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

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Comments

  • #552
    bleary
    Registered Users, Registered Users 2 Posts: 495 ✭✭bleary


    I wouldn't just email my offer, ring, suss out the situation , give offer don't discuss , then say you will follow up with email.
    Hi x ,
    Just to confirm my offer of x subject to survey and contract. I am mortgage approved (if you are) ,etc. etc.


  • #553
    Santy2015
    Registered Users, Registered Users 2 Posts: 1,065 ✭✭✭Santy2015


    bleary wrote: »
    I wouldn't just email my offer, ring, suss out the situation , give offer don't discuss , then say you will follow up with email.
    Hi x ,
    Just to confirm my offer of x subject to survey and contract. I am mortgage approved (if you are) ,etc. etc.
    Thanks, I'll do something like that, I've something similar drafted so will add in the survey bit.


  • #554
    wench
    Registered Users, Registered Users 2 Posts: 1,651 ✭✭✭wench


    Santy2015 wrote: »
    Sorry never gave much details. They want 150k finished but on the property price register just before Xmas one of the same houses sold for 120k now I know prices have gone up in the last few months but 30k seems excessive.
    Are these new builds? If so, have you factored in that the price on the register is ex-vat. So the 120K price recorded would actually reflect an asking price of €136K.


  • #555
    Santy2015
    Registered Users, Registered Users 2 Posts: 1,065 ✭✭✭Santy2015


    wench wrote: »
    Are these new builds? If so, have you factored in that the price on the register is ex-vat. So the 120K price recorded would actually reflect an asking price of €136K.

    Yes new builds, only after I looked it up I found out it excluded the vat, gives me a better understanding of it now.


  • #556
    Santy2015
    Registered Users, Registered Users 2 Posts: 1,065 ✭✭✭Santy2015


    Got offer accepted on first attempt, small steps and deep breaths from here on. :)


  • #557
    HiGlo
    Registered Users Posts: 561 ✭✭✭HiGlo


    Santy2015 wrote: »
    Got offer accepted on first attempt, small steps and deep breaths from here on. :)

    It's been fun to join you on this journey and hear all about your progress. I wish you the very best of luck with the rest of the process now. :)


  • #558
    Tasden
    Closed Accounts Posts: 4,166 ✭✭✭Tasden


    Aw I'm so happy for all the posters updating with good news! :)


  • #559
    Black_Knight
    Moderators Posts: 12,384 ✭✭✭✭Black_Knight


    Santy2015 wrote: »
    Got offer accepted on first attempt, small steps and deep breaths from here on. :)

    Now in creeps the doubt... why was it so easy? :pac:

    Congrats.


  • #560
    Santy2015
    Registered Users, Registered Users 2 Posts: 1,065 ✭✭✭Santy2015


    Black_Knight wrote: »
    Now in creeps the doubt... why was it so easy? :pac:

    Congrats.

    Thanks, there's always the doubt but staying positive from here on out. I think it's the fact we deserved a bit of luck. Some properties have passed us by while in the application process


  • #561
    Santy2015
    Registered Users, Registered Users 2 Posts: 1,065 ✭✭✭Santy2015


    So, I'll be giving the EA our booking deposit Tuesday as that's the day he said to give it. I'll get a receipt etc. So after that. What's the process after this? I've my solicitor sorted and meeting with him Tuesday as well. All info is greatly appreciated :)


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  • #562
    aka accounts 2010
    Registered Users Posts: 1,065 ✭✭✭aka accounts 2010


    Santy2015 wrote: »
    So, I'll be giving the EA our booking deposit Tuesday as that's the day he said to give it. I'll get a receipt etc. So after that. What's the process after this? I've my solicitor sorted and meeting with him Tuesday as well. All info is greatly appreciated :)

    Contact bank with all details. (Property address, sale agreed price, solicitor details etc etc etc)

    Pay booking deposit to EA and receive receipt. Usually paid via Bank Draft or Transfer.

    Meet with solicitor and provide all relevant details

    Solicitor will request copy of contracts from vendor's solicitor and begin all related legal work (could be a long process)

    Bank will request Valuation and will ask you to pay for this - Usually 120-135 Euro

    You will need to arrange for your Engineer to visit the property to carry out a survey (250-750 Euro depending on level of detail / type of property etc)

    Keep in regular contact with solicitor in order to assess progress

    Arrange Life Assurance, House Insurance, Illness Protection insurance etc

    Pay remaining deposit to solicitor (10% less booking deposit paid)

    When solicitor is finished work, meet and sign contracts. Contracts are then sent back to vendor's solicitor and bank. The sellers will the need to sign contracts.

