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

Phileas Frog · 11-09-2019 11:06pm

awec wrote: »

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.

I know that, while I may have drawn down, I won't be closing (or paying) until the snag list is complete

TheShow · 12-09-2019 9:43am

Its not a snag thats the issue though. Its the homebond cert & the BER cert.
Whatever about BER cert, funds wont be released by the bank until they are in receipt of Homebond cert.

This is an awful predicament to be fair.

charlietheminxx · 12-09-2019 10:54am

TheShow wrote: »

Its not a snag thats the issue though. Its the homebond cert & the BER cert.
Whatever about BER cert, funds wont be released by the bank until they are in receipt of Homebond cert.

This is an awful predicament to be fair.

Honestly I've felt sick with stress for the last couple of days. It's the BCAR certs which take 21 days to be approved, so I'm hoping that the Homebond cert will be quicker. I've spoken to the solicitor and the bank and the general advice we've been given is to hold steady for the moment and make sure we have everything on our side ready to draw down.

TheShow · 12-09-2019 12:10pm

charlietheminxx wrote: »

Honestly I've felt sick with stress for the last couple of days. It's the BCAR certs which take 21 days to be approved, so I'm hoping that the Homebond cert will be quicker. I've spoken to the solicitor and the bank and the general advice we've been given is to hold steady for the moment and make sure we have everything on our side ready to draw down.

Fingers, toes and everything else crossed for you, hope it works out....

charlietheminxx · 12-09-2019 12:27pm

TheShow wrote: »

Fingers, toes and everything else crossed for you, hope it works out....

Thanks so much, I really appreciate that. I'll update when the time comes, might be useful if anyone else finds themselves in a similar position.

Musefan · 12-09-2019 6:47pm

Sale Agreed at 11 am yesterday.

Formal loan application submitted by mortgage advisor to underwriting, sales advice notice issued by estate agent and contracts were requested by our solicitor by 1pm yesterday. Bank valuation will be next week & surveyor is on standby once we get maps of the site.

Mortgage protection is lined up (we scoped our available products) and I’ve some home insurance quotes ready to go.

It’s all moving very quickly. I am concerned that we won’t get full loan approval (changing jobs- but within the same field/same role) but it might be more my own worries, as the mortgage advisor has advised us to crack on. I know they’re just salespeople but hopefully it’s an indication that the bank is willing to lend! We are borrowing 2.5x our income with a repayment capacity of about 1000 per month more than the mortgage payment at the min so hopefully that looks good in the banks eyes.

whatever76 · 12-09-2019 7:48pm

Musefan wrote: »

Sale Agreed at 11 am yesterday.

Formal loan application submitted by mortgage advisor to underwriting, sales advice notice issued by estate agent and contracts were requested by our solicitor by 1pm yesterday. Bank valuation will be next week & surveyor is on standby once we get maps of the site.

Mortgage protection is lined up (we scoped our available products) and I’ve some home insurance quotes ready to go.

It’s all moving very quickly. I am concerned that we won’t get full loan approval (changing jobs- but within the same field/same role) but it might be more my own worries, as the mortgage advisor has advised us to crack on. I know they’re just salespeople but hopefully it’s an indication that the bank is willing to lend! We are borrowing 2.5x our income with a repayment capacity of about 1000 per month more than the mortgage payment at the min so hopefully that looks good in the banks eyes.

I am more or less at the same stage as you now - race you

Best of luck !!!

Musefan · 12-09-2019 10:37pm

whatever76 wrote: »

I am more or less at the same stage as you now - race you

Best of luck !!!

Same to you!

BrokenArrows · 13-09-2019 8:51am

Musefan wrote: »

Sale Agreed at 11 am yesterday.

Formal loan application submitted by mortgage advisor to underwriting, sales advice notice issued by estate agent and contracts were requested by our solicitor by 1pm yesterday. Bank valuation will be next week & surveyor is on standby once we get maps of the site.

Mortgage protection is lined up (we scoped our available products) and I’ve some home insurance quotes ready to go.

