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

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    #4532
    fg1406
    Registered Users Posts: 433 ✭✭fg1406


    purpleisafruit wrote: »
    I know the vendor has already moved out and house is unoccupied. I imagine that a couple of viewings spread out over 2-3 weeks and then can write off loads of December due to Christmas, organize a survey in mid-late January, forget to sign a few forms for solicitor and hey presto it's March :)

    But you never know what questions will arise anyway in the meantime. I was ahead of myself in getting life cover and ended up having to have hospital scans etc to prove I’m not going to keel over and die but I did all of that within 2 weeks of getting survey done. But those are the kind of things that can cause legitimate delays


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    #4533
    Interested Observer
    Registered Users Posts: 13,004 ✭✭✭✭Interested Observer


    I'm sort of jumping ahead here, but say you grow out of your FTB property and want to move to something bigger, how does it work?

    Firstly I believe you need a 20% deposit, as 10% is only applicable for FTB. So you've been paying off your mortgage for N years, a lot of interest but some capital as well. Whatever capital you have paid off, when you sell your house can/does this go towards the deposit on your new house? As such if you think you're going to be moving out at some point in the future does it make sense to overpay your mortgage (if you can afford it) in order to knock as big a chunk from the capital balance as you can?


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    #4534
    Lumen
    Registered Users Posts: 31,009 ✭✭✭✭Lumen


    Interested Observer wrote: »
    I'm sort of jumping ahead here, but say you grow out of your FTB property and want to move to something bigger, how does it work?

    Firstly I believe you need a 20% deposit, as 10% is only applicable for FTB. So you've been paying off your mortgage for N years, a lot of interest but some capital as well. Whatever capital you have paid off, when you sell your house can/does this go towards the deposit on your new house? As such if you think you're going to be moving out at some point in the future does it make sense to overpay your mortgage (if you can afford it) in order to knock as big a chunk from the capital balance as you can?

    You can overpay or you can save the money.

    The difference is that if you overpay you'll save some interest on the principal that you've reduced.

    On the other hand having liquid savings is useful for dealing with unexpected life events. And the fact that they're unexpected means you don't know what they are.

    For instance, if you overpay mortgage rather than save, lose your job, and fall into arrears, you're not going to be able to trade up because of your dodgy repayments history. Whereas if you'd had a savings cushion the bank wouldn't know.

    Like most things in life it helps to have a time machine.


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    #4535
    Interested Observer
    Registered Users Posts: 13,004 ✭✭✭✭Interested Observer


    Lumen wrote: »
    You can overpay or you can save the money.

    The difference is that if you overpay you'll save some interest on the principal that you've reduced.

    On the other hand having liquid savings is useful for dealing with unexpected life events. And the fact that they're unexpected means you don't know what they are.

    For instance, if you overpay mortgage rather than save, lose your job, and fall into arrears, you're not going to be able to trade up because of your dodgy repayments history. Whereas if you'd had a savings cushion the bank wouldn't know.

    Like most things in life it helps to have a time machine.

    Yeah of course. I wouldn't suggest putting every bit of spare money onto the mortgage, but you see from playing around on these mortgage calculators that even overpaying €100 each per month can save tens of thousands in interest, and over 5 years that's €12000 knocked off the capital balance which I assume can go towards the deposit for the next house.


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    #4536
    okeydokeys22
    Registered Users Posts: 57 ✭✭okeydokeys22


    Does anybody know how long after making the full application to the bank will the loan offer be made?


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    #4537
    househunter08
    Registered Users Posts: 24 ✭househunter08


    okeydokeys22 wrote: »
    Does anybody know how long after making the full application to the bank will the loan offer be made?

    We had ours 2 weeks after informing the bank we were sale agreed. Looking back over emails, it looks like it was a week between when our advisor submitted the full application to the underwriters to when the loan offer was posted. This was with EBS so other banks may differ.


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    #4538
    okeydokeys22
    Registered Users Posts: 57 ✭✭okeydokeys22


    househunter08 wrote: »
    We had ours 2 weeks after informing the bank we were sale agreed. Looking back over emails, it looks like it was a week between when our advisor submitted the full application to the underwriters to when the loan offer was posted. This was with EBS so other banks may differ.

