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

intheclouds · 28-10-2016 3:52pm

Naid23 wrote: »

There was a 2 week gap between when we originally pulled out of bidding to when they re offered it to us, so we are convinced that the previous couple had a survey and came to the same conclusion as us - that it was a money pit!
So we're now a a couple hundred quid outta pocket!!

You see this really annoys me.

How much money is going to be wasted by people doing surveys and then pulling out of buying this house?

The seller should be legally obliged to disclose something like this if its been turned up in a survey. Or the contents of surveys should be publicly available like planning permission documents are.

Moody_mona · 28-10-2016 11:30pm

How soon do banks provide approval in principle? I sent documents to my broker two weeks ago, is it naive of me to think I'd have a gotten a figure to be working off?

Dotsy04 · 29-10-2016 7:06pm

Naid23 wrote: »

Survey showed up some MAJOR issues that we hadnt a clue about. So we out and back to square one again :(

Thanks Whiskeyman for the surveyor recommendation, He was brilliant, professional and thorough and would highly recommend him if anyone is looking for a surveyor in Dublin (can send details by PM)

Hi, just wondered if you could PM me surveyor details. Sorry to hear you're back to square 1 but better to find out before too late!

Dotsy04 · 29-10-2016 7:08pm

Moody_mona wrote: »

How soon do banks provide approval in principle? I sent documents to my broker two weeks ago, is it naive of me to think I'd have a gotten a figure to be working off?

We had AIP within 7 working days. That was dealing with mortgage advisor in our bank branch who then forwarded all the details to underwriting dept. and they in turn sent out the AIP. Have you followed up with the broker?

Bored Accountant · 29-10-2016 8:37pm

Moody_mona wrote: »

How soon do banks provide approval in principle? I sent documents to my broker two weeks ago, is it naive of me to think I'd have a gotten a figure to be working off?

Our broker had gotten response in about 8 working days from the day he sent the stuff to the bank. Do you know when the broker actually submitted the stuff to bank?

Moody_mona · 30-10-2016 11:31am

No I don't know when it was submitted. I'll send an email on Monday - just wanted to see if I was being unreasonable or impatient. Thanks for the help!

VonLuck · 01-11-2016 7:42pm

I think the hopes of me ever purchasing a house as a single person have gone out the window.

I contacted a bank earlier today to get mortgage approval in principle. They quoted me a much lower amount than they gave me this time last year! This is despite my salary and savings having increased.

Coupled with the housing shortage causing an increase in house prices, I've been just been set back a number of years before being able to purchase a home. It's madness.

kala85 · 01-11-2016 7:47pm

VonLuck wrote: »

I think the hopes of me ever purchasing a house as a single person have gone out the window.

I contacted a bank earlier today to get mortgage approval in principle. They quoted me a much lower amount than they gave me this time last year! This is despite my salary and savings having increased.

Coupled with the housing shortage causing an increase in house prices, I've been just been set back a number of years before being able to purchase a home. It's madness.

Any reasons given for you getting a smaller amount from the bank? Did the bank give you any reasons?

VonLuck · 01-11-2016 9:44pm

kala85 wrote: »

Any reasons given for you getting a smaller amount from the bank? Did the bank give you any reasons?

They were very vague and just said that they were using different criteria for their assessments compared to last year.

angeldelight · 01-11-2016 10:00pm

VonLuck wrote: »

They were very vague and just said that they were using different criteria for their assessments compared to last year.

Try other banks or a broker

Aph2016 · 01-11-2016 10:30pm

VonLuck wrote: »

They were very vague and just said that they were using different criteria for their assessments compared to last year.

Try EBS.

SB_Part2 · 02-11-2016 9:12am

Does anyone know what banks are generally looking for in terms of a deposit for a 1 bed apartment? Is it 20%?

Aph2016 · 02-11-2016 9:28am

SB_Part2 wrote: »

Does anyone know what banks are generally looking for in terms of a deposit for a 1 bed apartment? Is it 20%?

10% on the first 220k and 20% on everything else over 220k.

SB_Part2 · 02-11-2016 9:41am

Aph2016 wrote: »

10% on the first 220k and 20% on everything else over 220k.

Are you sure? I was told it was different for a 1 bed apartment.

Michael D Not Higgins · 02-11-2016 10:17am

SB_Part2 wrote: »

Are you sure? I was told it was different for a 1 bed apartment.

30% for a one bed.

SB_Part2 · 02-11-2016 10:47am

Michael D Not Higgins wrote: »

30% for a one bed.

Thank you.

Moody_mona · 02-11-2016 12:03pm

I feel like my questions are overly simplistic and basic. I'm looking to figure out an order of what happens when you're looking for a house. Maybe someone can suggest a website or something. I've had a search through here already. I've got AIP, I've made appointments to view properties, I know obviously I make my bids with the estate agent, but when do I contact my broker again? When do I engage with solicitors or surveyors?

