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

Corruptedmorals · 04-10-2019 10:56pm

elizunia87 wrote: »

Guys
How long does it usually take from sale agreed to receive the keys. It is a second hand house, no one lives there. Its been already one month and no news.
Getting crazy.

A month is nothing. Have you signed contracts? It takes time for insurance, valuation, survey and full loan pack to issue also. Standard time to close a sale is 3 months. They can be delayed for many reasons.

Dolbhad · 04-10-2019 11:20pm

wirelessdude01 wrote: »

Anyone here used Finance Ireland for their mortgage? Any pros or cons to them?

From what I’ve heard from my broker, it’s the bank you go to when every other bank has turned the client down for the mortgage. It is the mortgage lending part of Pepper. Pepper are more used to vulture funds so broker had said the mortgage department aren’t the best as for the most part don’t know what their doing. However I haven’t looked into interest rates etc.

Also as other poster has said, people should be remortgaging every few years. It can be a bit of hassle doing paperwork and getting a solicitor involved. But usually the bank cover legal fees anyway and presumably if you used the solicitor to buy the house, they know the legal title and it shouldn’t be much. My sister recently remortgaged. She bought in 2013 so was a great time to buy and her LTV is very good now. She kept the same repayment capacity but knocked off 5 years off her mortgage. That’s well worth doing the paperwork.

Uglysoik1 · 04-10-2019 11:34pm

Hi all,

I got an offer accepted on a property. Paid deposit etc.. Now the EA is asking to see the full amount on the AIP letter(which I blocked off) and my savings statements.

Just wondering if this is normal, sounds very bizarre to me.

Thanks

Dolbhad · 04-10-2019 11:37pm

Uglysoik1 wrote: »

Hi all,

I got an offer accepted on a property. Paid deposit etc.. Now the EA is asking to see the full amount on the AIP letter(which I blocked off) and my savings statements.

Just wondering if this is normal, sounds very bizarre to me.

Thanks

Very normal. Started around two or three years ago when market started taking off to show you weren’t a time waster and actually have funds to buy. What you did should be sufficient. If for some reason it’s not, you can get your solicitor or bank person to confirm you have funds to purchase the house instead of showing the amount on AIP

Annasopra · 06-10-2019 1:44pm

Dolbhad wrote: »

From what I’ve heard from my broker, it’s the bank you go to when every other bank has turned the client down for the mortgage. It is the mortgage lending part of Pepper. Pepper are more used to vulture funds so broker had said the mortgage department aren’t the best as for the most part don’t know what their doing. However I haven’t looked into interest rates etc.

Also as other poster has said, people should be remortgaging every few years. It can be a bit of hassle doing paperwork and getting a solicitor involved. But usually the bank cover legal fees anyway and presumably if you used the solicitor to buy the house, they know the legal title and it shouldn’t be much. My sister recently remortgaged. She bought in 2013 so was a great time to buy and her LTV is very good now. She kept the same repayment capacity but knocked off 5 years off her mortgage. That’s well worth doing the paperwork.

Never ever go near Pepper

My solicitor advised that 100% of the Pepper mortgages he has dealt with have had hassle. Established banks might take 3 months to do something and Pepper can take 9-12.

I am dealing with them at the moment trying to release myself from a mortgage with them and they are a NIGHTMARE. It has taken about 2 years.

whatever76 · 09-10-2019 9:14am

Sorry if this is asked before - am close to draw down.
FTB , 2nd hand house , PAYE worker - am I entitled to any Income tax credits /Mortgage relief ? I think I know the answer in that all this has been taken away but double checking...

Creamy Goodness · 09-10-2019 10:06am

whatever76 wrote: »

Sorry if this is asked before - am close to draw down.
FTB , 2nd hand house , PAYE worker - am I entitled to any Income tax credits /Mortgage relief ? I think I know the answer in that all this has been taken away but double checking...

Nope. the dwelling has to be newly constructed as in the same year you buy it.

pmfcnl · 09-10-2019 10:09am

Hoping to get some confirmation on this if anyone at all can assist.

We received out loan offer yesterday thankfully, our solicitor is currently on Annual Leave but I have gone through the loan offer and there is a "Specific Loan Offer Condition" (Ulster Bank) it states that Confirmation of Mortgage must be executed by (my parents who gave us a gift).