    OK great so about a week to wait. Getting calls nearly every day from the estate agent asking why the bank valuation hasn't been carried out yet. Really piling in the pressure. Regarding the bank valuation, do I have to arrange it with the bank or is it done through the bank and estate agent. How long will that take?

    Thanks again


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    #4539
    househunter08
    Registered Users Posts: 24 ✭househunter08


    okeydokeys22 wrote: »
    OK great so about a week to wait. Getting calls nearly every day from the estate agent asking why the bank valuation hasn't been carried out yet. Really piling in the pressure. Regarding the bank valuation, do I have to arrange it with the bank or is it done through the bank and estate agent. How long will that take?

    Thanks again

    Again it will depend on the bank. We just paid the bank €150 and they sent out a valuer who organise a time with the EA selling the house(which just turned out to be another local estate agent). I think in some banks you have to organise this yourself. Best to get in touch with your bank advisor and ask them about it.


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    #4540
    okeydokeys22
    Registered Users Posts: 57 ✭✭okeydokeys22


    househunter08 wrote: »
    Again it will depend on the bank. We just paid the bank €150 and they sent out a valuer who organise a time with the EA selling the house(which just turned out to be another local estate agent). I think in some banks you have to organise this yourself. Best to get in touch with your bank advisor and ask them about it.

    Thank you so much


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    #4541
    Cuddlesworth
    Registered Users Posts: 13,980 ✭✭✭✭Cuddlesworth


    okeydokeys22 wrote: »
    OK great so about a week to wait. Getting calls nearly every day from the estate agent asking why the bank valuation hasn't been carried out yet. Really piling in the pressure. Regarding the bank valuation, do I have to arrange it with the bank or is it done through the bank and estate agent. How long will that take?

    Thanks again

    My broker recommended a person who was both a surveyor and accredited valuer, so that was pretty handy.


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    #4542
    Bananaleaf
    Registered Users Posts: 2,921 ✭✭✭Bananaleaf


    househunter08 wrote: »
    Again it will depend on the bank. We just paid the bank €150 and they sent out a valuer who organise a time with the EA selling the house(which just turned out to be another local estate agent). I think in some banks you have to organise this yourself. Best to get in touch with your bank advisor and ask them about it.

    Of all the associated costs of buying, the house valuation appears to be the most pointless from my experience. It really irked me to pay that one


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    #4543
    okeydokeys22
    Registered Users Posts: 57 ✭✭okeydokeys22


    Bananaleaf wrote: »
    Of all the associated costs of buying, the house valuation appears to be the most pointless from my experience. It really irked me to pay that one

    Yeh a simple job really. Is the house worth the 200k we're lending you... *ticks box, collects cheque* 😂


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    #4544
    Bananaleaf
    Registered Users Posts: 2,921 ✭✭✭Bananaleaf


    okeydokeys22 wrote: »
    Yeh a simple job really. Is the house worth the 200k we're lending you... *ticks box, collects cheque* ��

    We paid a really odd number for our place. Which we know was above what it's currently worth on the market. But it was worth the price we paid to us, due to a number of factors.

    Valuation calculated the property to be worth that exact amount :rolleyes:

    Coincidence?

    When I compare it to a structural survey we got for 2.5 times the price, was 56pages long, extremely detailed and got a 20min conversation with the surveyor. Well worth the money for the survey. Made me mad about paying the valuer.


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    #4545
    kippy
    Registered Users Posts: 18,394 ✭✭✭✭kippy


    The next only reason for a valuation is to verify that a property exists at the address stated.
    The valuation will never differ from the sale agreed price.
    It is a complete farce.


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    #4546
    Bananaleaf
    Registered Users Posts: 2,921 ✭✭✭Bananaleaf


    We went sale agreed about 2 weeks ago and have gotten loan offer, valuation, have mortgage protection in place and ready to go, have given booking deposit and have structural survey.

    Contracts have yet to be sent from vendors solicitor to our solicitor.

    Is it a bad sign that this hasn't happened over the past two weeks or is this par for the course and then some?

    Have this horrid feeling vendor has changed mind about selling, but I can be a paranoid wreck at the best of times, so asking the more experienced what they think/know.


