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

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    #8552
    Sunrise_Sunset
    Registered Users Posts: 1,211 ✭✭✭Sunrise_Sunset


    BadSanta wrote: »
    5 to 9 weeks. sorry that's start from booking. so minus those days you did from booking to contract signing.

    Ok, gotcha.
    6 weeks sale agreed on property we're selling. 5 weeks sale agreed on property we're buying.


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    #8553
    drunkmonkey
    Registered Users Posts: 28,100 ✭✭✭✭drunkmonkey


    Time it your last in the chain to fully commit make sure your solicitor knows that. Read and article today 1 in 4 sales are falling through after sale agreed. The closer we get to Brexit I think people are getting jittery with the talk of job losses and recession. You can be full sure the media will keep ramping it up especially since it's silly season and Leo is off working on his tan.


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    #8554
    LoonyLovegood
    Moderators, Music Moderators, Social & Fun Moderators Posts: 6,068 Mod ✭✭✭✭LoonyLovegood


    I was going to ask, is anyone holding off buying because of Brexit? By the end of the year I'll have a 30k deposit saved, but being a single applicant that puts places I can afford out in the middle of nowhere on my income. People keep saying prices are going to fall, so I'm thinking keep saving a higher deposit and wait it out? It's just a guessing game at the minute that I hate.


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    #8555
    drunkmonkey
    Registered Users Posts: 28,100 ✭✭✭✭drunkmonkey


    Do you need a house now, as in are you still relatively young can you hold off a few years and enjoy your freedom until someone locks you down. Then the 2 of you can afford a place in a better location. Buying in the middle of nowhere and if there is a downturn and life changes and you need to sell you could get stuck.
    I'm not sure there's going to be a recession but still you'd like to see how the world is looking after October.


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    #8556
    Lux23
    Registered Users Posts: 7,134 ✭✭✭Lux23


    LoonyLovegood wrote: »
    I was going to ask, is anyone holding off buying because of Brexit? By the end of the year I'll have a 30k deposit saved, but being a single applicant that puts places I can afford out in the middle of nowhere on my income. People keep saying prices are going to fall, so I'm thinking keep saving a higher deposit and wait it out? It's just a guessing game at the minute that I hate.

    We have decided to hold off, but we are interested in a particular development so it depends on what happens with their next big release in September. They sold out in no time in March, but they had a limited release of six housea few weeks ago and they still have five for sale, so they may need to reduce the price.

    An estate agents tod me that prices will go down more by the end of the year, maybe even by 10%. But you can only take that with a pinch of salt.


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    #8557
    Butterface
    Registered Users Posts: 731 ✭✭✭Butterface


    We're sale agreed on a new build in a perfect location for us. But everybody we've talked to about the development (without them knowing we are thinking of buying there) has said they think they are overpriced.

    We are concerned there will be a big drop in prices, but we also know that the location cannot be beaten and it will be our forever home (all going well).

    So our choice is either buy now, or wait a few years and see... Since we're in the position to buy now at this price, we most likely will. I don't want to pay high rent for another 2/3 years!!


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    #8558
    OEP
    Registered Users Posts: 1,148 ✭✭✭OEP


    Butterface wrote: »
    We're sale agreed on a new build in a perfect location for us. But everybody we've talked to about the development (without them knowing we are thinking of buying there) has said they think they are overpriced.

    We are concerned there will be a big drop in prices, but we also know that the location cannot be beaten and it will be our forever home (all going well).

    So our choice is either buy now, or wait a few years and see... Since we're in the position to buy now at this price, we most likely will. I don't want to pay high rent for another 2/3 years!!

    If it's your forever home a drop in prices doesn't matter that much. Negative equity is only a big issue if you're looking to sell. It's unlikely that any price drops are going to be that much anyway, certainly no where near like before - maybe 10%


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    #8559
    Butterface
    Registered Users Posts: 731 ✭✭✭Butterface


    OEP wrote: »
    If it's your forever home a drop in prices doesn't matter that much. Negative equity is only a big issue if you're looking to sell. It's unlikely that any price drops are going to be that much anyway, certainly no where near like before - maybe 10%

    Yeah, obviously we can never know what happens in the future, but we have always said we're not going to buy a house we don't consider to be a long-term home. The location of the development is too good to pass up. I guess if the prices drop it will sting, but we won't be planning to sell any time in the near future so shouldn't matter too much.


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    #8560
    Creamy Goodness
    Registered Users Posts: 26,556 ✭✭✭✭Creamy Goodness


    If it’s a new build be careful waiting for a drop especially considering the uncertainty of the Help-To-Buy scheme end date. New builds in my area have all generated queues 3-5 fold the amount of houses per phase and each property gone up roughly 30-40k per phase. The estate agent will just go to next in line and you’ll be kicking yourself.

