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

Cash_Q · 17-12-2018 3:50pm

D3V!L wrote:

How strict are the banks on the someone on probation ? My wife has worked for the council for the past 18 months on a temp contract with full hours. Its called relief staff.

D3V!L wrote:

Just recently she applied for permanent and got it, now she's officially full time permanent but on her contract is a 12 month probationary period. We thought we would be in a position to approach the bank to make an application after spending a year saving for our deposit.

Approach the bank and make an application, all they will do is say yes or no. If its a no, they may give a timeline of when they'll consider her, or whatever other criteria they'd like you to meet. If they refuse you based on her probation, approach a broker. We were given AIP through a broker when both on temporary contracts as we'd been with the employers steadily for years. This broker didn't charge us. In the end we were both made permanent by chance before the mortgage was drawn down. Broker organised all the life insurance and home insurance too, and there was no cost to us for his service. PM me if you'd like his name.

chrismon · 18-12-2018 8:01am

Frank Castle wrote: »

Took a week for me. Luckily my GP responded to them right away.
It all comes down to how quickly your GP responds so it is worth giving your GP a call to push it along.
Once they have that info from your GP you should have your cover in a week (provided there are no health issues you did not report, that now show up on the GP report)

Thanks for that.
Going to try and see if they can push it on, last piece of the puzzle but I'm guessing it will be next year at the earliest before they send it back.

hanaimai · 18-12-2018 9:50am

Anyone with Ulster Bank know how long it takes to get the 1500 back? We are a month post drawdown, wondering if this is a normal wait or if I should be nudging someone?

sphinx501 · 18-12-2018 10:31am

hanaimai wrote: »

Anyone with Ulster Bank know how long it takes to get the 1500 back? We are a month post drawdown, wondering if this is a normal wait or if I should be nudging someone?

The payment was processed quickly - before the first mortgage payment after drawdown - mine was received on the 21st of the month in case that helps.

Goose76 · 19-12-2018 11:22am

has anyone re-negotiated a price after going Sale Agreed and what has your luck been?

our structural survey has thrown up substantial additional costs for us (maintenance and safety costs)- some of which we feel the seller could have / should have handled before putting the house up for sale.

heebusjeebus · 19-12-2018 11:33am

Goose76 wrote: »

has anyone re-negotiated a price after going Sale Agreed and what has your luck been?

our structural survey has thrown up substantial additional costs for us (maintenance and safety costs)- some of which we feel the seller could have / should have handled before putting the house up for sale.

Last year we found issues with an attic conversion.
We haggled with the owner and got a reduction of €15,000 based on a viewing by a contractor to fix the known issues.
It did cause a fairly major delay in the process though as the bank wanted the place re-valued and also wanted us to have the 15,000 to pay for the issues.
Added to that, they also held back the 15,000 from the draw down amount until the issues were remedied.

Some pain in the hoop over all (we've still not drawn down the final 15,000, over a year later as we're doing a more extensive renovation of the house currently).

TheShow · 19-12-2018 1:28pm

Goose76 wrote: »

has anyone re-negotiated a price after going Sale Agreed and what has your luck been?

our structural survey has thrown up substantial additional costs for us (maintenance and safety costs)- some of which we feel the seller could have / should have handled before putting the house up for sale.

As sale agreed is not a legally binding status you are absolutely within your rights to try and renegotiate the offer based on your findings.
It is up to the vendors to accept or reject the position.

chrismon · 20-12-2018 1:25am

Hey all.
We are sale agreed going through the final steps.
We want to make sure a few bits and pieces are done i.e. that the attic has everything removed before we get the keys.
Is this normal practice for the buyer to check or how does it normally work.

wally79 · 20-12-2018 1:29am

chrismon wrote: »

Hey all.
We are sale agreed going through the final steps.
We want to make sure a few bits and pieces are done i.e. that the attic has everything removed before we get the keys.
Is this normal practice for the buyer to check or how does it normally work.

Arrange it by appointment through the estate agent

Bring anything you might need eg torches, stepladder

Weepsie · 20-12-2018 1:04pm

Anyone here used beagelbid when buying? It's an online platform, seems pretty basic, but has some flaws. If someone bids higher, you can't match that bid and add a note (not in a chain, cash buyer etc). Also if you're the first bidder, it doesn't matter once you're outbid, that bidder is then bidder 1. It's confusing and gives the impression that the agent is just bidding against you to get a better price.

Anyway, in the process of bidding, and we've put in 3 bids so far. Agent took 2 weeks to get back to us first time, told us they wanted x amount. We upped our bid after some thinking, but still under what they said. Still no word from agent. After another 2 weeks, there's a new bid, and the agent is ringing me straight away. I saw I need time, ask them to call back. They don't on the agreed day. Made a new bid, again no response until the other bidder has increased their bid.