    Your solicitor will then forward remaining documents to bank requesting issue of mortgage cheque

    Balance due paid to vendor's solicitor and date arranged for keys to be exchanged

    Meet with solicitor to draw up a Will

    Pay solicitor all fees including Stamp Duty due to Revenue




    The time all the above will take varies significantly from sale to sale. Could be done in 3 months but could take 12 months!


  • #563
    Santy2015
    Registered Users, Registered Users 2 Posts: 1,065 ✭✭✭Santy2015


    aka accounts 2010 wrote: »
    Contact bank with all details. (Property address, sale agreed price, solicitor details etc etc etc)

    Pay booking deposit to EA and receive receipt. Usually paid via Bank Draft or Transfer.

    Meet with solicitor and provide all relevant details

    Solicitor will request copy of contracts from vendor's solicitor and begin all related legal work (could be a long process)

    Bank will request Valuation and will ask you to pay for this - Usually 120-135 Euro

    You will need to arrange for your Engineer to visit the property to carry out a survey (250-750 Euro depending on level of detail / type of property etc)

    Keep in regular contact with solicitor in order to assess progress

    Arrange Life Assurance, House Insurance, Illness Protection insurance etc

    Pay remaining deposit to solicitor (10% less booking deposit paid)

    When solicitor is finished work, meet and sign contracts. Contracts are then sent back to vendor's solicitor and bank. The sellers will the need to sign contracts.

    Your solicitor will then forward remaining documents to bank requesting issue of mortgage cheque

    Balance due paid to vendor's solicitor and date arranged for keys to be exchanged

    Meet with solicitor to draw up a Will

    Pay solicitor all fees including Stamp Duty due to Revenue




    The time all the above will take varies significantly from sale to sale. Could be done in 3 months but could take 12 months!

    Yeah that's what I was thinking. Hopefully it'll be the 3/4 months. Developer is notoriously hard to deal with once you go sale agreed


  • #564
    Jen44
    Registered Users, Registered Users 2 Posts: 455 ✭✭Jen44


    great news Santy2015...all the very best with it!


  • #565
    Santy2015
    Registered Users, Registered Users 2 Posts: 1,065 ✭✭✭Santy2015


    Jen44 wrote: »
    great news Santy2015...all the very best with it!

    Thanks Jen44 :)


  • #566
    lovelystuff
    Closed Accounts Posts: 364 ✭✭lovelystuff


    I'm hoping someone can help me figure out the maths, I'm in the earlyish stages of saving for a mortgage and I'm trying to figure out what deposit we will need. Combined salary of 85000, no kids or loans.

    From my calculations we would need 70000 deposit for a house that's worth 350,000 but the online calculators are telling me we would need 48000 which is a huge difference.

    I'd really appreciate any feedback, think it's too early to ask my bank as I don't have enough saved yet. Thanks!


  • #567
    Michael D Not Higgins
    Registered Users, Registered Users 2 Posts: 7,223 ✭✭✭Michael D Not Higgins


    lovelystuff wrote: »
    I'm hoping someone can help me figure out the maths, I'm in the earlyish stages of saving for a mortgage and I'm trying to figure out what deposit we will need. Combined salary of 85000, no kids or loans.

    From my calculations we would need 70000 deposit for a house that's worth 350,000 but the online calculators are telling me we would need 48000 which is a huge difference.

    I'd really appreciate any feedback, think it's too early to ask my bank as I don't have enough saved yet. Thanks!

    48k would be the first time buyer minimum deposit, i.e. 10% of 220k and 20% of the balance.


  • #568
    PhoenixParker
    Registered Users, Registered Users 2 Posts: 2,677 ✭✭✭PhoenixParker


    Michael D Not Higgins wrote: »
    48k would be the first time buyer minimum deposit, i.e. 10% of 220k and 20% of the balance.

    This, however with a joint income of 85K, your maximum mortgage would be E297.5K without an exemption. That would leave you needing a deposit of E52.5K.

    Also bear in mind that you will need closing costs like solicitors fees, stamp duty and you'll probably also need to have some money to buy basic furniture/do basic decorating in the house when you move in.


