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

wally79 · 19-04-2019 11:27am

Iseedeadpixels wrote: »

Because 10 years ago a lot of people lost their jobs, people have proved they can save 10 or 20 percent of a mortgage, the banks should see that rather than a debt back in a recession.

So when times get tough they default on their debt

Harsh I know but it has to be part of the decision

What if there’s another recession

Iseedeadpixels · 19-04-2019 11:55am

wally79 wrote: »

So when times get tough they default on their debt

Harsh I know but it has to be part of the decision

What if there’s another recession

Celtic Tiger Ireland was shocking for reckless spending! Which is where so much debt came from, things have been put in place to avoid that, also most people who couldnt find work were young and inexperienced, these are now going for mortgages with better CVs etc

Natashaw88x · 19-04-2019 12:31pm

el Fenomeno wrote: »

We got our offer pack from PTSB, and while it mentions the 2% monthly cashback on repayments, there's no mention of the 2% cash back on drawdown. We're first time buyers so are eligible, and our broker has confirmed as such. Anyone else have the same? Should we insist on it being mentioned in the loan offer?

It’s not part of the contract. We have also received our full loan offer from PTSB and queried this. They don’t put it in unfortunately

wally79 · 19-04-2019 1:10pm

Iseedeadpixels wrote: »

Celtic Tiger Ireland was shocking for reckless spending! Which is where so much debt came from, things have been put in place to avoid that, also most people who couldnt find work were young and inexperienced, these are now going for mortgages with better CVs etc

I agree on a lot of that although there’s still reckless spending on a personal level

It shouldn’t hang over you forever but it should be a consideration

myshirt · 19-04-2019 1:54pm

wally79 wrote: »

I agree on a lot of that although there’s still reckless spending on a personal level

It shouldn’t hang over you forever but it should be a consideration

Yeah look I do agree somewhat.

The banks are very nervous around credit risk. They say thank God it was only 500 quid.

It is a risk to lend to a person who has defaulted on credit, but what you look at is how long it has been since it happened, why did it happen, and what's the recent financial behavior like. With a mortgage, if the person tried to pull the same stunt then it would be a costly mistake, as there's a property on the line.

Anyway, let it be a warning to anyone out there. Default on any debt and it will put a black mark on your name, almost forever. It's not a joke or a scare tactic, it's very real.

awec · 24-04-2019 4:09pm

Do you have to resubmit documents at mortage draw down stage (pay slips, bank statements etc)?

If it makes any difference, the time difference between our formal offer and draw down will be 1 or 2 months.

We're with AIB.

The_Conductor · 24-04-2019 4:15pm

awec wrote: »

Do you have to resubmit documents at mortage draw down stage (pay slips, bank statements etc)?

If it makes any difference, the time difference between our formal offer and draw down will be 1 or 2 months.

We're with AIB.

No- not unless something of a material difference has occurred since you received AIP. Confirm with your prospective lender of course- however, it would be very unusual.

ELM327 · 24-04-2019 4:21pm

Once you get proper AIP (ie from underwriters) then no additional documents are required generally, unless you need to extend the offer letter timeframe or if you tell them your circumstances changed

deisedude · 24-04-2019 4:33pm

OSI wrote: »

You say that, but the old man was applying for a mortgage recently. Had been saving multiples of the payments per month into a savings a/c. Took some of it out to cover some fees related to surveying a parcel of land and the loan officer straight up told him that was a no no and refused the application.

I contacted AIB and they told me it was grand once I had the enough for the deposit and for stuff like stamp duty but you should ask first.

Might be different depending on the lender of course

L1011 · 24-04-2019 6:06pm

You'd be best advised not touching it at all as it can be interpreted as poor financial management - but that depends on the individual person in the bank more than being a solid rule

loriexxx · 24-04-2019 6:36pm

How long does it usually take for ulster bank to release the funds to our solicitor from the time they have requested drawdown

Crunchy Friends · 24-04-2019 8:32pm

loriexxx wrote: »

How long does it usually take for ulster bank to release the funds to our solicitor from the time they have requested drawdown

We had a slow experience with them. Our solicitor requested the funds to be with them by the 15th April at least 10 working days in advance. Along comes the 15th - no money in. Our solicitors called them - 'oh yeah we have your file, someone will get to it at some stage today and will call back to confirm details' - our bank rep confirmed to us later that day the transfer was being made same afternoon. Next morning comes - no money there. Solicitor rings again. This time, gets to talk to someone who confirms all the details. Money arrives the following morning!

In saying that, for all the delays with the bank, the solicitors on both sides were very swift and we managed to get the keys that very same day. Best of luck!

Glen_Quagmire · 24-04-2019 9:34pm

We are getting close to our house being ready so we are just trying to get our head around what's involved between when we get notified the house is ready for snagging to actually getting the keys.