Michael D Not Higgins · 02-11-2016 12:08pm

Moody_mona wrote: »

I feel like my questions are overly simplistic and basic. I'm looking to figure out an order of what happens when you're looking for a house. Maybe someone can suggest a website or something. I've had a search through here already. I've got AIP, I've made appointments to view properties, I know obviously I make my bids with the estate agent, but when do I contact my broker again? When do I engage with solicitors or surveyors?

When you have an offer accepted, the estate agent will ask for you to transfer a booking deposit (refundable, usually a small percentage or around €5k) to go forward with the deal. At this stage you need to speak to your solicitor, your broker, get a survey done, etc. all in parallel. Your solicitor can advise of any additional issues.

whiskeyman · 02-11-2016 1:19pm

Moody_mona wrote: »

I feel like my questions are overly simplistic and basic. I'm looking to figure out an order of what happens when you're looking for a house. Maybe someone can suggest a website or something. I've had a search through here already. I've got AIP, I've made appointments to view properties, I know obviously I make my bids with the estate agent, but when do I contact my broker again? When do I engage with solicitors or surveyors?

I found this useful.
Also, reading back through this thread can show the reality of it!

http://www.mortgages.ie/go/first_time_buyers/mortgages_explained

zedhead · 02-11-2016 1:20pm

Starting to get really frustrated with the lack of communication. We went sale agreed at the end of august and still no sign of contracts or any indication of a closing date. Our solicitor advised that the vendors solicitor said the deeds had arrived last week but they needed to check in with where the vendors were at with their purchase. Everyone on their side seems really relaxed about it all.
We have been trying arrange with the Estate Agent to go back to the property to take some measurements so we can price furniture etc but slow to come back.

I know all we can do is wait, but I hate the not knowing. I would love if they could give us some sort of estimated date when we might get contracts/close

Mink · 02-11-2016 2:26pm

zedhead wrote: »

Starting to get really frustrated with the lack of communication. We went sale agreed at the end of august and still no sign of contracts or any indication of a closing date. Our solicitor advised that the vendors solicitor said the deeds had arrived last week but they needed to check in with where the vendors were at with their purchase. Everyone on their side seems really relaxed about it all.

Sounds like they are stalling a little if they are waiting on their own purchase to move along - would your solicitor have an idea of whether issues have come up for the vendor that will continue to delay it? Seems like a really long time between Sale Agreed & contracts.

Mink · 02-11-2016 2:29pm

We are Sale Agreed as of this morning! Can't believe it.

It will be interesting to see how quickly it moves with neither side in a chain, no extensions with planning permission or any other complexities.

I have probably just jinxed myself and now the deeds will be lost and/or we will have issues on drawdown of the mortgage.

zedhead · 02-11-2016 2:41pm

Mink wrote: »

Sounds like they are stalling a little if they are waiting on their own purchase to move along - would your solicitor have an idea of whether issues have come up for the vendor that will continue to delay it? Seems like a really long time between Sale Agreed & contracts.

All our solicitor has told is that it seems to be taking a long time and the other side are being very relaxed. He is pushing for progress but not much else can be done. I do think they are stalling to sort out their purchase to line it all up, but I would just like even a rough indication of timeframe.

intheclouds · 02-11-2016 3:03pm

Mink wrote: »

We are Sale Agreed as of this morning! Can't believe it.

It will be interesting to see how quickly it moves with neither side in a chain, no extensions with planning permission or any other complexities.

I have probably just jinxed myself and now the deeds will be lost and/or we will have issues on drawdown of the mortgage.

I went Sale Agreed at the end of August and we still havent even signed contracts yet.

Im disgusted - no chain on either side, no extensions, no complexities.

All the delays seem to be from the sellers side - we are just waiting to sign but our solicitor is waiting to responses on pre contract queries ages at this stage.

I almost feel like it was just a dream and there is no house Im supposed to be buying!

ThisRegard · 02-11-2016 3:32pm

Selling, and buying, can be extremely frustrating. I'm dealing with someone who's solicitor seems to be absolutely useless. Everyone on two sides of the transaction are ready to go for a while, but this solicitor is on the slow train to nowhere.

NEDDURC · 02-11-2016 4:19pm

What would be considered a normal / good price for a solicitor fees for buying a new house (no selling involved)?
We got quoted 2,852 - I've nothing to compare it to?
Any chearper options out there people can suggest? Kildare area

SB_Part2 · 02-11-2016 4:21pm

I was charged about 2400.

