I shouldn't get so emotionally involved but it's hard not too.

    Plus, I'm living with my parents (and their 7 dogs and my 2 dogs) while saving up for the house and with every day that goes past, the higher the probability that I will snap and kill all of them


  • #5246
    Cuddlesworth
    Registered Users, Registered Users 2 Posts: 13,998 ✭✭✭✭Cuddlesworth


    Cows Go µ wrote: »
    the higher the probability that I will snap and kill all of them

    Then you get a free house.


  • #5247
    izzyflusky
    Registered Users, Registered Users 2 Posts: 427 ✭✭izzyflusky


    Cows Go µ wrote: »

    Plus, I'm living with my parents (and their 7 dogs and my 2 dogs) while saving up for the house and with every day that goes past, the higher the probability that I will snap and kill all of them

    I know how you feel. Moved the family to my mother's so we could pay lower rent but we need our own space! A year turned into two... So June/July cannot come quick enough!


  • #5248
    Cows Go µ
    Registered Users, Registered Users 2 Posts: 902 ✭✭✭Cows Go µ


    Cuddlesworth wrote: »
    Then you get a free house.

    I wouldn't want this house! It's in a housing estate so I live in fear of the dogs barking. The house I'm buying is in the middle of nowhere so I can train the dogs and they can bark to their hearts' content. Though I suppose I could sell this house to pay for a new one :)
    izzyflusky wrote: »
    I know how you feel. Moved the family to my mother's so we could pay lower rent but we need our own space! A year turned into two... So June/July cannot come quick enough!

    I'm just coming up to the two year mark. I think the fact that I can see an end in sight is just making it so much worse! I've had the deposit saved since last July and I've been looking and bidding since. On the bright side I have double the amount I need for the deposit so I will actually be able to afford little things like furniture when I actually get the house.


  • #5249
    purpleisafruit
    Registered Users, Registered Users 2 Posts: 508 ✭✭✭purpleisafruit


    emc87 wrote: »
    I have put a booking deposit on a new build house and applied to a few banks to get a full mortgage offer. PTSB have come back with an AIP, and said that they will not issue a full mortgage offer until a valuation (at a cost of €150) is completed.

    We need a full mortgage offer in place before we can sign the contracts for the house, which are due for signing in the next week or two. The house isn't complete yet, so not sure how they could complete a valuation. Has anyone else gone through this process?
    I'm also buying a new build and my solicitor had a clause put into contract that says we wouldn't have to complete if the bank didn't give us the mortgage which the sellers agreed to. If the house is under construction and not going to be finished for several months, I'm fairly sure the builders will have seen this before.


  • #5250
    ad1234
    Registered Users Posts: 148 ✭✭ad1234


    purpleisafruit wrote: »
    I'm also buying a new build and my solicitor had a clause put into contract that says we wouldn't have to complete if the bank didn't give us the mortgage which the sellers agreed to. If the house is under construction and not going to be finished for several months, I'm fairly sure the builders will have seen this before.
    We had this too. House not due until late summer. Solicitor put in a funding clause so deposits are safe. Any mortgage offer would have run out by that stage anyway for us. Our solicitor asks for this in most of his contracts apparently since the crash aa he saw a lot of clients loose jobs then no mortgages so deposits were lost. He made a good point on it, if we lost a job we would not be able to proceed and loose money. It's a great clause to have.


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  • #5251
    purpleisafruit
    Registered Users, Registered Users 2 Posts: 508 ✭✭✭purpleisafruit


    ad1234 wrote: »
    We had this too. House not due until late summer. Solicitor put in a funding clause so deposits are safe. Any mortgage offer would have run out by that stage anyway for us. Our solicitor asks for this in most of his contracts apparently since the crash aa he saw a lot of clients loose jobs then no mortgages so deposits were lost. He made a good point on it, if we lost a job we would not be able to proceed and loose money. It's a great clause to have.
    Yeah, I'm the last house in the estate so not due to finish until November. Most banks full mortgage offer is only valid for 6 months and a lot can happen in that time


This discussion has been closed.
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