  • #569
    lovelystuff
    Closed Accounts Posts: 364 ✭✭lovelystuff


    Thanks a million i couldn't figure it out! It's just good to have a target to save towards so I appreciate it


  • #570
    loveisdivine
    Registered Users, Registered Users 2 Posts: 2,463 ✭✭✭loveisdivine


    Can anyone tell me what the building survey actually tells you. I read a UK one that tells you what needs to be done right away, what else probably needs doing and an estimated cost. Is it the same here? I hope it's not some vague report with lots of industry lingo that I wont understand.


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  • #571
    Flatzie_poo
    Registered Users, Registered Users 2 Posts: 562 ✭✭✭Flatzie_poo


    loveisdivine wrote: »
    Can anyone tell me what the building survey actually tells you. I read a UK one that tells you what needs to be done right away, what else probably needs doing and an estimated cost. Is it the same here? I hope it's not some vague report with lots of industry lingo that I wont understand.

    Most are reputable and do exactly what you seek above.

    On the other hand, there are cowboys about who could give you something like this;

    http://www.boards.ie/vbulletin/showthread.php?p=89299405

    Do your homework on whoever you choose and it will pay dividend.

    Let me know if you're around Dublin/need this done soon, I'll PM you the crowd that I used, if you'd like. They were great!


  • #572
    loveisdivine
    Registered Users, Registered Users 2 Posts: 2,463 ✭✭✭loveisdivine


    Flatzie_poo wrote: »

    Let me know if you're around Dublin/need this done soon, I'll PM you the crowd that I used, if you'd like. They were great!

    Please do! It probably won't be for a few weeks yet as we're going away but I'd appreciate the recommendation.


  • #573
    loveisdivine
    Registered Users, Registered Users 2 Posts: 2,463 ✭✭✭loveisdivine


    While I'm at it, if anyone wants to recommend a solicitor (by pm) too that would be great! :) I've never used one so have no idea.


  • #574
    noanoa
    Registered Users Posts: 83 ✭✭noanoa


    Going to join in here, if thats okay.

    We are first time buyers, have a good deposit ready to go.

    But, we just got married so my monthly savings mostly went on that but the other half was saving every month and we didn't touch that for the wedding.
    So not sure if we are starting out again with the savings, two months down anyway now.

    Think we will go and talk to the bank or mortgage broker and see if we are good to go or what we should be doing.
    All the houses in the area we are looking at starting at 475K so we might be waiting awhile.


  • #575
    Michael D Not Higgins
    Registered Users, Registered Users 2 Posts: 7,223 ✭✭✭Michael D Not Higgins


    noanoa wrote: »
    All the houses in the area we are looking at starting at 475K so we might be waiting awhile.

    For 475k, you're going to need at least 73k deposit and combined income of 115k.


  • #576
    noanoa
    Registered Users Posts: 83 ✭✭noanoa


    We are very very lucky to have a deposit of 200K and combined income of 90K.

    Still have to talk to the bank and see what they say.


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  • #577
    Michael D Not Higgins
    Registered Users, Registered Users 2 Posts: 7,223 ✭✭✭Michael D Not Higgins


    noanoa wrote: »
    We are very very lucky to have a deposit of 200K and combined income of 90K.

    Still have to talk to the bank and see what they say.

    Wow. Don't even worry about it, they'll welcome you with open arms.


  • #578
    noanoa
    Registered Users Posts: 83 ✭✭noanoa


    I know we are lucky.

    The only thing is I'm self employed which is only fairly recent, thats part I'm worried about and also saving till the month of the wedding taking most out then starting saving again.


  • #579
    Woshy
    Registered Users, Registered Users 2 Posts: 1,429 ✭✭✭Woshy


    We had a deposit of 180k and still got turned down by 2 banks! Although we only had one salary and a child. It seems they were not fans of stay at home parents. We had no debt or any other reasons.

    That was almost 2 years ago. Other banks had no problem with it and we bought a house with no issues.


  • #580
    hawkeye_bmr
    Registered Users, Registered Users 2 Posts: 403 ✭✭hawkeye_bmr


    Got approved yesterday through Ulster bank! Finally a step in the right direction!

    Our appeal through PTSB got rejected, came back with the needing to be 12 months in the job as the main reason.

    Went to Ulster while awaiting that decision, they were very confident of full approval with paperwork and savings we had, and only took a week to get sorted.


  • #581
    Tasden
    Closed Accounts Posts: 4,166 ✭✭✭Tasden


    hawkeye_bmr wrote: »
    Got approved yesterday through Ulster bank! Finally a step in the right direction!

    Our appeal through PTSB got rejected, came back with the needing to be 12 months in the job as the main reason.