It’s all moving very quickly. I am concerned that we won’t get full loan approval (changing jobs- but within the same field/same role) but it might be more my own worries, as the mortgage advisor has advised us to crack on. I know they’re just salespeople but hopefully it’s an indication that the bank is willing to lend! We are borrowing 2.5x our income with a repayment capacity of about 1000 per month more than the mortgage payment at the min so hopefully that looks good in the banks eyes.

I think you may find issues if you tell your bank you changed jobs.

Usually they require you to have passed your probation period.

13-09-2019 9:30am

Musefan wrote: »

Sale Agreed at 11 am yesterday.

Formal loan application submitted by mortgage advisor to underwriting, sales advice notice issued by estate agent and contracts were requested by our solicitor by 1pm yesterday. Bank valuation will be next week & surveyor is on standby once we get maps of the site.

Mortgage protection is lined up (we scoped our available products) and I’ve some home insurance quotes ready to go.

It’s all moving very quickly. I am concerned that we won’t get full loan approval (changing jobs- but within the same field/same role) but it might be more my own worries, as the mortgage advisor has advised us to crack on. I know they’re just salespeople but hopefully it’s an indication that the bank is willing to lend! We are borrowing 2.5x our income with a repayment capacity of about 1000 per month more than the mortgage payment at the min so hopefully that looks good in the banks eyes.

I wouldn't tell the bank you're changing jobs.

Musefan · 13-09-2019 10:08am

Ayan Prickly Road wrote: »

I wouldn't tell the bank you're changing jobs.

Hey, thanks. My understanding is there’s an obligation to be honest about any material facts that would influence your application. I’ve been open about my situation from the get go with the bank, there hasn’t been an issue thus far thankfully! I’ll see what they come back with. I didn’t want a scenario involving weeks of worry that I would be found out. If it doesn’t work out, it doesn’t work out but at least we will know what way to go about it next time.

Mickiemcfist · 13-09-2019 10:16am

Musefan wrote: »

Hey, thanks. My understanding is there’s an obligation to be honest about any material facts that would influence your application. I’ve been open about my situation from the get go with the bank, there hasn’t been an issue thus far thankfully! I’ll see what they come back with. I didn’t want a scenario involving weeks of worry that I would be found out. If it doesn’t work out, it doesn’t work out but at least we will know what way to go about it next time.

Yea I don't know of anyone who has been approved while on probation so you may want to call them asap before you get further down the track with the estate agent. Additionally there's presumably other people who would like to buy the house you've bid on & you're wasting their time & the vendors.

Musefan · 13-09-2019 10:19am

Mickiemcfist wrote: »

Yea I don't know of anyone who has been approved while on probation so you may want to call them asap before you get further down the track with the estate agent. Additionally there's presumably other people who would like to buy the house you've bid on & you're wasting their time & the vendors.

The mortgage advisor advised we proceed with the application after I outlined my full work history to her, and upcoming change of jobs.

Mickiemcfist · 13-09-2019 10:20am

Musefan wrote: »

The mortgage advisor advised we proceed with the application after I outlined my full work history to her, and upcoming change of jobs.

Unless you've underwritten approval that means absolutely nothing so I wouldn't count on it tbh.

The only way I can think it might work is that your partner could get the mortgage on her own (i.e. their salary x 3.5 is above what you're looking for anyway) Then the bank would treat your income as basically a nice to have, but not an essential part of the application.

Musefan · 13-09-2019 10:29am

Mickiemcfist wrote: »

Unless you've underwritten approval that means absolutely nothing so I wouldn't count on it tbh.

The only way I can think it might work is that your partner could get the mortgage on her own (i.e. their salary x 3.5 is above what you're looking for anyway) Then the bank would treat your income as basically a nice to have, but not an essential part of the application.

I’m aware it’s up to the underwriters. The bank we are going with have advised accept probation if it’s a move to a similar role and a consistent 3 year work history in the same field is indicated.

Mickiemcfist · 13-09-2019 10:31am

Musefan wrote: »

I’m aware it’s up to the underwriters. The bank we are going with have advised accept probation if it’s a move to a similar role and a consistent 3 year work history in the same field is indicated.

Fair enough, hopefully it works out!

Musefan · 13-09-2019 10:37am

Mickiemcfist wrote: »

Fair enough, hopefully it works out!

