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08-11-2015, 00:42   #166
Santy2015
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Booking deposits, do you need to have full deposit amount to make a bid on a house?
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08-11-2015, 01:26   #167
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Booking deposits, do you need to have full deposit amount to make a bid on a house?
Booking deposit is usually something similar to the fee the EA will charge the vendor rounded up. 2-3% would be normal. If you don't have this available, don't buy a house.

If you don't have the full (10-20%) deposit and associated costs available quickly when bidding you're probably not going to get a mortgage, though.
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08-11-2015, 10:20   #168
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Booking deposits, do you need to have full deposit amount to make a bid on a house?

In our case, as we got the full approval before we had the full deposit & fees etc, our application included a "gift" of the shortfall. So for example, if you are say 5000 short, at the time you notify the bank if the property, you can tell the bank you are getting this amount gifted to you by a family member, and then continue to save until you no longer need the gift.

You need to be certain of what you will be able to save in a specific time frame for this to work and be clear that you won't actually close too early (before you have the full amount saved).

It worked for us as we agreed a closing date with the estate agent no earlier than end of October (on house we paid small deposit on early August). But this method does add pressure to the savings process. If you can hold off getting full approval before you inform the bank of the property details, you can avoid that pressure. If you do use this method, get that agreement of a "closing date no earlier than" in writing before you sign and exchange contracts. The builders solicitor wouldn't agree to that until we showed them the agreement that had been made on our behalf by the EA with the builder in writing.
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08-11-2015, 12:08   #169
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Ah I see, but hopefully we'll be ready come the start of match with our deposit, our plan is to go for mortgage approval in January and then start looking at houses, we do have our eye on an estate in the area we live already and with us saving 300euro a week plus, we should be fine, we'll keep saving that until we get the keys to whatever house we get. I'll be a sponge for information if anyone wants to keep adding to this thread. Thanks
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09-11-2015, 08:25   #170
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I would imagine you wont get approval in January unless you have your full deposit ready they wont give you approval on the basis that you will be ready in march
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09-11-2015, 09:12   #171
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At what points do the bank look for proof of earnings?

I'm in a situation now where im working in Dublin, but we plans to move down the country. My salary will take at hit (10-15% I guess) as a result. Would I be able to get approval on my Dublin salary, hold onto this approval, take a job down the country and use my Dublin salary based approval to buy? Or are the bank going to look for salary certs as the bid is closing?
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09-11-2015, 10:23   #172
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I would imagine you wont get approval in January unless you have your full deposit ready they wont give you approval on the basis that you will be ready in march
I know that with BOI you can get house hunters approval for 6 months as you around for a house, obviously you'll need your deposit if you want to draw down the mortgage and you get 6 more months then once you make a bid that's accepted
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09-11-2015, 10:56   #173
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At what points do the bank look for proof of earnings?

I'm in a situation now where im working in Dublin, but we plans to move down the country. My salary will take at hit (10-15% I guess) as a result. Would I be able to get approval on my Dublin salary, hold onto this approval, take a job down the country and use my Dublin salary based approval to buy? Or are the bank going to look for salary certs as the bid is closing?
Both banks I applied with required salary certs, P60 and payslips (3) during approval, and indicated I would need to inform of a change in job if that happened. People I know had to provide new payslips at drawdown to prove they still had same salary as they applied with.
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09-11-2015, 11:12   #174
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Both banks I applied with required salary certs, P60 and payslips (3) during approval, and indicated I would need to inform of a change in job if that happened. People I know had to provide new payslips at drawdown to prove they still had same salary as they applied with.
Yeah. Possibly wont be an issue for us, just conscious of it. Guess its not worth the heart ache of potentially screwing up your "dream house" purchase. Better face up to reality sooner
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09-11-2015, 11:15   #175
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I would imagine you wont get approval in January unless you have your full deposit ready they wont give you approval on the basis that you will be ready in march
Not so sure about that, I know someone who got approval based on a gift making up the rest of their deposit, they were never getting one but said this to get approval and then saved the difference between getting approval and deciding on a house.
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09-11-2015, 11:34   #176
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Not so sure about that, I know someone who got approval based on a gift making up the rest of their deposit, they were never getting one but said this to get approval and then saved the difference between getting approval and deciding on a house.
Yeah I've heard of that too, so it'll probably be he way we'll go. But saying that we'd be roughly about 2.5k away from full deposit and stamp duty when we go for approval in January. That 2.5k will only take 8 weeks to save up with a bit extra if needed
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09-11-2015, 12:34   #177
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At what points do the bank look for proof of earnings?

I'm in a situation now where im working in Dublin, but we plans to move down the country. My salary will take at hit (10-15% I guess) as a result. Would I be able to get approval on my Dublin salary, hold onto this approval, take a job down the country and use my Dublin salary based approval to buy? Or are the bank going to look for salary certs as the bid is closing?

Conditions of getting mortgage approval include (for permanent employees) being finished probation and in the job at least six months. I know some (TSB anyway), and I'd expect all banks (though maybe I'm wrong) will ask for proof your situation hasn't changed when it comes to actually getting the mortgage. If they see you changed jobs, as well as salary I don't think they'll give you the mortgage at that stage. I could be wrong of course but the banks are being more cautious/stringent on paperwork then they used to be back in 2008 (which is a good thing).
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09-11-2015, 12:59   #178
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Yeah. Possibly wont be an issue for us, just conscious of it. Guess its not worth the heart ache of potentially screwing up your "dream house" purchase. Better face up to reality sooner
If you could draw down the mortgage before changing jobs (and without telling the bank you are thinking of changing) I reckon that would be the easiest and fastest way to do things.

Once you have the house bought then there isn't anything stopping you changing jobs etc.
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09-11-2015, 22:11   #179
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This is fair whirlwind stuff we are going trough and at the same time not going too fast. Looking forward to it but absolutely scared sh**less by it at the same time. Anybody on the same boat as us? 26-30 FTB feel free to tell your experiences
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24-11-2015, 12:59   #180
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Just an update, herself and I have just come out of a meeting with our bank and will be applying for a mortgage the next few weeks. Got good news in terms of what we can borrow and that they'd help with finishing off a builders finish house, if we went that way. All in all very happy and they seemed very very positive
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