    Went to Ulster while awaiting that decision, they were very confident of full approval with paperwork and savings we had, and only took a week to get sorted.

    Brilliant :) exciting stuff!


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  • #582
    Sleepy
    Registered Users, Registered Users 2 Posts: 24,268 ✭✭✭✭Sleepy


    Congrats hawkeye_bmr, very glad to hear Ulster can turn around a decision so quickly.


  • #583
    Utah
    Closed Accounts Posts: 426 ✭✭Utah


    hawkeye_bmr wrote: »
    Got approved yesterday through Ulster bank! Finally a step in the right direction!

    Our appeal through PTSB got rejected, came back with the needing to be 12 months in the job as the main reason.

    Went to Ulster while awaiting that decision, they were very confident of full approval with paperwork and savings we had, and only took a week to get sorted.

    Great news, well done.

    We should be applying next week I think.


  • #584
    Bradz213
    Registered Users Posts: 235 ✭✭Bradz213


    hawkeye_bmr wrote: »
    Got approved yesterday through Ulster bank! Finally a step in the right direction!

    Our appeal through PTSB got rejected, came back with the needing to be 12 months in the job as the main reason.

    Went to Ulster while awaiting that decision, they were very confident of full approval with paperwork and savings we had, and only took a week to get sorted.

    Congrats. You dodged a bullet by not getting PTSB. Our broker has gone for Ulster bank. They reverted looking for more info which we provided yesterday so hopefully we will hear soon


  • #585
    hawkeye_bmr
    Registered Users, Registered Users 2 Posts: 403 ✭✭hawkeye_bmr


    Just been ringing around estate agents, every house we are interested in is either sale agreed or offers way over the advertised price.

    One has gone 42k over asking!


  • #586
    youcancallmeal
    Registered Users, Registered Users 2 Posts: 8,037 ✭✭✭youcancallmeal


    hawkeye_bmr wrote: »
    Got approved yesterday through Ulster bank! Finally a step in the right direction!

    Our appeal through PTSB got rejected, came back with the needing to be 12 months in the job as the main reason.

    Went to Ulster while awaiting that decision, they were very confident of full approval with paperwork and savings we had, and only took a week to get sorted.

    Thats strange, everywhere I've asked have told me that as long as you are a permanent employee(i.e. out of probationary period) then there will be no problem. I'm considering changing jobs and look to get a mortgage early next year, hopefully this doesn't effect me?


  • #587
    Naid23
    Registered Users, Registered Users 2 Posts: 1,212 ✭✭✭Naid23


    youcancallmeal wrote: »
    Thats strange, everywhere I've asked have told me that as long as you are a permanent employee(i.e. out of probationary period) then there will be no problem. I'm considering changing jobs and look to get a mortgage early next year, hopefully this doesn't effect me?

    I had a broker and bank mortgage advisor tell me that once you are out of the probationary period and have been in the same type of job (i.e if you moved from one accounts job to a new one in a different company) that you should be fine.

    Will be applying for my first mortgage in may so as im 8 months in my job (same industry type), Im hoping there wont be an issue.


  • #588
    [Deleted User]
    Posts: 24,714 ✭ [Deleted User]


    Is it required to fill out the full Mortgage application form when just looking for approval as opposed to actually having a property in mind (with KBC specifically)?

    Reason I ask is there are questions like address of the property and name/address of solicitor but I won't have a place in mind nor will I have got a solicitor etc at the approval stage. I will have all the other required documents.


  • #589
    Santy2015
    Registered Users, Registered Users 2 Posts: 1,065 ✭✭✭Santy2015


    Got real confirmation today when we saw the sale agreed sign on the house we put an offer on and got accepted. Now it's really setting in :)


  • #590
    xebec
    Registered Users, Registered Users 2 Posts: 3,311 ✭✭✭xebec


    Azalea Screeching Padding wrote: »
    Is it required to fill out the full Mortgage application form when just looking for approval as opposed to actually having a property in mind (with KBC specifically)?

    Reason I ask is there are questions like address of the property and name/address of solicitor but I won't have a place in mind nor will I have got a solicitor etc at the approval stage. I will have all the other required documents.

    You need to fill out the form, but based on our experience you can leave these sections blank if you don't have answers for them. If they give approval it will likely be based on Central Bank rules which in our case was much more than we wanted. Only found a house and then solicitor several months later - these details are mandatory for letter of offer but not approval in principal.