Me too! Thanks! I’m hoping that it isn’t going to be the a nightmare. Well aware that it will have wasted time if it falls through and felt guilty for a bit because I envisaged an issue. But then I realized I’m in the same position as anyone else really- anyone could get AIP like us and then be refused! I’m not sure if it’s a mitigating factor, but jobs in the career I’m in are fairly watertight (phd level health service worker) and my partners salary would comfortably pay our mortgage payments. He has been with the same company for four years, and I’ve been in the same field for 6 years. It will be interesting to see how it turns out. Should know next week.

Phileas Frog · 13-09-2019 10:38am

Mickiemcfist wrote: »

Yea I don't know of anyone who has been approved while on probation so you may want to call them asap before you get further down the track with the estate agent. Additionally there's presumably other people who would like to buy the house you've bid on & you're wasting their time & the vendors.

Approved with a condition of passing probation is normal enough.

TheShow · 13-09-2019 11:08am

Mickiemcfist wrote: »

Yea I don't know of anyone who has been approved while on probation so you may want to call them asap before you get further down the track with the estate agent. Additionally there's presumably other people who would like to buy the house you've bid on & you're wasting their time & the vendors.

I was approved and drew down mortgage while on probation.
Just changed jobs, same role in a different company. Wasn't an issue, wasn't even questioned.
I think most banks are practical about it.
Its only really an issue if you are just starting out in your career or you completely change career.

And who cares about that, you've made a valid offer and its been accepted. You are getting your ducks in a row. If anyone is put out by that tough sh1t to them.

Musefan · 13-09-2019 4:39pm

Just got formal loan approval there! No issues about the probation or needing new pay slips unless we don’t close by the year end. It’s fair enough as that will be about 6 months since our AIP

elizunia87 · 13-09-2019 8:57pm

Hey
We went sale agreed, paid deposit, survey done, lawyer involved but it is been around 2.5 weeks and our Lawyer didn't get contracts yet. Should we worry?
Another question : is it sense to make offer and go Sale agreed with another house we like or rather we should wait?
We are newbies, help please!
It is a second hand house.

deisedude · 13-09-2019 10:15pm

elizunia87 wrote: »

Hey
We went sale agreed, paid deposit, survey done, lawyer involved but it is been around 2.5 weeks and our Lawyer didn't get contracts yet. Should we worry?
Another question : is it sense to make offer and go Sale agreed with another house we like or rather we should wait?
We are newbies, help please!
It is a second hand house.

Why would you make an offer on another house when you have gone sale agreed on the first house?

That makes no sense

Gonad · 13-09-2019 10:18pm

Does anyone know what bank or lenders might offer a mortgage to self employed person without needing 3 years of accounts ?

Corruptedmorals · 13-09-2019 10:50pm

elizunia87 wrote: »

Hey
We went sale agreed, paid deposit, survey done, lawyer involved but it is been around 2.5 weeks and our Lawyer didn't get contracts yet. Should we worry?
Another question : is it sense to make offer and go Sale agreed with another house we like or rather we should wait?
We are newbies, help please!
It is a second hand house.

We waited 7 weeks for contracts. Annual leave was a problem there but getting deeds from the bank can take a while for the sellers.

You have paid for a survey and are proceeding with one sale. Why would you interfere with another? You could drive up the price for no reason at all. Not fair on the sellers, other buyers or the estate agents. By all means keep looking in case the first one were to fall through but to bid is unfair.

G_R · 13-09-2019 11:16pm

Gonad wrote: »

Does anyone know what bank or lenders might offer a mortgage to self employed person without needing 3 years of accounts ?

Most need two years worth, not three.

Phileas Frog · 13-09-2019 11:23pm

G_R wrote: »

Most need two years worth, not three.

I needed none, EBS

stdidit · 14-09-2019 1:20pm

I'm at the stage where I'm waiting for the house to be finished before I can drawdown my mortgage.

The mortgage rate that I agreed to has dropped by .1% Do I have any right to get the new rate seeing as I haven't drawn down yet?

Dolbhad · 14-09-2019 2:41pm

stdidit wrote: »

I'm at the stage where I'm waiting for the house to be finished before I can drawdown my mortgage.