My question is that it says that the person providing the confirmation of mortgage must obtain legal advice. Can anyone shed some light on this if they have been in this predicament? Do my parents need to seek alternative legal advice to sign the confirmation or can they sign without getting it witnessed?

I have read on some posts that if they are aware and do not want any legal entitlements with the Mortgage they do not need to seek legal advice but just sign the document provided by my solicitor.

I would greatly appreciate any advice on this.

wally79 · 09-10-2019 10:11am

pmfcnl wrote: »

Hoping to get some confirmation on this if anyone at all can assist.

We received out loan offer yesterday thankfully, our solicitor is currently on Annual Leave but I have gone through the loan offer and there is a "Specific Loan Offer Condition" (Ulster Bank) it states that Confirmation of Mortgage must be executed by (my parents who gave us a gift).

My question is that it says that the person providing the confirmation of mortgage must obtain legal advice. Can anyone shed some light on this if they have been in this predicament? Do my parents need to seek alternative legal advice to sign the confirmation or can they sign without getting it witnessed?

I have read on some posts that if they are aware and do not want any legal entitlements with the Mortgage they do not need to seek legal advice but just sign the document provided by my solicitor.

I would greatly appreciate any advice on this.

It has to be witnessed but anyone can witness it (edit: anyone not involved in the transaction)

Your parents can get legal advice but not necessary. They are basically contracting away any part ownership of house

It’s the bank covering themselves legally

wally79 · 09-10-2019 10:14am

Also remember that this gift amount should be added to any future inheritance when calculating inheritance tax liability

LookingFor · 09-10-2019 10:26am

Not exactly mortgage related, but maybe someone can advise. Have gone sale agreed on an apartment, structural survey report came back, all seems OK, but the report seems to be full of boilerplate/standard recommendations of things to ask or request of the management company. There's quite a laundry list of things - e.g. ask for certificate of building regulation compliance, fire certificate, program of repairs, fire system maintenance record, ask about pyrite/asbestos, copy of insurance policy etc. etc. etc.

Asking some friends, they seemed dismissive of the need to get all this stuff. Some scarcely looked at their full structural report. Would an agent expect to get a list of requests like this, or should I pare it back a bit?

pmfcnl · 09-10-2019 10:32am

wally79 wrote: »

Also remember that this gift amount should be added to any future inheritance when calculating inheritance tax liability

Cheers Wally79 appreciate your reply.

I was thinking that if they needed to seek legal advice that might delay everything again and we have been through enough to get where we are with our mortgage. Whereas if they can just get this witnessed by another person that's half the battle.

Can you shed more light on what you mean on the future inheritance tax liability?

Thank a million.

wally79 · 09-10-2019 11:18am

pmfcnl wrote: »

Cheers Wally79 appreciate your reply.

I was thinking that if they needed to seek legal advice that might delay everything again and we have been through enough to get where we are with our mortgage. Whereas if they can just get this witnessed by another person that's half the battle.

Can you shed more light on what you mean on the future inheritance tax liability?

Thank a million.

If you receive inheritance from your parents x amount is tax free (changed yesterday so not sure of exact number now). That is over your lifetime so any gifts such as this would count as part of it.

09-10-2019 11:20am

wally79 wrote: »

If you receive inheritance from your parents x amount is tax free (changed yesterday so not sure of exact number now). That is over your lifetime so any gifts such as this would count as part of it.

Is this all self reported?

averagejoe123 · 09-10-2019 11:24am

Ayan Prickly Road wrote: »

Is this all self reported?

It does not need to be reported until you hit 80% of the threshold. The new threshold from yesterday's budget is €335,000 so you can receive €268,000 from your folks before you need to let the revenue know.

Amirani · 10-10-2019 4:42pm

LookingFor wrote: »

Not exactly mortgage related, but maybe someone can advise. Have gone sale agreed on an apartment, structural survey report came back, all seems OK, but the report seems to be full of boilerplate/standard recommendations of things to ask or request of the management company. There's quite a laundry list of things - e.g. ask for certificate of building regulation compliance, fire certificate, program of repairs, fire system maintenance record, ask about pyrite/asbestos, copy of insurance policy etc. etc. etc.