Our is a fairly attractive offer in that we can move straight away pretty much,. I'm not sure the agent is even putting the bid to the seller anymore and is just going back and forth between us and the other bidder.

Is there any way I can request that they show that they have put my bid to the seller?

JustMe,K · 20-12-2018 1:18pm

Weepsie wrote: »

Is there any way I can request that they show that they have put my bid to the seller?

You can ask to see the bid record for that property, I'm not sure if you can ask for evidence that the bid has gone to the seller. Although, the agents are supposed to present every bid to the seller so you would be led to assume that seller is aware of all bids (whether they are or not is another thing), unless the seller has stated that they dont want to be informed of bids below x level.

Weepsie · 20-12-2018 1:33pm

Thanks. I'll have to think hard about it. Property is in the perfect area for us, but needs a lot of updating and though we are approved for more, we don't really want to spend more.

Seller isn't obliged to go to the highest bidder I guess either, so they might still say yeah, give it to them as we just want it closed off and sold (as happened to a friend, they bid slightly less than another, but could move in immediately.)

Jack_92 · 21-12-2018 8:34pm

Hi, could someone advise at what stage should the solistor be appointed? Is there any point getting one before Sale Agreed? Thanks

Wexy86 · 21-12-2018 8:45pm

Can I ask from people’s experience what costs are not thought of when purchasing a house?

I’ve accounted for the below, is there other expenses that crop up on the purchase side itself? Or just have an extra €XK put aside?

Deposit
Stamp duty
Solicitor fee
Surveyor

AppleBottle · 22-12-2018 5:17am

Jack_92 wrote: »

Hi, could someone advise at what stage should the solistor be appointed? Is there any point getting one before Sale Agreed? Thanks

I would suggest engaging ASAP.

We engaged as soon as we were approved in principal. It just meant that as soon as we went sale agreed, we could contact our solicitor and get the ball rolling.

AppleBottle · 22-12-2018 5:19am

Wexy86 wrote: »

Can I ask from people’s experience what costs are not thought of when purchasing a house?

I’ve accounted for the below, is there other expenses that crop up on the purchase side itself? Or just have an extra €XK put aside?

Deposit
Stamp duty
Solicitor fee
Surveyor

Not that they aren’t thought of but:

Valuation Report fee
Home Insurance
Mortgage Protection
LPT
Solicitor outlay fees - folio searches, registering the mortgage etc (not sure if you include this in your solicitor fee above)

Maybe NPPR (gone since 2013, but might not have been paid)

Monife · 22-12-2018 8:14pm

AppleBottle wrote: »

Maybe NPPR (gone since 2013, but might not have been paid)

NPPR has to be paid by the vendor before the sale closes, just like any outstanding LPT.

myshirt · 25-12-2018 7:55pm

Will this thread now become the 15/16/17/18/19 thread or will we finally see a fresh start plain vanilla 'Saving for a mortgage 2019'?

NearlyForty · 26-12-2018 9:45am

myshirt wrote: »

'Saving for a mortgage 2019'?

It might be an idea to start afresh.. Especially for any newbies that are just starting out, that are lost on the current thread.. (Like myself..:)

didka · 26-12-2018 10:39am

Any idea how specific are banks for saving per month during mortgage approval process?

Example - requirement to save 2100. Average saving per month 2500 for the last 6 months, above what they are looking for. However not equal each month. One payment on 31st cleared 31st one month, 1st next messing up the month (saving double one month and appeared as not the next month.. One month no saving (car purchase). We purchased car before we were planning to move

Is it likely that they will have issues with that? Last 3 months I moved to saving mid month to avoid issues like that. I hope average would be good enough.

Creamy Goodness · 26-12-2018 12:37pm

Won’t have an issue with the amount of saving but they really need to see regular stable amounts.

Showing them anything less gives them the vibe that there’ll be something more important (in your eyes) when push comes to shove.

chrismon · 26-12-2018 1:09pm

didka wrote: »

Any idea how specific are banks for saving per month during mortgage approval process?

Example - requirement to save 2100. Average saving per month 2500 for the last 6 months, above what they are looking for. However not equal each month. One payment on 31st cleared 31st one month, 1st next messing up the month (saving double one month and appeared as not the next month.. One month no saving (car purchase). We purchased car before we were planning to move

Is it likely that they will have issues with that? Last 3 months I moved to saving mid month to avoid issues like that. I hope average would be good enough.

The "one month no saving" is where the may have an issue.
If you buy a car after buying the house will you not pay the mortgage that month?
The want "consistent" saving, that was the main thing I was told from our advisor.

wally79 · 26-12-2018 1:14pm

didka wrote: »

Any idea how specific are banks for saving per month during mortgage approval process?