    In the grand scheme of things if the house is something you definitely want a 10% drop is minuscule in terms of 15-20 years.


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    #8561
    charlietheminxx
    Registered Users Posts: 2,579 ✭✭✭charlietheminxx


    Another point to note is if you're waiting 2-3 years for a good price drop, how much rent have you paid while you're waiting? For a lot of people in Dublin, that can be about €30-60k per couple... it seems like a gamble on house prices dropping by that much.


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    #8562
    ste
    Registered Users Posts: 574 ✭✭✭ste


    charlietheminxx wrote: »
    Another point to note is if you're waiting 2-3 years for a good price drop, how much rent have you paid while you're waiting? For a lot of people in Dublin, that can be about €30-60k per couple... it seems like a gamble on house prices dropping by that much.

    Agreed. Also the cost to build in Ireland is not going to change much (will remain high) in any short-medium period of time. Already builders are slowing housing completions in Dublin as stock isn't clearing as fast. They will not make the same mistake of over-building & there being a glut of new homes. It looks like there will only be 22k new houses (or thereabouts) this year. Control supply, control prices.

    I must say though that some new build prices in Dublin are cheekily high. In some areas they are way out if line with older properties. Yes refurb costs are high & yes Help-to-buy is nice but still I think there are some overpriced new homes. Nothing that would move the dial on general house price growth/decline, just regional blips imo. :)


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    #8563
    Corruptedmorals
    Registered Users Posts: 4,194 ✭✭✭Corruptedmorals


    Far more relaxed now that the little things are all done or ready to roll as soon as we have a date. It's reassuring to see all of the tasks accomplished on the AIB app. It hasn't been 4 weeks yet, would love the contracts to issue before August purely because we feel nothing will be done that month with the high chance of annual leave but it's not a disaster if it doesn't and at least we know nothing on the bank or insurance side can hold us up.


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    #8564
    Misssally
    Registered Users Posts: 15 ✭Misssally


    Does Anyone know the average time for the loan pack to issue? Had underwritten AIP & went sale agreed almost 5 weeks ago. House valued by bank a week later & still no loan offer. They keep saying it’ll be issued in the coming days but as of Friday it still hadn’t. They’re not waiting on anything from me. Is this normal? I’m starting to worry.


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    #8565
    Dolbhad
    Registered Users Posts: 782 ✭✭✭Dolbhad


    Misssally wrote: »
    Does Anyone know the average time for the loan pack to issue? Had underwritten AIP & went sale agreed almost 5 weeks ago. House valued by bank a week later & still no loan offer. They keep saying it’ll be issued in the coming days but as of Friday it still hadn’t. They’re not waiting on anything from me. Is this normal? I’m starting to worry.

    Which bank is is? I was Ulster Bank and took about three weeks. However it is holiday time so I expect banks to have delay due to staff going on holidays so may be nothing to worry about.


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    #8566
    Corruptedmorals
    Registered Users Posts: 4,194 ✭✭✭Corruptedmorals


    Depends on the bank. AIB have a standard set of 5 working days, must apply only when there is no outstanding paperwork etc. It took 2 days post sale information being sent for them to move it to underwriters and then 5 to issue the letter. Whatever bank that is, would definitely keep on to them. They might be struggling a bit with timelines with annual leave I suppose.


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    #8567
    Sunrise_Sunset
    Registered Users Posts: 1,211 ✭✭✭Sunrise_Sunset


    Misssally wrote: »
    Does Anyone know the average time for the loan pack to issue? Had underwritten AIP & went sale agreed almost 5 weeks ago. House valued by bank a week later & still no loan offer. They keep saying it’ll be issued in the coming days but as of Friday it still hadn’t. They’re not waiting on anything from me. Is this normal? I’m starting to worry.

    We are with PTSB and got ours within about 4 weeks I think.
    That was last month. There could be slight delays now with staff being on annual leave.


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    #8568
    Uncle_Joe
    Registered Users Posts: 37 ✭Uncle_Joe


    I’m about to close this week and I’ve just had an email telling me the bank has requested another drive-by valuation.

    Is this normal? Especially when the deal so close to closing?

    The last one was done in April.


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    #8569
    GingerLily
    Registered Users Posts: 4,767 ✭✭✭GingerLily


    Uncle_Joe wrote: »
    I’m about to close this week and I’ve just had an email telling me the bank has requested another drive-by valuation.

    Is this normal? Especially when the deal so close to closing?

    The last one was done in April.