Asking some friends, they seemed dismissive of the need to get all this stuff. Some scarcely looked at their full structural report. Would an agent expect to get a list of requests like this, or should I pare it back a bit?

A good solicitor would generally be requesting many of those items. Management agent would expect them for the most part, and the bank will require some of them (block insurance policy for example).

You won't ask about them directly yourself.

Bargain_Hound · 10-10-2019 4:46pm

Mortgage Exemption question...
I am a second time buyer (Previously owned house, sold). I earn 60k(w 6k annual bonus). Assuming 60 x 3.5 provides me with 210k max loan & a house purchase price of 230k. Going by the CB rules I would need a minimum 20% deposit of 46K. I have 35k saved at the moment, is it likely a bank would give me an exemption to lower my LTV to 10 or 15%?

(I had an exemption 2 years ago for 4 x salary when I was a FTB)

VonLuck · 10-10-2019 6:30pm

LookingFor wrote: »

Not exactly mortgage related, but maybe someone can advise. Have gone sale agreed on an apartment, structural survey report came back, all seems OK, but the report seems to be full of boilerplate/standard recommendations of things to ask or request of the management company. There's quite a laundry list of things - e.g. ask for certificate of building regulation compliance, fire certificate, program of repairs, fire system maintenance record, ask about pyrite/asbestos, copy of insurance policy etc. etc. etc.

Asking some friends, they seemed dismissive of the need to get all this stuff. Some scarcely looked at their full structural report. Would an agent expect to get a list of requests like this, or should I pare it back a bit?

I would definitely look into obtaining as much of that information as you can. It's all part of your due diligence. Worst case scenario is that they say no, so what's there to lose?

My solicitor recently went searching for this kind of info and it uncovered a potential serious fire compliance issue which would otherwise have gone under the radar.

drunkmonkey · 10-10-2019 6:54pm

Request it all if the solicitor is good they will be looking for all those things, you should enquire about as much of it as you can as it'll be cheaper you make a phone call than the solicitor. Check are the management fees up to date yourself just call the management company. When you buy it make sure it's ready to sell the same day with no hidden charges to you if you decide to sell. If not anything that's missed is now your problem when it's time to sell.

Woshy · 11-10-2019 2:46pm

Does anybody have any experience with applying for a mortgage and having a sign-on bonus? My husband is due to start a new job and will be getting a sign-on bonus, that instead of being paid in a lump sum on starting employment is paid monthly over two years. So when we provide payslips etc his salary will be higher than just the base salary amount.

He has also been given stock options and the expectation is that after two years what these pay out will mean that his take-home pay will not go down once the sign-on bonus stops after two years.

Will the bank just take his base salary figure from a salary cert or will the extra income be take into account? Presumably the payslips will differentiate. Just wondering if anybody had been in a similar situation.

charlietheminxx · 11-10-2019 2:58pm

Woshy wrote: »

Does anybody have any experience with applying for a mortgage and having a sign-on bonus? My husband is due to start a new job and will be getting a sign-on bonus, that instead of being paid in a lump sum on starting employment is paid monthly over two years. So when we provide payslips etc his salary will be higher than just the base salary amount.

He has also been given stock options and the expectation is that after two years what these pay out will mean that his take-home pay will not go down once the sign-on bonus stops after two years.

Will the bank just take his base salary figure from a salary cert or will the extra income be take into account? Presumably the payslips will differentiate. Just wondering if anybody had been in a similar situation.

The sign on bonus can be included as a guaranteed bonus, it varies bank to bank but I think they usually count half of it. I don't think they take stock options into account.

Woshy · 11-10-2019 3:02pm

charlietheminxx wrote: »

The sign on bonus can be included as a guaranteed bonus, it varies bank to bank but I think they usually count half of it. I don't think they take stock options into account.

Cool, thanks for that. It'll be interesting to see what the banks say anyway! I think we'll be fine if they don't count it but you never know

Padre_Pio · 11-10-2019 4:15pm

Woshy wrote: »

Cool, thanks for that. It'll be interesting to see what the banks say anyway! I think we'll be fine if they don't count it but you never know

They should count it if you can sell your shares.

