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

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Comments

  • #8972
    Amber Round Eyelid
    Closed Accounts Posts: 3,962 ✭✭✭ Amber Round Eyelid


    ChewBerecca wrote: »
    Depending on your bank, it has to be witnessed by either solicitor or bank official.

    We're with AIB and just brought it to the mortgage advisor in a branch near our work.

    Thanks. My mortgage broker will witness it, I was just wondering whether it's something my solicitor should review first. The top of the document says you should seek legal advice before signing - do most people actually get it checked or not bother? I need to submit it asap but they seemed surprised when I suggested I would need time to check it with my solicitor.


  • #8973
    ChewBerecca
    Registered Users Posts: 301 ✭✭ChewBerecca


    Amber Round Eyelid wrote: »
    Thanks. My mortgage broker will witness it, I was just wondering whether it's something my solicitor should review first. The top of the document says you should seek legal advice before signing - do most people actually get it checked or not bother? I need to submit it asap but they seemed surprised when I suggested I would need time to check it with my solicitor.

    Both of the deeds of assignment (home insurance and mortgage protection insurance) were standard issue forms from our bank.

    I was happy enough with the content but if you are unsure, then by all means ask for a review or explanation.

    Make sure whoever is witnessing knows how to fill out the forms, if they are completed incorrectly it can cause major hassle.


  • #8974
    VonLuck
    Registered Users Posts: 2,174 ✭✭✭VonLuck


    GingerLily wrote: »
    If you stay with your current mortgage provider I don't think there's a charge? Are you looking to change bank?

    Not right now, but when the fixed period of my mortgage finishes I will want to change to another fixed rate, potentially from another bank.


  • #8975
    Amber Round Eyelid
    Closed Accounts Posts: 3,962 ✭✭✭ Amber Round Eyelid


    ChewBerecca wrote: »
    Both of the deeds of assignment (home insurance and mortgage protection insurance) were standard issue forms from our bank.

    I was happy enough with the content but if you are unsure, then by all means ask for a review or explanation.

    Make sure whoever is witnessing knows how to fill out the forms, if they are completed incorrectly it can cause major hassle.

    It looks standard to me. I'll go ahead and sign it. I think everyone is just eager to get it in place before anything else new crops up with my health.


  • #8976
    TheShow
    Registered Users Posts: 1,157 ✭✭✭TheShow


    Amber Round Eyelid wrote: »
    I need some advice on the Deed of Assignment for mortgage protection insurance - do people usually just sign it and submit it, or is it something that should be checked by solicitor?

    No need for the solicitor to be involved, unless you want to pay them for the privilege.
    The form allows the bank to take assignment of the policy and in the event of your death during the life of the mortgage, the insurance company pay out directly to the bank.


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  • #8977
    TheShow
    Registered Users Posts: 1,157 ✭✭✭TheShow


    VonLuck wrote: »
    Not right now, but when the fixed period of my mortgage finishes I will want to change to another fixed rate, potentially from another bank.

    there will be legal fees as your solicitor needs to be involved, but they should be reduced as there is no transfer of title etc involved.

    Ask your solicitor for a quote is the best way to find out how much.


  • #8978
    Interested Observer
    Registered Users Posts: 12,999 ✭✭✭✭Interested Observer


    VonLuck wrote: »
    Not right now, but when the fixed period of my mortgage finishes I will want to change to another fixed rate, potentially from another bank.

    Then you'll need a solicitor which obviously costs money. It should be cheaper than buying a new house though, and a lot of the banks will offer some incentive to switchers to cover legal fees.


  • #8979
    deisedude
    Registered Users Posts: 4,812 ✭✭✭deisedude


    Meeting with the builders next week to go through the electrical layout. Having reviewed the plans we are fairly happy with whats there. Is there anything I should look out for / specific questions I should be asking?


  • #8980
    lmarieloos
    Registered Users Posts: 19 ✭lmarieloos


    DelBoy Trotter wrote: »
    The 2.5% fixed rate isn't available to FTBs who are looking at a 88-90% LTV so that's no good for us.

    BOI have only recently introduced a 'Green Mortgage' where if the property you are buying is A energy rated you get an additional 0.2% discount on fixed rates, we went with BOI and we are getting the cashback plus 5 year fixed for 2.8%


  • #8981
    purpleisafruit
    Registered Users Posts: 508 ✭✭✭purpleisafruit


    deisedude wrote: »
    Meeting with the builders next week to go through the electrical layout. Having reviewed the plans we are fairly happy with whats there. Is there anything I should look out for / specific questions I should be asking?
    Have you got your kitchen layout sorted? Consider where furniture is going to be and if you're mounting TVs on the wall, better to hide the sockets behind them etc. If the option is available have some outdoor sockets installed, useful for power washers/vacuums etc.
    It's better to have 2 many sockets than not enough in my opinion.