The mortgage rate that I agreed to has dropped by .1% Do I have any right to get the new rate seeing as I haven't drawn down yet?

Your rate isn’t fixed until the funds are drawdown. So if the type of rate you have picked goes up or down, it should automatically changed accordingly. Usually a new loan offer will automatically issue so with new builds, you can have a few loan offer. Double check with your mortgage advisor but I’d expect them to say a new loan offer will issue. Unless your BOI, you will have to and a trip to see your solicitor to sign it

stdidit · 14-09-2019 2:47pm

Dolbhad wrote: »

Your rate isn’t fixed until the funds are drawdown. So if the type of rate you have picked goes up or down, it should automatically changed accordingly. Usually a new loan offer will automatically issue so with new builds, you can have a few loan offer. Double check with your mortgage advisor but I’d expect them to say a new loan offer will issue. Unless your BOI, you will have to and a trip to see your solicitor to sign it

Great news, thanks for confirming. Even .1% makes a difference! We went through a broker so will follow up with him next week.

TheShow · 16-09-2019 9:24am

Gonad wrote: »

Does anyone know what bank or lenders might offer a mortgage to self employed person without needing 3 years of accounts ?

Bank of Scotland used to, didnt work out too well for them.

You should be able to use your tax returns for the last 3 years if you don't produce accounts. Check with your bank, they will most likely accept it to verify your income.

Musefan · 16-09-2019 3:53pm

Hi,

The banks valuation is being done today (ulster bank). Will I get a copy of this or does then bank keep it for themselves?

TheShow · 16-09-2019 3:58pm

Musefan wrote: »

Hi,

The banks valuation is being done today (ulster bank). Will I get a copy of this or does then bank keep it for themselves?

You will get a copy via your solicitor when you go to sign docs if i remember correctly. Or you can ask the valuer, if you know who it is.

ChewBerecca · 16-09-2019 4:14pm

Musefan wrote: »

Hi,

The banks valuation is being done today (ulster bank). Will I get a copy of this or does then bank keep it for themselves?

We got a copy in the post from our bank (AIB).

whatever76 · 17-09-2019 11:42am

Stupid question but ill blame the stress of morgage process - BOI Life Choice Home ... does this cover the mandatory Insurances you need to set up before draw down ? I understand I need this and just Home insurance ... right ?

charlietheminxx · 17-09-2019 11:45am

whatever76 wrote: »

Stupid question but ill blame the stress of morgage process - BOI Life Choice Home ... does this cover the mandatory Insurances you need to set up before draw down ? I understand I need this and just Home insurance ... right ?

I'm not 100% familiar with BOI products but that looks like a Life Assurance policy? You need mortgage protection insurance, which is different. Lots of people take out both, but the mortgage protection is the one you need to have.

Kamili · 17-09-2019 1:02pm

has anyone had any experience with beagelbid.ie?
Estate Agent on a house I have viewed is using this to track bids and has a minimum bid figure listed which is interesting.

they also want a copy of your AIP letter to register you on this site, which is fine.

any input welcome!
thanks

Stark · 17-09-2019 1:05pm

Looks interesting. Looks like you have to specify a selling agent to sign up though?

Phileas Frog · 17-09-2019 1:08pm

charlietheminxx wrote: »

I'm not 100% familiar with BOI products but that looks like a Life Assurance policy? You need mortgage protection insurance, which is different. Lots of people take out both, but the mortgage protection is the one you need to have.

They're exactly the same thing.

Kamili · 17-09-2019 1:11pm

Stark wrote: »

Looks interesting. Looks like you have to specify a selling agent to sign up though?

yes you do, although once you have signed up you can see other agent's listings too.

Mickiemcfist · 17-09-2019 1:32pm

Phileas Frog wrote: »

They're exactly the same thing.

No they're not

awec · 17-09-2019 1:34pm

Phileas Frog wrote: »

They're exactly the same thing.

Not quite.

Mortgage protection, which banks insist on, is only designed to pay off the mortgage if you need it, and the value of it decreases over time . It'll payout the remaining value of the mortgage and not a cent more.