Bored Accountant · 02-11-2016 4:33pm

NEDDURC wrote: »

What would be considered a normal / good price for a solicitor fees for buying a new house (no selling involved)?
We got quoted 2,852 - I've nothing to compare it to?
Any chearper options out there people can suggest? Kildare area

I got the following estimate from solicitor in the clare Area;

Legal fees 1250 minus discount of 250 plus VAT = €1230
Plus
Stamp duty @1%
Search fees estimate €70
Land Registry Fee on Transfer €700
Land Registry fee on charge €175
Land Registry fee on folio on completion & EAS €50
Commissioner for oaths €10
Plus
Land Property Tax Due apportionment

And then other costs we incurred
Survey €350+VAT (didn't need boundary check, otherwise would have been €500+VAT)
Bank Valuation €150
Broker €500

Utah · 02-11-2016 4:51pm

North Dublin

Legal fees 895 plus VAT 206 = €1101
Plus
Search fees estimate €79
Land Registry Fee on Transfer €700
Land Registry fee on charge €175
Land Registry fee on folio on completion & EAS €75
Commissioner for oaths €20

Stamp duty @ 1%

dar_cool · 02-11-2016 5:28pm

intheclouds wrote: »

I went Sale Agreed at the end of August and we still havent even signed contracts yet.

Im disgusted - no chain on either side, no extensions, no complexities.

All the delays seem to be from the sellers side - we are just waiting to sign but our solicitor is waiting to responses on pre contract queries ages at this stage.

I almost feel like it was just a dream and there is no house Im supposed to be buying!

We are in the very same position as you. No chain on either side. House is empty. Waiting on queries aswell . I seriously have a pain with it now.

boris1234 · 02-11-2016 8:42pm

We just went for our first consultation with our bank today (AIB) and based on the conversation we had we are in a good position to apply for a mortgage now.

Just wondering about shopping around, is there much better value to be had from other lenders? I see all the various lenders seem to have some offers to lure in new customers, such as contributions to legal fees (KBC), 2% cashback on your mortgage (BOI).

Since our current accounts are both with AIB and having a mortgage with them eliminates current account fees then I'm thinking is it just best to stick with them. Or is that view too simplistic given the enormity of the purchase.

StiffOldMan · 03-11-2016 11:01am

zedhead wrote: »

Starting to get really frustrated with the lack of communication. We went sale agreed at the end of august and still no sign of contracts or any indication of a closing date. Our solicitor advised that the vendors solicitor said the deeds had arrived last week but they needed to check in with where the vendors were at with their purchase. Everyone on their side seems really relaxed about it all.
We have been trying arrange with the Estate Agent to go back to the property to take some measurements so we can price furniture etc but slow to come back.

I know all we can do is wait, but I hate the not knowing. I would love if they could give us some sort of estimated date when we might get contracts/close

Yes unfortunately you're in a chain. They are selling to move on. Nothing you can do as contracts have not been exchanged. You can take your deposit back or suggest it if you really want things to start moving, but if they're held up trying to sell their house, there's nothing they can do either...

If you do exchange contracts, get the closing date in the contract too. It took us about three months to get the contracts exchanged due to the vendor having problems moving to their new house, but the closing date wasnt in it either, so things dragged on... At the time it was very frustrating because we didn't know what was going on but in hindsight I believe they were delaying or waiting for other things to fall into place

StiffOldMan · 03-11-2016 11:04am

NEDDURC wrote: »

What would be considered a normal / good price for a solicitor fees for buying a new house (no selling involved)?
We got quoted 2,852 - I've nothing to compare it to?
Any chearper options out there people can suggest? Kildare area

Living in Newbridge, €1000 legal fees + VAT. Obviously searches and administration costs on top of this basic fee, plus stamp duty. Are you quoting JUST legal fees?? That seems very expensive if its just legal fees and not including searches etc

zedhead · 03-11-2016 11:17am

StiffOldMan wrote: »

Yes unfortunately you're in a chain. They are selling to move on. Nothing you can do as contracts have not been exchanged. You can take your deposit back or suggest it if you really want things to start moving, but if they're held up trying to sell their house, there's nothing they can do either...

If you do exchange contracts, get the closing date in the contract too. It took us about three months to get the contracts exchanged due to the vendor having problems moving to their new house, but the closing date wasnt in it either, so things dragged on... At the time it was very frustrating because we didn't know what was going on but in hindsight I believe they were delaying or waiting for other things to fall into place

I think i wouldn't mind the time so much if they were forthcoming on communication. Until contracts are signed there is no security for us and just some reassurance that they aren't going to pull out of this would be nice. The fact we are looking for updates etc shows that we are still invested in the purchase. Just feel a bit lost, especially when family keep asking when we are moving and press us for answers that we don't have makes us feel a bit insecure about it.