  • #591
    Jentle Grenade
    Closed Accounts Posts: 415 ✭✭Jentle Grenade


    hawkeye_bmr wrote: »
    Just been ringing around estate agents, every house we are interested in is either sale agreed or offers way over the advertised price.

    One has gone 42k over asking!

    Out of interest, hawkeye, where are you based? We're based in Cork City and yesterday we viewed a house under offer €15k in excess. We were stunned!


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  • #592
    hawkeye_bmr
    Registered Users, Registered Users 2 Posts: 403 ✭✭hawkeye_bmr


    Jentle Grenade wrote: »
    Out of interest, hawkeye, where are you based? We're based in Cork City and yesterday we viewed a house under offer €15k in excess. We were stunned!

    Louth.

    Another house we were interested has an offer 15k above asking. A few of the EAs said its gone crazy the past few weeks, there not having to advertise properties they're going that quickly.

    Round 2 of ringing tomorrow, hopefully if people see houses are selling, it will push more houses onto the market.


  • #593
    Jen44
    Registered Users, Registered Users 2 Posts: 455 ✭✭Jen44


    Maybe its worth considering selling my house in Louth so? Didnt think prices had risen so much!


  • #594
    billymitchell
    Registered Users, Registered Users 2 Posts: 11,996 ✭✭✭✭billymitchell


    From my own limited watching of house prices of the last 12 months, seems to be a lot of houses under about €300k seem to be going for over the asking, while most of those above €350k seem to be going for under the asking. Its probably based on peoples ability to cobble together the deposit for the lower price houses quicker and needing to move.

    I'd imagine that that figure will creep slowly upwards over the next 12 months as people have had longer to put the money away , and can afford to spend a few more euro's on a house


  • #595
    Bradz213
    Registered Users Posts: 235 ✭✭Bradz213


    It's mental. Was talking to an EA last week and he said a house went from for sale to sale agreed in one day and never made it to Daft. Someone rang up inquiring about a different property and was told about a new one, had a look, made an offer and it got accepted ALL IN ONE DAY!!


  • #596
    Michael D Not Higgins
    Registered Users, Registered Users 2 Posts: 7,223 ✭✭✭Michael D Not Higgins


    Reminder to keep on topic. There's another thread for Central Bank rules discussion now.


  • #597
    mirrorwall14
    Closed Accounts Posts: 6,751 ✭✭✭mirrorwall14


    Has anyone applied for an exemption on the 10%/20% rule? I'm just wondering if the exemptions only get you down to 10% or is there any possibility of below the 10%? Our salary multiple, savings record and job security are all well in excess of requirements. EBS imply that we will definitely qualify for an exemption (we're applying now), just curious what the exemption will be?


  • #598
    Santy2015
    Registered Users, Registered Users 2 Posts: 1,065 ✭✭✭Santy2015


    mirrorwall14 wrote: »
    Has anyone applied for an exemption on the 10%/20% rule? I'm just wondering if the exemptions only get you down to 10% or is there any possibility of below the 10%? Our salary multiple, savings record and job security are all well in excess of requirements. EBS imply that we will definitely qualify for an exemption (we're applying now), just curious what the exemption will be?

    We went for an exemption but got turned down and were offered a lower amount. We accepted that offer as the house we were looking at jumped up in price by 22k so even with the exception we would've struggled to buy it, they pick higher earners so you should be ok. We've got a house at sale agreed so hopefully it won't balls up on us haha


  • #599
    hawkeye_bmr
    Registered Users, Registered Users 2 Posts: 403 ✭✭hawkeye_bmr


    Started to view houses at the weekend, disappointed by all 3 that we viewed, 2 needed alot of work just to be liveable, 3rd was liveable but was smaller than we imagined.

    One of the houses looked great in the pictures that where on-line, total opposite on actual viewing.

    Got another viewing tomorrow evening, pictures are recent so hopefully we wont be disappointed.


  • #600
    SarahMollie
    Closed Accounts Posts: 2,843 ✭✭✭SarahMollie


    Estate agents pictures are always going to look better than the real thing. They angle them to make the space look as big as possible, use the best lighting etc.

    Think about an add for a McDonalds BigMac, versus what the burger looks like in your hand.

    You just have to factor this in to your expectations.


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  • #601
    angeldelight
    Registered Users, Registered Users 2 Posts: 5,175 ✭✭✭angeldelight


    We've made an offer, first one on the property. The owners live abroad so I've a feeling this could turn into a long drawn out affair


This discussion has been closed.
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