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    #4547
    kippy
    Registered Users Posts: 18,394 ✭✭✭✭kippy


    Bananaleaf wrote: »
    We went sale agreed about 2 weeks ago and have gotten loan offer, valuation, have mortgage protection in place and ready to go, have given booking deposit and have structural survey.

    Contracts have yet to be sent from vendors solicitor to our solicitor.

    Is it a bad sign that this hasn't happened over the past two weeks or is this par for the course and then some?

    Have this horrid feeling vendor has changed mind about selling, but I can be a paranoid wreck at the best of times, so asking the more experienced what they think/know.
    Two weeks since sale agreed, it would be exceptional if you had gotten the contracts at this point. It can take months to get the contracts depending on many variables. You would think, if the selling parties solicitor was in any way organised it could be done in a few weeks but this is rarely the case with second hand properties in my opinion.


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    #4548
    TT rainbows
    Registered Users Posts: 23 ✭TT rainbows


    Dont worry its normal enough. But keep in touch with your solicitor. If you still dont hear anything you could ask your solicitor to advise their solicitor (the seller) you are keen on a quick close.
    Sometimes I found following contact things moved along.
    It can be very frustrating not knowing if things are going through the normal course or events or if its just on a to do list in a busy office. Both sides probably have a lot of clients so I would advise keeping politely in touch with your solicitor so its not pushed to the bottom of his pile. Good luck & congrats- you are in the final stages now..


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    #4549
    Bananaleaf
    Registered Users Posts: 2,921 ✭✭✭Bananaleaf


    kippy wrote: »
    Two weeks since sale agreed, it would be exceptional if you had gotten the contracts at this point. It can take months to get the contracts depending on many variables. You would think, if the selling parties solicitor was in any way organised it could be done in a few weeks but this is rarely the case with second hand properties in my opinion.
    TT rainbows wrote: »
    Dont worry its normal enough. But keep in touch with your solicitor. If you still dont hear anything you could ask your solicitor to advise their solicitor (the seller) you are keen on a quick close.
    Sometimes I found following contact things moved along.
    It can be very frustrating not knowing if things are going through the normal course or events or if its just on a to do list in a busy office. Both sides probably have a lot of clients so I would advise keeping politely in touch with your solicitor so its not pushed to the bottom of his pile. Good luck & congrats- you are in the final stages now..

    Thank you both. EA for vendor did get back to say "don't worry, will be with you soon" Thanks for the congrats too - everyone is telling me how exciting the process is and I feel like I'm missing out on the excitement because I'm so bloody stressed out all the time.

    The thoughts of ever having to do this again in my life are so dreadful. I'm never trading up!


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    #4550
    kippy
    Registered Users Posts: 18,394 ✭✭✭✭kippy


    Bananaleaf wrote: »
    Thank you both. EA for vendor did get back to say "don't worry, will be with you soon" Thanks for the congrats too - everyone is telling me how exciting the process is and I feel like I'm missing out on the excitement because I'm so bloody stressed out all the time.

    The thoughts of ever having to do this again in my life are so dreadful. I'm never trading up!

    Theres no excitement till you have the keys in your hands.


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    #4551
    Cuddlesworth
    Registered Users Posts: 13,980 ✭✭✭✭Cuddlesworth


    kippy wrote: »
    Two weeks since sale agreed, it would be exceptional if you had gotten the contracts at this point. It can take months to get the contracts depending on many variables. You would think, if the selling parties solicitor was in any way organised it could be done in a few weeks but this is rarely the case with second hand properties in my opinion.

    Two to god knows how many months depending on tons of things.


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    #4552
    Juwwi
    Registered Users Posts: 4,244 ✭✭✭Juwwi


    Chances are the sellers are waiting on the bank to release the deeds I'd say .

    Agree on the above its only when you get the keys that the stress will stop ,the fun is only beginning dealing with solicitors ect


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    #4553
    Bananaleaf
    Registered Users Posts: 2,921 ✭✭✭Bananaleaf


    robbie1977 wrote: »
    Chances are the sellers are waiting on the bank to release the deeds I'd say .

    This is actually exactly what the EA said to me.