Below is what I think happens but would appreciate any help if I have it wrong or am missing something.

1. Builder notifies you that your house is ready for snagging
2. You arrange your snagger to complete the snag list
3. You arrange the house valuation from a list of valuators provided by the bank
4. Builder completes snags
5. You get your snagger back to ensure snags are complete and agree house is acceptable
6. You arrange house insurance and mortgage protection send details to the bank
7. You notify your solicitor to drawdown mortgage from the Bank to close the deal
8. Once the builder receives payment from your bank you receive the keys

Kauto0709 · 25-04-2019 8:37am

Glen_Quagmire wrote: »

We are getting close to our house being ready so we are just trying to get our head around what's involved between when we get notified the house is ready for snagging to actually getting the keys.

Below is what I think happens but would appreciate any help if I have it wrong or am missing something.

1. Builder notifies you that your house is ready for snagging
2. You arrange your snagger to complete the snag list
3. You arrange the house valuation from a list of valuators provided by the bank
4. Builder completes snags
5. You get your snagger back to ensure snags are complete and agree house is acceptable
6. You arrange house insurance and mortgage protection send details to the bank
7. You notify your solicitor to drawdown mortgage from the Bank to close the deal
8. Once the builder receives payment from your bank you receive the keys

What is snagging?

awec · 25-04-2019 8:40am

Kauto0709 wrote: »

What is snagging?

You hire a snagger to check your newly built house for defects and things that need to be fixed before you'll pay the developer their money.

Things like doors that don't close correctly, chipped woodwork, scuffed walls, leaky taps etc.

niamhzie · 25-04-2019 10:49am

Glen_Quagmire wrote: »

We are getting close to our house being ready so we are just trying to get our head around what's involved between when we get notified the house is ready for snagging to actually getting the keys.

Below is what I think happens but would appreciate any help if I have it wrong or am missing something.

1. Builder notifies you that your house is ready for snagging
2. You arrange your snagger to complete the snag list
3. You arrange the house valuation from a list of valuators provided by the bank
4. Builder completes snags
5. You get your snagger back to ensure snags are complete and agree house is acceptable
6. You arrange house insurance and mortgage protection send details to the bank
7. You notify your solicitor to drawdown mortgage from the Bank to close the deal
8. Once the builder receives payment from your bank you receive the keys

Did you get a chartered surveyor in at any point? I'm not sure at what stage we should get one, if at all? Our house will be covered by the Homebond but I know some people still get a survey done anyway.

awec · 25-04-2019 10:54am

niamhzie wrote: »

Did you get a chartered surveyor in at any point? I'm not sure at what stage we should get one, if at all? Our house will be covered by the Homebond but I know some people still get a survey done anyway.

If it's a new build there's no need real for a surveyor. Your house will have been inspected while it was being built.

And by the time you get the surveyor in they'll not be able to find any structural issues anyway.

Best bet is to get a snagger who knows what they are doing, and is well versed in building regulations.

whatever76 · 25-04-2019 9:26pm

quick question when bank sends on panel/list of people to value the house on their side ?
Who makes the decision on who to pick - The EA or myself ?

EA is pushing for the list and not sure if its something I should do or if its OK for them to pick ?

averagejoe123 · 26-04-2019 8:09am

whatever76 wrote: »

quick question when bank sends on panel/list of people to value the house on their side ?
Who makes the decision on who to pick - The EA or myself ?

EA is pushing for the list and not sure if its something I should do or if its OK for them to pick ?

You can pick anyone as long as they are on the banks list. I have found that the EA recommendations are usually handy as there is an existing relationship and they will more than likely know your bid before valuing the house and this is value they give a lot of the time.

McGinty2016 · 26-04-2019 2:06pm

Hi All, just gone Sale Agreed on a house last week (all thanks to killers1 getting us LTI exemption).
Anyway, just wondering what the process is from now....
We've transferred booking deposit to EA and got email yesterday confirming whats included in sale. We've notified him of our Solicitor as well. Still waiting to hear back from him on access for a surveyor and haven't heard from the bank yet about their valuer (killers1 sent details of the property to the bank last week).
FTB so no idea how slow the whole process takes but EA already proven difficult to get in touch with and had to be pushed to get the confirmation email over.
Seller is sale agreed on another property so i'm hoping things will move quickly.....

Dolbhad · 26-04-2019 3:58pm

niamhzie wrote: »

Did you get a chartered surveyor in at any point? I'm not sure at what stage we should get one, if at all? Our house will be covered by the Homebond but I know some people still get a survey done anyway.

I have friends in Dublin who bought new build and they wanted their own engineer to go out and have a look as it went up and he said no point. We were looking at a new build in Cork and solicitor told us we should have our surveyor to go and have a look as it goes up. We did send an surveyor our. We didn’t buy the house (nothing to do with the house) but he was very happy with how it was going. It’s the most expensive thing you’ll buy and we saw houses thrown up In the boom that are crap but got signed off. I’ve tradesman in the family and they told me also get surveyor out before roof and plastering is done so you can check insulation etc.