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  • #8982
    awec
    Administrators Posts: 53,332 Admin ✭✭✭✭✭awec


    deisedude wrote: »
    Meeting with the builders next week to go through the electrical layout. Having reviewed the plans we are fairly happy with whats there. Is there anything I should look out for / specific questions I should be asking?

    If you want electricity to the garden for a shed or whatever now is the time to ask for that.


  • #8983
    Phileas Frog
    Closed Accounts Posts: 946 ✭✭✭Phileas Frog


    deisedude wrote: »
    Meeting with the builders next week to go through the electrical layout. Having reviewed the plans we are fairly happy with whats there. Is there anything I should look out for / specific questions I should be asking?

    Also consider ducting and cabling to your front door area for electric car charging.


  • #8984
    TheShow
    Registered Users Posts: 1,157 ✭✭✭TheShow


    purpleisafruit wrote: »
    Have you got your kitchen layout sorted? Consider where furniture is going to be and if you're mounting TVs on the wall, better to hide the sockets behind them etc. If the option is available have some outdoor sockets installed, useful for power washers/vacuums etc.
    It's better to have 2 many sockets than not enough in my opinion.

    do you have a shed or are you planning on a shed? you will need electricity in there. also outdoor sockets and security lights also.


  • #8985
    charlietheminxx
    Registered Users Posts: 2,579 ✭✭✭charlietheminxx


    Does anyone know how long a solicitor can hold mortgage drawdown funds for? We are running into issues at the final hurdle, the developer doesn't think we will be in a position to close until 2 weeks after our extended mortgage offer runs out. My stress levels are through the roof.


  • #8986
    MacDanger
    Registered Users Posts: 2,335 ✭✭✭MacDanger


    Hi

    We're going to apply for a mortgage shortly and I'm just wondering if people think it's worth going with a broker (we have other business with her so she's waiving her standard fee but will get paid a commission on the mortgage if we draw it down) or just do it ourselves?

    Thanks


  • #8987
    Prospector1989
    Registered Users Posts: 212 ✭✭Prospector1989


    MacDanger wrote: »
    Hi

    We're going to apply for a mortgage shortly and I'm just wondering if people think it's worth going with a broker (we have other business with her so she's waiving her standard fee but will get paid a commission on the mortgage if we draw it down) or just do it ourselves?

    Thanks

    We went broker.

    Ours wasn't a straightforward application, we needed an exemption plus we were organising a wedding so it felt like a no-brainer for us.

    Would 100% make the same choice again.

    He talked to 3 different banks and applied to 2 in the end. We only had to submit any paperwork to him.

    It suited us perfectly although I know some would prefer to deal directly with the banks.

    Not sure if it's true that some banks won't deal with brokers?


  • #8988
    TheShow
    Registered Users Posts: 1,157 ✭✭✭TheShow


    charlietheminxx wrote: »
    Does anyone know how long a solicitor can hold mortgage drawdown funds for? We are running into issues at the final hurdle, the developer doesn't think we will be in a position to close until 2 weeks after our extended mortgage offer runs out. My stress levels are through the roof.

    I don't think there is a restriction but the solicitor may not want to hold funds for extended period.

    Also, you will be paying interest from when the funds are paid to your solicitor so if it takes a while you could be making mortgage payments on the property and you haven't even got the keys....

    Talk to the bank and let them know whats happening, given that its so close to closing, they may accommodate. hopefully the issue isn't significant.


  • #8989
    TheShow
    Registered Users Posts: 1,157 ✭✭✭TheShow


    MacDanger wrote: »
    Hi

    We're going to apply for a mortgage shortly and I'm just wondering if people think it's worth going with a broker (we have other business with her so she's waiving her standard fee but will get paid a commission on the mortgage if we draw it down) or just do it ourselves?

    Thanks

    A broker will go to all the banks and is supposed to get you the best deal available, however in reality they go to the bank that pays the best commission.

    The benefit is you only have to supply one set of supporting documents.

    If you go to multiple banks yourself you will need multiple copies.

    If you have a broker that you use regularly for your business, then it makes sense to use them again as they should be very familiar with your circumstances, which should in theory make the process easier.


  • #8990
    deisedude
    Registered Users Posts: 4,812 ✭✭✭deisedude


    purpleisafruit wrote: »
    Have you got your kitchen layout sorted? Consider where furniture is going to be and if you're mounting TVs on the wall, better to hide the sockets behind them etc. If the option is available have some outdoor sockets installed, useful for power washers/vacuums etc.
    It's better to have 2 many sockets than not enough in my opinion.

    Not yet sorted with the kitchen. Meeting with the Kitchen supplier on Saturday to get that sorted but may not be done before we meet the builder.

    Outdoor socket, great idea. Would have forget that
    TheShow wrote: »
    do you have a shed or are you planning on a shed? you will need electricity in there. also outdoor sockets and security lights also.

    Will be getting a small wooden shed in time but not right now unless finances permit otherwise! Thanks for heads up


  • #8991
    charlietheminxx
    Registered Users Posts: 2,579 ✭✭✭charlietheminxx


    TheShow wrote: »
    I don't think there is a restriction but the solicitor may not want to hold funds for extended period.

