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

gezz36 wrote: »

We did have to tell them date to issue funds, give them a date for 3 days before closing so no hold ups. I was happy when funds were with my solicitor, no hold on our end then. I did end up ringing mortgages direct to see what stage they were at when all documents went in. Ring every morning and afternoon if you have to. Also contact home insurance to have your policy emailed to you so you can email directly to mortgages if they have not received it. Double check they have everything else outstanding and they have solicitor bank details to transfer, much quicker than a cheque. Best of luck!

Thanks that's solid advice, I will give them a call first thing to follow up. I think i need to be more pushy about it! Thanks!

Simona1986 wrote: »

Saving 1k a month at the moment and have about 16k saved so far. Problem is we're still n Dublin so to get anything decent we're looking at 250-300k. Very difficult with the lending limits as we only make 65k between us. Also we do not want to buy an apartment or a 'starter home' with the difficulty in trading up under the new rules. We're both under 30 though so we can hang on a year or two.

I feel very sorry for people in Dublin, I don't know how people are able to buy houses there at all

When we went sale agreed on the first property (that eventually fell through), the agent wouldn't mark it as Sale Agreed. They said they never do until contracts are signed as the buyer could pull out prior to that. They don't arrange viewings and tell anyone that call up the situation and put them on a list to be contacted should the sale fall through. We were inexperienced so accepted their explanation - and of course the sale fell through around 8 months later.

The 2nd property we went sale agreed on (and the one we bought and are living in now), the ad was marked sale agreed within hours of the deposit being paid.

JDD wrote: »

8 months later??? Did you withdraw?

I'd be a little wary of an EA who won't mark an advert sale agreed. It means they're happy for you to get gazumped. I know sometimes the advert acts as a good portal so that if a potential buyer rings up you can say "oh that's gone sale agreed but we do have a lovely similar property in the area...". Having said that, EAs are not short of buyers at the moment so I'd be cynical and think it's left up in case there's another buyer who'll pay more out there.

It was in a chain and the vendors were buying a bank sale house which kept pushing out closing. Eventually the vendors cancelled the sale - said they couldn't handle the stress of the delays of the purchase side of the chain, they were on the verge of splitting up over it apparantly (I kept an eye out and the property didn't go up for sale again nor has it appeared on Property Price Register, so it appears they just decide to stay put).

We learnt out lesson on it, and thankfully the next house went from sale agreed to us getting keys in roughly 3 months with no major hiccups.

izzyflusky wrote: »

Just to update my question earlier. I spoke to the EA and he said that once the survey is done and I'm happy with it then the sign of sale agreed goes up. Happy enough with that.

Once you've put a deposit on a house the EA should put sale agreed signs up and likewise on daft and my home etc.

Received mortgage approved today. Delighted. New build which is not due for completion for another 6-7 months. Approval lasts 6 months, due to sign contracts next week.

What happens if sale does not close until just after 6 months? Do I need to reapply? Concious as the approval also has a 3.5 x salary exemption. Feeling anxious handing over the full deposit on signing.

Hi all.
We have most of our deposit saved over the past 15 months, few quid to deposit and we have our goal.
We are looking to apply for a mortgage at the minute.
Do ye recommend a broker or doing it all ourselves (every euro counts at this stage).
Is there anything to look out for when researching mortgaged apart from the usual fixed/variable rates etc.

Bargain_Hound wrote: »

Received mortgage approved today. Delighted. New build which is not due for completion for another 6-7 months. Approval lasts 6 months, due to sign contracts next week.

What happens if sale does not close until just after 6 months? Do I need to reapply? Concious as the approval also has a 3.5 x salary exemption. Feeling anxious handing over the full deposit on signing.

Try get a loan offer clause in your contract so at least you'll get your deposit back if you don't get approval at drawdown. Not ideal as you wouldn't get the house but better than losing your deposit. Also could you save over the next six months to close the gap and not require an exemption?

syndrome777 wrote: »

I had income exception, and when my AIP expired and we replied, the exemption limit was higher (banks do that a few times a year) and we could not get the exemption.
Check with your bank about that.
I was with AIB and was wormed initially that we will be reassessed with the "new" exemption limit when are AIP expires
this was last year when AIB only had AIP for 6 months, now they have for 12, so if you are not with them, maybe it would be wise to go and get you AIP from them as well.

Had you already accepted the loan offer and signed contracts though? That's the stage I'm at now signing but hoping come 6 months when the house is more than likely not going to be complete that I can just apply for a loan offer extension to get over the line. Bank manager didn't seem concerned as she suggested I will only need to provide up to date payslips and bank statements to push the offer out another 6 months. I'm guessing this is not the exact same as applying for approval in principle new application again? not 100% sure what to believe.

elainers wrote: »

Try get a loan offer clause in your contract so at least you'll get your deposit back if you don't get approval at drawdown. Not ideal as you wouldn't get the house but better than losing your deposit. Also could you save over the next six months to close the gap and not require an exemption?

Saving the whole amount in difference in 6 months not really an option combined with the level of rent currently being paid right up to move time.

Has anyone had hassle getting an exemption from PTSB?

JDD wrote: »

I asked our BOI mortgage advisor specifically about this point. We got our AIP in mid-January, with an exemption, to last for six months. We're hoping to buy a new build which may not be finished until July. She said that there would be no problem with getting an extension of a couple of months - with the exemption - as long as our circumstances hadn't changed: i.e. we'll probably have to submit payslips and bank statements again. But there seemed to be no issue regarding the exemption.

I've got an approval with an exception with 2 banks. Waiting to sign contracts next week. Both banks provided the same answer when I asked them about expiry of the loan offer on a new build. Both confirmed they haven't had a situation yet where the renewal of the exception on a new build has failed. I'm still not 100% confident in the answers, it really sounds like nobody knows what will happen, just as much as nobody in the banks probably know how many exceptions have actually been given out vs. drawn down.

Although once the property contracts have a clause put on them to be subject to your loan funding, at least the deposit is not lost if your approval is not extended - just 6 months waiting for nothing - which in my opinion is nearly as bad as loosing your deposit

Just wondering how people find KBC to deal with?

I am going through preapproval at the moment and the person I am dealing with is very relaxed. You might almost say a celtic tiger attitude. I applied for preapproval with EBS 3 years ago and they almost wanted a blood sample. Went through my bank statements with a fine-tooth comb. It may be that that will happen with KBC as I progress.

Has anybody experience with a couple of institutions? Are KBC more relaxed?

teaontap wrote: »

I've had the opposite experience haha. KBC were terrible and EBS have been great so far really relaxed and accommodating.

That's weird isn't it. Maybe it also it comes down to who you are dealing with.

ELM327 wrote: »

2000/2050 is generally the banks figure for non-child couples.. each child (with AIB+BOI anyway) added 250.

Do you much is it for a single person with children ?

long time lurker but trying to get things together to start the process now so need to ask a few questions