Dolbhad · 26-04-2019 4:01pm

McGinty2016 wrote: »

Hi All, just gone Sale Agreed on a house last week (all thanks to killers1 getting us LTI exemption).
Anyway, just wondering what the process is from now....
We've transferred booking deposit to EA and got email yesterday confirming whats included in sale. We've notified him of our Solicitor as well. Still waiting to hear back from him on access for a surveyor and haven't heard from the bank yet about their valuer (killers1 sent details of the property to the bank last week).
FTB so no idea how slow the whole process takes but EA already proven difficult to get in touch with and had to be pushed to get the confirmation email over.
Seller is sale agreed on another property so i'm hoping things will move quickly.....

Your stuck in a chain which you have no control over ie it all falls on how organised the seller is for The house your seller is buying. Generally your own seller won’t sign contracts to sell to you until they have signed contracts to buy. So there is a whole transaction that affects your sale. You should be asking the auctioneer how far into the process they are with the house their buying and have your solicitor contact their solicitor on a time line.

Glen_Quagmire · 26-04-2019 8:32pm

At what stage do you arrange the valuator to carry out the valuation of a new build? Is this the same time you arrange the snagger?

Natashaw88x · 26-04-2019 9:01pm

Glen_Quagmire wrote: »

At what stage do you arrange the valuator to carry out the valuation of a new build? Is this the same time you arrange the snagger?

We had to arrange for the valuation pretty much straight away after we put booking deposit down. You need the valuation for full loan offer. We had to sign contracts within about 6 weeks of putting the deposit down.

Glen_Quagmire · 26-04-2019 10:03pm

Natashaw88x wrote:

We had to arrange for the valuation pretty much straight away after we put booking deposit down. You need the valuation for full loan offer. We had to sign contracts within about 6 weeks of putting the deposit down.

We bought off the plans so we had no physical house to valuate. My understanding was the house was to be valuated near completion so I am assuming this is done at the same time the house is made available for snagging but unsure?

niamhzie · 27-04-2019 8:05am

Dolbhad wrote: »

I have friends in Dublin who bought new build and they wanted their own engineer to go out and have a look as it went up and he said no point. We were looking at a new build in Cork and solicitor told us we should have our surveyor to go and have a look as it goes up. We did send an surveyor our. We didn’t buy the house (nothing to do with the house) but he was very happy with how it was going. It’s the most expensive thing you’ll buy and we saw houses thrown up In the boom that are crap but got signed off. I’ve tradesman in the family and they told me also get surveyor out before roof and plastering is done so you can check insulation etc.

OK thanks! We're getting mixed advice, the house is already sealed and should be finished in the next few weeks. Going to contact a CS friend of the family and get their advice.

paul7g · 27-04-2019 4:42pm

Hi,

My girlfriend and I are thinking about buying somewhere in Dublin instead of continuing to rent.

We’ve rented 2 different places over the last 7 years.

Can anyone help with the following:

1. What is the minimum deposit for a first time couple (albeit not married)?

2. I’ve searched google for a calculator but I can’t find one that shows how much we could typically borrow based on our combined income, etc... and what the monthly repayments would be.

3. I don’t want to open a can of worms but do you think it is a good time to buy? We have rented in Dublin 4 for the last 7 years because both of our offices are in Dublin 4 and we would consider buying something small in the same area.

Thanks for your help and advice.

hanaimai · 27-04-2019 7:12pm

1. Minimum deposit (without an exemption) is 10% of the purchase price.

2. Maximum you can borrow (without an exemption) is 3.5 times your salary. To calculate monthly repayments you need to know how much you're borrowing, the interest rate and the term if the mortgage. There's a few calculators for this if you Google 'monthly mortgage repayment calculator' e.g. here's EBS's https://www.ebs.ie/mortgage-repayment-calculator

paul7g · 27-04-2019 7:59pm

hanaimai wrote: »

1. Minimum deposit (without an exemption) is 10% of the purchase price.

2. Maximum you can borrow (without an exemption) is 3.5 times your salary. To calculate monthly repayments you need to know how much you're borrowing, the interest rate and the term if the mortgage. There's a few calculators for this if you Google 'monthly mortgage repayment calculator' e.g. here's EBS's https://www.ebs.ie/mortgage-repayment-calculator

Thank you, much appreciated.

Is it based on 3.5 x your gross or net salary?

Amirani · 27-04-2019 8:54pm

paul7g wrote: »

Is it based on 3.5 x your gross or net salary?

Gross salary. Note that many lenders will just use base pay, so may not include overtime/bonuses.

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

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