Example - requirement to save 2100. Average saving per month 2500 for the last 6 months, above what they are looking for. However not equal each month. One payment on 31st cleared 31st one month, 1st next messing up the month (saving double one month and appeared as not the next month.. One month no saving (car purchase). We purchased car before we were planning to move

Is it likely that they will have issues with that? Last 3 months I moved to saving mid month to avoid issues like that. I hope average would be good enough.

Save the 2100 each month as your main savings. Save the other 400 in a separate account. If you need to use it then use it but don’t dip into the main savings

didka · 26-12-2018 4:56pm

chrismon wrote: »

The "one month no saving" is where the may have an issue.
If you buy a car after buying the house will you not pay the mortgage that month?
.

Honestly at the time we were not planning to move house. It would have been so easy to put less in saving in July and transfer the rest in August. Or just wait for few months! It was not something we were planning to do.

syndrome777 · 26-12-2018 6:39pm

didka wrote: »

Any idea how specific are banks for saving per month during mortgage approval process?

Example - requirement to save 2100. Average saving per month 2500 for the last 6 months, above what they are looking for. However not equal each month. One payment on 31st cleared 31st one month, 1st next messing up the month (saving double one month and appeared as not the next month.. One month no saving (car purchase). We purchased car before we were planning to move

Is it likely that they will have issues with that? Last 3 months I moved to saving mid month to avoid issues like that. I hope average would be good enough.

they will take your current rent/mortgage payment in to accounts. If you have sufficient savings for a deposit now, and you are meeting your rent payment you will be ok.

say your rent is 1500pm, and you were saving average around 500pm, if you have 10% deposit saved (if ftb) they won't hold it against you for missing one month savings....if you don't have that deposit yet they might query it

if you don't currently rent (have visible rent or mortgage reps) it will definitely be a problem

Maz2016 · 26-12-2018 9:57pm

I am living at home, saving every month, sometimes I transfer once a month to credit union, sometimes its weekly. Will this be an issue? Also the fact I don't pay rent - could this be a problem?

mtoutlemonde · 27-12-2018 12:41am

Firstly, don't shoot me down - am looking to inform myself.

I'm living at home and feel that it's time to get my own place. I come from a farming background so know that I have a site to build on. I have contacted my bank but didn't have my salary certificate at the time. Some background information: I'm a teacher on a fixed term contract for half hours and have the remainder made up of part time hours (these won't show on my salary certificate) meaning the 3.5 my salary won't get me much despite being on nearly a full salary. The other hours show up as 'substitute' which I was told could cause a problem. I have no loans and no erratic spending. I have been employed in substitute positions for the last number of years so I have a deposit saved. I was told that each mortgage would be case by case basis and the most I could probably secure is €150,000 - what kind of house can be built for that?

I have only tried my own bank but intend to contact a broker and another bank. Was looking at the rebuilding Ireland website and it looks the better option for me - are there disadvantages to this scheme? If a bank offers me €150000 does that rule me out of this scheme even if the house will cost more?

I don't know if I'm mad to even think that I can build a house but if I'm doing it- want to do it once as it will be my place for the rest of my days. Any advice?

didka · 29-12-2018 8:47am

syndrome777 wrote: »

they will take your current rent/mortgage payment in to accounts. If you have sufficient savings for a deposit now, and you are meeting your rent payment you will be ok.

say your rent is 1500pm, and you were saving average around 500pm, if you have 10% deposit saved (if ftb) they won't hold it against you for missing one month savings....if you don't have that deposit yet they might query it

if you don't currently rent (have visible rent or mortgage reps) it will definitely be a problem

We have saving larger than required 20% deposit and are paying mortgage, but on the low side due to tracker rates. I looked at the numbers again and I think that they will be able to see that the month before we have the savings transferred on 1st and one more time transaction larger than the full amount required on 31st. If they move the 31st transaction to the month after we should be good to hit the target every month. Good to know that they will take the mortgage we are paying into account

Such small thing, I will be very disapointed if they have issue with it! I will submit my application in January.

GaGa21 · 29-12-2018 10:36am

mtoutlemonde wrote:

I was told that each mortgage would be case by case basis and the most I could probably secure is â‚¬150,000 - what kind of house can be built for that?

I have a friend who built his house for 180k so I am sure you could do it for 150k, just a bit smaller. I think his is a 4 bed.
I would think with your work situation you best bet for a mortgage would be to go with a broker.

Kh1993 · 29-12-2018 7:17pm

Hi all, going to be hopefully in the position of seriously looking for properties in the next 6-12 months and hopefully mortgage approval.

One q I have is how about my savings for deposit and how strict banks are about showing savings. With the other half, we’re currently renting (so regular payments), however I’ve basically being saving for the past 6 years with no clear objective (basically saved as nothing to spend it on), and have the majority of our deposit from these savings. They’re not necessarily consistent or regular but accrued a good amount. Will the banks be happy with this, or will we need to show more stricter consistent savings, even though we have the deposit money?

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

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