    Is it a new build?


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    #8570
    VonLuck
    Registered Users Posts: 2,174 ✭✭✭VonLuck


    Does anyone know if any banks are currently providing exemptions? I do not need a particularly large one, but I would like to avoid asking my parents for the gifting of the small amount to get me across the line.


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    #8571
    Dolbhad
    Registered Users Posts: 782 ✭✭✭Dolbhad


    Uncle_Joe wrote: »
    I’m about to close this week and I’ve just had an email telling me the bank has requested another drive-by valuation.

    Is this normal? Especially when the deal so close to closing?

    The last one was done in April.

    As another poster said if it’s a new build, a final valuation is needed. Just to note Valuations are only valid for 4 months.


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    #8572
    Misssally
    Registered Users Posts: 15 ✭Misssally


    Sunrise_Sunset wrote: »
    We are with PTSB and got ours within about 4 weeks I think.
    That was last month. There could be slight delays now with staff being on annual leave.

    Yeah it’s ptsb. Good to know it’s not too unusual for them!


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    #8573
    charlietheminxx
    Registered Users Posts: 2,579 ✭✭✭charlietheminxx


    VonLuck wrote: »
    Does anyone know if any banks are currently providing exemptions? I do not need a particularly large one, but I would like to avoid asking my parents for the gifting of the small amount to get me across the line.

    It usually depends on the bank, but I know when I first applied in August last year, there were none left to be had - we waited until January to get one.


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    #8574
    Interested Observer
    Registered Users Posts: 13,001 ✭✭✭✭Interested Observer


    charlietheminxx wrote: »
    It usually depends on the bank, but I know when I first applied in August last year, there were none left to be had - we waited until January to get one.

    Apparently not all banks used all their exemptions last year, read it either in this thread or the Property Market thread.


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    #8575
    ELM327
    Registered Users Posts: 21,367 ✭✭✭✭ELM327


    Back onto this thread again, about 18 months after getting the keys to my last property I want to sell up and buy a larger one with herself.
    Booked appointment with PTSB next week, memories of how arduous the process was last time are still fresh in my mind!

    Luckily my property has appreciated in the last 18 months and I put down a 20% deposit initially, so I have a fair bit of equity to move, coupled with joint savings near 20k.


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    #8576
    Mickiemcfist
    Registered Users Posts: 1,585 ✭✭✭Mickiemcfist


    Quick query, would going through a broker in any way harm your chances? Why wouldn't everyone do so?


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    #8577
    ELM327
    Registered Users Posts: 21,367 ✭✭✭✭ELM327


    Mickiemcfist wrote: »
    Quick query, would going through a broker in any way harm your chances? Why wouldn't everyone do so?
    Wouldnt harm your chances but theres no need to add a middleman if one is not needed

    Some cases which the bank may not approve directly apparently get through via brokers - which as far as I can see, is the only reason to go with one.


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    #8578
    Creamy Goodness
    Registered Users Posts: 26,556 ✭✭✭✭Creamy Goodness


    Mickiemcfist wrote: »
    Quick query, would going through a broker in any way harm your chances? Why wouldn't everyone do so?
    Going with a broker is only good if your situation is complicated. If you've a clean financial record there's no difference doing it yourself.


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    #8579
    Interested Observer
    Registered Users Posts: 13,001 ✭✭✭✭Interested Observer


    ELM327 wrote: »
    Wouldnt harm your chances but theres no need to add a middleman if one is not needed

    Some cases which the bank may not approve directly apparently get through via brokers - which as far as I can see, is the only reason to go with one.

    Well that's a pretty big reason in itself. The other reasons are that it consolidates all your applications into one, you'll get good advice on the different products on the market, it speeds up any communications with the bank as the broker will have a direct line to someone, we also got to borrow more through the broker without need an exemption as they got the bank at account for variable income. I highly recommend using a broker, as someone who tried doing it myself initially.


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    #8580
    Kh1993
    Closed Accounts Posts: 443 ✭✭Kh1993


    VonLuck wrote: »
    Does anyone know if any banks are currently providing exemptions? I do not need a particularly large one, but I would like to avoid asking my parents for the gifting of the small amount to get me across the line.

    Best bet is to ask them all. PTSB told us recently that they do offer exemptions, but only if salaries combined are over 80k.


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    #8581
    Sunrise_Sunset
    Registered Users Posts: 1,211 ✭✭✭Sunrise_Sunset


    Kh1993 wrote: »
    Best bet is to ask them all. PTSB told us recently that they do offer exemptions, but only if salaries combined are over 80k.

    They told us no exemptions at all.


This discussion has been closed.
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