    Also, you will be paying interest from when the funds are paid to your solicitor so if it takes a while you could be making mortgage payments on the property and you haven't even got the keys....

    Talk to the bank and let them know whats happening, given that its so close to closing, they may accommodate. hopefully the issue isn't significant.

    Thanks so much for the advice. Unfortunately the bank have been explicit that if we don't draw down within our extension period, we have to re-do our whole application. We got an exception on the LTI rules and they also advised that we might not get that on a new application. It's not a fun situation to be in!

    I'm hoping our solicitor can draw down before the deadline and just hold the money for a couple of weeks to get the sale over the line. I don't mind paying the interest, just don't want to lose the house when we are weeks away from moving in.


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  • #8992
    Prospector1989
    Registered Users Posts: 212 ✭✭Prospector1989


    charlietheminxx wrote: »
    Does anyone know how long a solicitor can hold mortgage drawdown funds for? We are running into issues at the final hurdle, the developer doesn't think we will be in a position to close until 2 weeks after our extended mortgage offer runs out. My stress levels are through the roof.

    Our solicitor had our funds for over a month before the purchase was finalised.
    The bank were happy to release the funds as we were already in the house but I'm not sure if that would matter to the bank.


  • #8993
    awec
    Administrators Posts: 53,332 Admin ✭✭✭✭✭awec


    Will the bank sign off on the valuation before the house is complete? Are you happy to draw down funds before you snag anything?


  • #8994
    TheShow
    Registered Users Posts: 1,157 ✭✭✭TheShow


    awec wrote: »
    Will the bank sign off on the valuation before the house is complete? Are you happy to draw down funds before you snag anything?

    This is true, the property must be fully complete before the bank will allow drawdown. they will need final valuation or engineers cert to confirm same.


  • #8995
    charlietheminxx
    Registered Users Posts: 2,579 ✭✭✭charlietheminxx


    Thanks guys. The house is pretty much ready to move into physically, all connected up etc. - valuation report is done and we have snagged. There were a few minor cosmetic issues on the snag which are being sorted now, and we are to re-snag next week. Apparently the hold up is with the BCAR and Homebond certs, they are submitting them in blocks and the next block won't be sent off until late next week. It takes 3 weeks for the certs to be approved, which will take us about 10 days past our extended mortgage date.


  • #8996
    TheShow
    Registered Users Posts: 1,157 ✭✭✭TheShow


    charlietheminxx wrote: »
    Thanks guys. The house is pretty much ready to move into physically, all connected up etc. - valuation report is done and we have snagged. There were a few minor cosmetic issues on the snag which are being sorted now, and we are to re-snag next week. Apparently the hold up is with the BCAR and Homebond certs, they are submitting them in blocks and the next block won't be sent off until late next week. It takes 3 weeks for the certs to be approved, which will take us about 10 days past our extended mortgage date.

    Bank will definitely not payout without homebond cert, sorry, not looking good.
    Is there no way the builder can get this fast tracked? its their issue to be fair.


  • #8997
    charlietheminxx
    Registered Users Posts: 2,579 ✭✭✭charlietheminxx


    TheShow wrote: »
    Bank will definitely not payout without homebond cert, sorry, not looking good.
    Is there no way the builder can get this fast tracked? its their issue to be fair.

    The builder knows the predicament we are in and had previously told us if we got the valuation done, we should be ok to draw down even if we haven't closed, it was only today they told us that this was "unlikely". I don't know what to do at this point. We've ordered our floors, we've ordered furniture and have a heap of stuff sitting in a storage unit waiting to move in. I never thought we could end up stuck like this.


  • #8998
    Phileas Frog
    Closed Accounts Posts: 946 ✭✭✭Phileas Frog


    You can't close without drawing down your mortgage, it's impossible. The funds have to be in the vendor's solicitor's account before you close. Ergo, you have to draw down before closing.


  • #8999
    charlietheminxx
    Registered Users Posts: 2,579 ✭✭✭charlietheminxx


    Phileas Frog wrote: »
    You can't close without drawing down your mortgage, it's impossible. The funds have to be in the vendor's solicitor's account before you close. Ergo, you have to draw down before closing.

    Yes I know, I’m just upset and wording things badly. I meant if we weren’t ready to close in terms of all the paperwork being in order.


  • #9000
    Phileas Frog
    Closed Accounts Posts: 946 ✭✭✭Phileas Frog


    In my case, the draw down request has been sent to the bank and I've yet to send off the snag list to the developer. I'd say you're fine.


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  • #9001
    awec
    Administrators Posts: 53,332 Admin ✭✭✭✭✭awec


    Phileas Frog wrote: »
    In my case, the draw down request has been sent to the bank and I've yet to send off the snag list to the developer. I'd say you're fine.

    Bank doesn't care about your snag list.

    The point about paying before snagging is that builders are always quicker to fix things when they're waiting on their money.


This discussion has been closed.
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