A Neurotic · 11-10-2019 4:44pm

What's the fastest people have gotten mortgage approval? Assuming we have all the paperwork (bank statements, salary cert, P60s, payslips, etc etc), is there any bank known to be faster to process applications than others?

drinkingwater · 11-10-2019 5:14pm

A Neurotic wrote: »

What's the fastest people have gotten mortgage approval? Assuming we have all the paperwork (bank statements, salary cert, P60s, payslips, etc etc), is there any bank known to be faster to process applications than others?

Ulster Bank. First meeting with mortgage advisor on 28/09/18, loan offer received on 10/10/18. We had all the paperwork in order.

tomister · 11-10-2019 5:36pm

A Neurotic wrote: »

What's the fastest people have gotten mortgage approval? Assuming we have all the paperwork (bank statements, salary cert, P60s, payslips, etc etc), is there any bank known to be faster to process applications than others?

BOI for me were super quick: application submitted on the Friday 27th September at 4pm, with full approval on Thursday 3rd October with the AIP letter out Friday and the Loan Pack issued on the following Monday.

Was the first time applying, as in had not previously looked for approval in principle before. FTB and using the HTB scheme

Theodora78 · 11-10-2019 9:21pm

A Neurotic wrote: »

What's the fastest people have gotten mortgage approval? Assuming we have all the paperwork (bank statements, salary cert, P60s, payslips, etc etc), is there any bank known to be faster to process applications than others?

Ptsb ..we applied on Monday 3rd Sept and got our approval letter on Thursday 6th of Sept , in only 3 days!!
After 2 weeks we went sale agread, they arranged the valuation report in 2 days and the loan offer in 12 working days after sale agread.

Annasopra · 11-10-2019 9:22pm

Is a closing/completion date the day you get your keys?

Annasopra · 11-10-2019 9:27pm

LookingFor wrote: »

Not exactly mortgage related, but maybe someone can advise. Have gone sale agreed on an apartment, structural survey report came back, all seems OK, but the report seems to be full of boilerplate/standard recommendations of things to ask or request of the management company. There's quite a laundry list of things - e.g. ask for certificate of building regulation compliance, fire certificate, program of repairs, fire system maintenance record, ask about pyrite/asbestos, copy of insurance policy etc. etc. etc.

Asking some friends, they seemed dismissive of the need to get all this stuff. Some scarcely looked at their full structural report. Would an agent expect to get a list of requests like this, or should I pare it back a bit?

No.

It shouldnt be pared back!!! I once nearly bought an apartment that was a serious death trap according to the surveyors report.

mtoutlemonde · 11-10-2019 10:18pm

Creamy Goodness wrote: »

Nope. the dwelling has to be newly constructed as in the same year you buy it.

What can you apply for if it's a new build?

Misssally · 12-10-2019 2:28am

Theodora78 wrote: »

Ptsb ..we applied on Monday 3rd Sept and got our approval letter on Thursday 6th of Sept , in only 3 days!!
After 2 weeks we went sale agread, they arranged the valuation report in 2 days and the loan offer in 12 working days after sale agread.

We went sale agreed mid June, got loan pack from Ptsb start of August (they had all info from AIP so nothing additional requested) sale fell through & we sale agreed on another house & it took another 3.5 weeks for loan pack again with no additional requests. System issues apparently ðŸ™„

Creamy Goodness · 12-10-2019 11:31am

mtoutlemonde wrote: »

What can you apply for if it's a new build?

The help to buy scheme.
https://www.revenue.ie/en/property/help-to-buy-incentive/index.aspx

mtoutlemonde · 12-10-2019 12:06pm

Creamy Goodness wrote: »

The help to buy scheme.
https://www.revenue.ie/en/property/help-to-buy-incentive/index.aspx

I have applied for that - I thought there was something I was missing. Thank you.

Gael23 · 12-10-2019 1:28pm

What’s the procedure for getting an exemption from the 3.5 times salary limit? I believe I can afford a higher payment based on my current rent and saving.

Creamy Goodness · 12-10-2019 1:32pm

Gael23 wrote: »

What’s the procedure for getting an exemption from the 3.5 times salary limit? I believe I can afford a higher payment based on my current rent and saving.

Every bank is different. You have to ask them.

mycro2013 · 12-10-2019 1:39pm

If you are earning over 50k as a single applicant or 75k as a couple the bank can increase the factor above x 3.5

el Fenomeno · 12-10-2019 2:26pm

Finally got our keys yesterday.