Life assurance, which is optional, is there to protect your dependents. The value of the payout does not decrease over time. It will payout a lump sum, irrespective of your current mortgage liability, if you die, to replace what would be your income.

TheShow · 17-09-2019 1:35pm

Phileas Frog wrote: »

They're exactly the same thing.

no they are not.

ELM327 · 17-09-2019 1:36pm

Phileas Frog wrote: »

They're exactly the same thing.

nope

whatever76 · 17-09-2019 1:53pm

awec wrote: »

Not quite.

Mortgage protection, which banks insist on, is only designed to pay off the mortgage if you need it, and the value of it decreases over time . It'll payout the remaining value of the mortgage and not a cent more.

Life assurance, which is optional, is there to protect your dependents. The value of the pay-out does not decrease over time. It will pay-out a lump sum, irrespective of your current mortgage liability, if you die, to replace what would be your income.

thanks for explanation … so am I being over sold here getting this policy in place ? Its covering Mortgage protection & Life Assurance then ? No so bad if doing both but Id be peeved if I have to get mortgage protection as well.

sorry I am just addled from it all !! :mad:

TheShow · 17-09-2019 2:01pm

it depends on what you want.
Mortgage protection is the bare minimum. its the cheapest option and works fine. If you die during the term of your mortgage, the policy pays out and clears the debt.

Life cover offers various different possibilities with varying costs.

You only need one life policy - either a basic mortgage protection policy or a something more substantial.

You will also need home insurance, with a rebuild value as stated in the valuation and contents as per the value of your contents.

whatever76 · 17-09-2019 2:11pm

TheShow wrote: »

it depends on what you want.
Mortgage protection is the bare minimum. its the cheapest option and works fine. If you die during the term of your mortgage, the policy pays out and clears the debt.

Life cover offers various different possibilities with varying costs.

You only need one life policy - either a basic mortgage protection policy or a something more substantial.

You will also need home insurance, with a rebuild value as stated in the valuation and contents as per the value of your contents.

thanks soo much !! got it now ...

awec · 17-09-2019 2:19pm

Yea you only need one, but I think many people have both (basic mortgage protection + life assurance for the income cover).

If you want to be certain that the surviving partner will be mortgage free, and have a specific amount paid as a lump sum, then you'll probably want both.

Musefan · 17-09-2019 6:04pm

whatever76 wrote: »

thanks for explanation … so am I being over sold here getting this policy in place ? Its covering Mortgage protection & Life Assurance then ? No so bad if doing both but Id be peeved if I have to get mortgage protection as well.

sorry I am just addled from it all !! :mad:

Hey! I was quoted 34 per month for life assurance. Broker I spoke to said the mortgage protection only worked out about 15 euro. He said he could work with a budget of 34 to get separate life assurance and mortgage protection products. That way, the life assurance lump sum isn’t used to pay off the mortgage, and the mortgage protection takes care of the remainder of the loan.

GingerLily · 17-09-2019 10:14pm

awec wrote: »

Yea you only need one, but I think many people have both (basic mortgage protection + life assurance for the income cover).

If you want to be certain that the surviving partner will be mortgage free, and have a specific amount paid as a lump sum, then you'll probably want both.

Both myself and my partner have death benefit and some illness cover through work, so we only needed the mortgage protection ourselves, I wonder how many people already have the cover they need through work benefits? I know they tried to over sell to us and we almost bought it until we checked!

ChewBerecca · 17-09-2019 10:29pm

GingerLily wrote: »

Both myself and my partner have death benefit and some illness cover through work, so we only needed the mortgage protection ourselves, I wonder how many people already have the cover they need through work benefits? I know they tried to over sell to us and we almost bought it until we checked!

We have death in service and health insurance with work but still decided to get specified illness benefit with our mortgage protection insurance. Didnt go with our banks policy.

Our VHI cover might take care of hospital bills, but it would do nada in terms of paying the mortgage if one of us was diagnosed with a serious illness. I'd rather pay the extra each month to have the peace of mind that should either of us get some dreaded news, half our mortgage would be paid off. Would make things much easier in the long run if one of us was out of work due to illness.

It is a personal decision for everyone. The bank only need th bare minimum, but if you can spare the extra cash it does give a nice safety net.

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

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