Don't want to go asking for deposit back or anything like that and we will hang in there because we love the house, just hard not to be worried/frustrated by it all. I think even if they could come back to us with a date when we could go back and view again would be something, we have been trying to tie down some time for 3 weeks and nothing back.

cnlbel · 03-11-2016 1:03pm

contracts exchanged. closing date agreed. all in order to draw down. Terrified and excited. Really never thought we'd get to this point. keep waiting for something to go wrong!

Utah · 03-11-2016 3:51pm

Can someone advise please?

We need to show a letter of indemnity (for house insurance) in order to draw down.

We can't install an alarm until we draw down and get the keys.

Will we need to take out a more expensive policy for the insurance, draw down, install an alarm, then go back and try get the premium reduced once the alarm is installed?

cnlbel · 03-11-2016 3:58pm

is there much in the price difference for policy with no alarm?

68 lost souls · 03-11-2016 4:05pm

Its sometimes better to pay the difference in case the one time you dont have it turned on you are robbed, in this case they can avoid paying out

Utah · 03-11-2016 4:10pm

cnlbel wrote: »

is there much in the price difference for policy with no alarm?

Good question! Probably should find out before asking on here. I bet it's not that much more expensive.

68 lost souls wrote: »

Its sometimes better to pay the difference in case the one time you dont have it turned on you are robbed, in this case they can avoid paying out

I was just reading about a guy who pays extra just for the peace of mind. It probably costs less to pay the difference than to maintain an alarm.

Sorry for the stupid question!

Utah · 04-11-2016 11:03am

cnlbel wrote: »

is there much in the price difference for policy with no alarm?

It's 120 difference over the year.
Tenner a month.

Think we'll insure it without an alarm even though we'll have an alarm, just to be covered

cnlbel · 04-11-2016 11:06am

so does that cover you if something happens and the alarm wasnt put on? we are doing our house insurance today to draw down monday. no alarm in our place but will be putting in one as soon as we can.

Utah · 04-11-2016 11:12am

cnlbel wrote: »

so does that cover you if something happens and the alarm wasnt put on? we are doing our house insurance today to draw down monday. no alarm in our place but will be putting in one as soon as we can.

Yeah that's the idea.
The insurance company wouldn't know we will eventually have an alarm, so will be covered regardless. Alarm will be for our own peace of mind.

Does that make sense?!

cnlbel · 04-11-2016 11:14am

Ah i see!

i feel tremendously grown up discussing house insurance and alarms

zedhead · 04-11-2016 12:11pm

So got some sort of update from the EA last night but she is waiting to talk to the vendors solicitor today to give us more information. Basically the house the vendors are buying is in receivership which mean it is not a straightforward purchase. The EA is going to try and find out what the details of the hold up are, but from doing some research on here they may not get that info and who knows how long it will take to sort out...

Feeling a little deflated now and just waiting on the EA to call with any more info.

whiskeyman · 04-11-2016 12:23pm

cnlbel wrote: »

Ah i see!

i feel tremendously grown up discussing house insurance and alarms

Quick qs - how long does house insurance take to sort out?
If I start looking for quotes and am happy, are we talking a day or so or are any further checks / paperwork required?

Utah · 04-11-2016 12:25pm

whiskeyman wrote: »

Quick qs - how long does house insurance take to sort out?
If I start looking for quotes and am happy, are we talking a day or so or are any further checks / paperwork required?

Insurance seems to be straight forward. Just give the values and house details and they'll give you a price. You need a closing date though so they can give a letter of indemnity to proceed.

We haven't got our closing date so I can't offer more info, sorry!

cnlbel · 04-11-2016 12:25pm

whiskeyman wrote: »

Quick qs - how long does house insurance take to sort out?
If I start looking for quotes and am happy, are we talking a day or so or are any further checks / paperwork required?

I am not too sure. We are taking out our insurance with the bank. When i told them i wanted to draw down monday, they said that they would call before hand to do the house insurance. I know that if we were getting it with someone else we would need to provide a letter of indemnity so that could be a few days. Doing it with the bank just was easier for us. limit the amount of institutions that could hold things up.

Tuesday_Girl · 04-11-2016 12:49pm

I called them up and was able to sort it out in a few minutes, you can also get a quote online with most insurers then call them up if you have any questions.

68 lost souls · 04-11-2016 7:15pm

I have asked this several times and have not gotten an answer.

We are going for full approval now, we are not sure though if we will need the full amount we have AIP for but would rather not have to decide until draw down or closer to it at least. Can we get full approval now and then change the amount say from 300,000 to 280,000 at draw down? What is involved if we do?

ThisRegard · 04-11-2016 7:24pm

When getting approval we gave a max amount of what we'd want to borrow but at loan pack time the amount we want to draw down is 20% less than what we were approved for. We just told them what we wanted to borrow at the time. It shouldn't be an issue but run it by the bank or broker for your own peace of mind.

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

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