No flooring, no furniture, not a bit of cutlery or anything of that sort in yet - just an empty shell.

But we sat on the floor eating Four Star Pizza last night to celebrate. Great feeling.

Thanks to everyone who has offered help, advice and information in this thread. A massive resource for anyone going through the process.

scheister · 14-10-2019 11:15am

el Fenomeno wrote: »

Finally got our keys yesterday.

No flooring, no furniture, not a bit of cutlery or anything of that sort in yet - just an empty shell.

But we sat on the floor eating Four Star Pizza last night to celebrate. Great feeling.

Thanks to everyone who has offered help, advice and information in this thread. A massive resource for anyone going through the process.

I would imagine something similar when i finally get the keys.
My sister and husband did the same with there first house had take away on the concrete floor and slept in a sleeping bag simple as it was now there house. A friend refused recently to move into her house until there was wifi. How times change

limnam · 14-10-2019 11:18am

scheister wrote: »

A friend refused recently to move into her house until there was wifi. How times change

Was one of the first calls I made walking in the door

Woshy · 14-10-2019 2:30pm

Padre_Pio wrote: »

They should count it if you can sell your shares.

Thanks- something to look into I guess. I'm not sure of the details yet.

charlietheminxx · 15-10-2019 9:56am

I got my keys yesterday as well. Best feeling in the world, it's surreal

We had so many delays on the way and thought we weren't going to be able to draw down before our mortgage offer expired (thanks to all who offered advice at the time) but we made it by the skin of our teeth. For anyone who is at the stressy tearing-their-hair-out stage at the moment, hang in there, you'll get there.

Paul Tergat · 15-10-2019 4:14pm

Buying a new build house - should I get a survey done before signing contracts? I know a snag is to come down the line post signing contracts. Thanks

awec · 15-10-2019 4:15pm

Paul Tergat wrote: »

Buying a new build house - should I get a survey done before signing contracts? I know a snag is to come down the line post signing contracts. Thanks

No point.

Paul Tergat · 15-10-2019 4:32pm

awec wrote: »

No point.

out of interest, why?

Creamy Goodness · 15-10-2019 4:37pm

They're expensive, why do it twice as it'll cost you double.

awec · 15-10-2019 4:43pm

Paul Tergat wrote: »

out of interest, why?

No need for a survey on a new build. House will be subject to building controls, which means it's inspected by a certified person while it's being built and that person has to sign off on it and issue a certificate of compliance (which goes to your solicitor I believe).

Just a snag is the normal procedure for new builds. Spend your money on a good snagger instead and don't waste it on a survey.

Paul Tergat · 15-10-2019 4:57pm

Creamy Goodness wrote: »

They're expensive, why do it twice as it'll cost you double.

awec wrote: »

No need for a survey on a new build. House will be subject to building controls, which means it's inspected by a certified person while it's being built and that person has to sign off on it and issue a certificate of compliance (which goes to your solicitor I believe).

Just a snag is the normal procedure for new builds. Spend your money on a good snagger instead and don't waste it on a survey.

Thanks lads, figured as much but solicitor was being a pain and had it in as a recommendation and didnt like being challenged on it.

Paul Tergat · 15-10-2019 5:11pm

Another question if that's ok - when is it best to take out the mortgage protection and home insurance? Want to make sure the timing of having to get these don't slow mortgage drawdown too long but as yet dont' know of completion date. Is it best to do this during the snag so they run alongside each other - also gives time to assign the mortgage protection to bank

awec · 15-10-2019 5:14pm

Paul Tergat wrote: »

Another question if that's ok - when is it best to take out the mortgage protection and home insurance? Want to make sure the timing of having to get these don't slow mortgage drawdown too long but as yet dont' know of completion date. Is it best to do this during the snag so they run alongside each other - also gives time to assign the mortgage protection to bank

About a month before you are set to close IMO. You'll probably want both before you snag, since the time from snagging -> close can be quite short if your builder is looking to get your cash.

TheShow · 15-10-2019 5:39pm

Paul Tergat wrote: »

Buying a new build house - should I get a survey done before signing contracts? I know a snag is to come down the line post signing contracts. Thanks

New house, why would you need a survey?

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

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