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    #4554
    LirW
    Registered Users Posts: 4,825 ✭✭✭LirW


    That itself can take up to 8 weeks, banks are incredibly slow.
    Both parties wanted a quick sale in our case and it still took 3,5 months to close because we waited almost 7 weeks on the deeds.


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    #4555
    Bananaleaf
    Registered Users Posts: 2,921 ✭✭✭Bananaleaf


    LirW wrote: »
    That itself can take up to 8 weeks, banks are incredibly slow.
    Both parties wanted a quick sale in our case and it still took 3,5 months to close because we waited almost 7 weeks on the deeds.

    7 weeks? That is abnormally long, is it? Or average waiting time?

    We went sale agreed two weeks ago. No chain, we both want a quick sale. We were told before Christmas and I was really naive and told landlord we were sale agreed, thinking we would be in before Xmas. He had the sense to say "wait and come back to me when your solicitor has a timeframe"

    The only thing that has held us up is the bank so no surprise to hear they are behind this delay too.


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    #4556
    LirW
    Registered Users Posts: 4,825 ✭✭✭LirW


    No that is pretty average, whenever you request anything from a bank it takes a very long time. Mind you, you're even approaching holiday season now so it gets worse.
    Honestly I think it's very optimistic to be in by Christmas - there might be issues coming up in the contract, with the deeds, regarding the house itself.
    For example our house has a shed that leans to one of the walls, our solicitor needed to request exemption for planning first and this took another 10 days. Common issues are boundary issues, extensions that aren't conforming with regulations, right of way etc. All this takes a while and usually solicitors won't do anything in that regard until the contract has arrived.

    Do your homework and do everything you can now. Get your survey, get quotes for eventual work, go for more viewings to measure things, take pictures, plan your rooms. It not only gives you something to do but it can save you time in the long run.

    But I wish you good luck anyway.


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    #4557
    fg1406
    Registered Users Posts: 433 ✭✭fg1406


    Bananaleaf wrote: »
    We went sale agreed about 2 weeks ago and have gotten loan offer, valuation, have mortgage protection in place and ready to go, have given booking deposit and have structural survey.

    Contracts have yet to be sent from vendors solicitor to our solicitor.

    Is it a bad sign that this hasn't happened over the past two weeks or is this par for the course and then some?

    Have this horrid feeling vendor has changed mind about selling, but I can be a paranoid wreck at the best of times, so asking the more experienced what they think/know.

    We were sale agreed 22 weeks before my solicitor got contracts. She has had to send them back for minor amendments. That was almost 3 weeks ago. Nothing since. Vendors solicitor is a fool.


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    #4558
    myshirt
    Registered Users Posts: 5,245 ✭✭✭myshirt


    kippy wrote: »
    Theres no excitement till you have the keys in your hands.

    Agreed, they say you never own a house until you have the keys in hand and you've had sex in at least two rooms.


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    #4559
    ArtyC
    Registered Users Posts: 1,504 ✭✭✭ArtyC


    We've been sale agreed since July . Planning issues and the engineer took his time , delayed 21 weeks before we can even get to the banking solicitors etc I'm fit to be tied at this stage


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    #4560
    Bananaleaf
    Registered Users Posts: 2,921 ✭✭✭Bananaleaf


    Oh god, I've been REALLY optimistic!!! We have survey done and are going to get a full heating system service lined up, priced.have measured for couch and bed and am currently looking around for the bed. Also clearing out attic and shed where we are to make the move itself less stressful


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    #4561
    ELM327
    Registered Users Posts: 21,373 ✭✭✭✭ELM327


    Bananaleaf wrote: »
    7 weeks? That is abnormally long, is it? Or average waiting time?

    We went sale agreed two weeks ago. No chain, we both want a quick sale. We were told before Christmas and I was really naive and told landlord we were sale agreed, thinking we would be in before Xmas. He had the sense to say "wait and come back to me when your solicitor has a timeframe"

    The only thing that has held us up is the bank so no surprise to hear they are behind this delay too.
    Same here.
    Sale agreed a couple of weeks ago, no chain, property vacant, we are held up waiting for contracts.
    I've told my current landlord where we are but it's looking less and less likely we will be in by christmas. I'd be happy to just have the contracts signed before christmas and get a closing date for early Jan at this stage.


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