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Currently buying/selling a house? How is it going? READ MOD NOTE POST #1

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  • #962
    Bargain_Hound
    Registered Users Posts: 521 ✭✭✭Bargain_Hound


    Maitguel wrote: »
    We received our loan offer today from PTSB. Not going for a very big mortgage and we’ll within our repayment capacity so that might have a bearing on it.
    Glad to hear this!
    Might just need to be a bit more patient!


  • #963
    DaveyDave
    Registered Users Posts: 6,179 ✭✭✭DaveyDave


    KBC said they won't release funds until the 14th as that's the date I put on my home insurance. I picked the date at random as we didn't have a move in date.

    Funds will be held until the 20th when the solicitor is back open after the Easter break and we should close on the 21st.


  • #964
    JL555
    Registered Users Posts: 288 ✭✭JL555


    FutureGuy wrote: »
    We went fixed with AIB for 3 years at 2.85. We haven’t drawn down. I now see the rate is 2.55.

    Any chance they will give us the new rate?

    You'll get the new rate, we are in the process too, AIB said we'll automatically get the 2.25%


  • #965
    JL555
    Registered Users Posts: 288 ✭✭JL555


    KaiserSochez wrote: »
    So that's BOI and UB halting lending from the sounds of it. Anyone aware if AIB and KBC gone the same route?

    AIB called me today to ask if we are still proceeding with the purchase. The mortgage advisor wanted to know if we would be drawing down the funds within the next 6 weeks (we are just waiting on a cert of compliance document from the vendor so I fully expect so), however reading between the lines I don't get a good feeling about what the next move will be from the banks. Really peed off now with the uncertainty, it took us a long time to get our deposit and reno budget built up. We are very lucky as we are in stable employment and can work from home.


  • #966
    0gac3yjefb5sv7
    Closed Accounts Posts: 3,948 ✭✭✭0gac3yjefb5sv7


    JL555 wrote: »
    You'll get the new rate, we are in the process too, AIB said we'll automatically get the 2.25%

    Would that apply to PTSB also?


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  • #967
    Maitguel
    Registered Users Posts: 42 ✭Maitguel


    Where did you hear they were lowering their fixed interest rates? AIB still quoting 2.55 for its 3Y would love if PTSB dropped their!


  • #968
    Logan Roy
    Closed Accounts Posts: 452 ✭✭Logan Roy


    JL555 wrote: »
    You'll get the new rate, we are in the process too, AIB said we'll automatically get the 2.25%

    Presume you mean 2.55%?


  • #969
    Logan Roy
    Closed Accounts Posts: 452 ✭✭Logan Roy


    JL555 wrote: »
    AIB called me today to ask if we are still proceeding with the purchase. The mortgage advisor wanted to know if we would be drawing down the funds within the next 6 weeks (we are just waiting on a cert of compliance document from the vendor so I fully expect so), however reading between the lines I don't get a good feeling about what the next move will be from the banks. Really peed off now with the uncertainty, it took us a long time to get our deposit and reno budget built up. We are very lucky as we are in stable employment and can work from home.

    Can I ask are you seeking an exemption?


  • #970
    Dolbhad
    Registered Users Posts: 782 ✭✭✭Dolbhad


    The property registration authority has closed whole restrictions are on. It’s causing issues as any properties sold and mortgages drawn down can’t be registered at moment. This has made banks nervous I say and may prevent funds issuing if they continue to close.

    I’ve heard Ulster Bank, PTSB and Haven require letters from employers before drawdown of funds that employment isn’t affected by Covid.

    Also Aib are sending out letters today to solicitors who have clients loan offer about the PRA and registering the mortgage, that you can close within 6 weeks and that no change to clients employment.

    That’s onerous and would expect that means it will be hard to draw down in this moment

    Banks seem to have paused exemptions.

    Anybody have a loan offer issue in the last week?


  • #971
    NeitherJohn
    Registered Users Posts: 623 ✭✭✭NeitherJohn


    Dolbhad wrote: »
    The property registration authority has closed whole restrictions are on. It’s causing issues as any properties sold and mortgages drawn down can’t be registered at moment. This has made banks nervous I say and may prevent funds issuing if they continue to close...

    Aren't the PRA still doing eRegistrations? Is this the same thing just done online rather than via post/DX?


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  • #972
    Dolbhad
    Registered Users Posts: 782 ✭✭✭Dolbhad


    NeitherJohn wrote: »
    Aren't the PRA still doing eRegistrations? Is this the same thing just done online rather than via post/DX?

    You do the form 17 online which creates the application. But it’s pre lodged only at that stage. Not valid until its printed off, signed by solicitor and it’s posted into the land registry with the original documents. PRA have said do not post anything in. So registrations are stopped and means searches cannot be relied upon.

    Law society seem to be putting pressure for PRA to open.


  • #973
    Logan Roy
    Closed Accounts Posts: 452 ✭✭Logan Roy


    Dolbhad wrote: »
    The property registration authority has closed whole restrictions are on. It’s causing issues as any properties sold and mortgages drawn down can’t be registered at moment. This has made banks nervous I say and may prevent funds issuing if they continue to close.

    I’ve heard Ulster Bank, PTSB and Haven require letters from employers before drawdown of funds that employment isn’t affected by Covid.

    Also Aib are sending out letters today to solicitors who have clients loan offer about the PRA and registering the mortgage, that you can close within 6 weeks and that no change to clients employment.

    That’s onerous and would expect that means it will be hard to draw down in this moment

    Banks seem to have paused exemptions.

    Anybody have a loan offer issue in the last week?

    Received mine last week.


  • #974
    Dolbhad
    Registered Users Posts: 782 ✭✭✭Dolbhad


    Logan Roy wrote: »
    Received mine last week.

    That’s good to hear since few people seem to say their loan offers are paused while bank deal with the backlog of seeking a mortgage break.


  • #975
    lomb
    Registered Users Posts: 6,031 ✭✭✭lomb


    Dolbhad wrote: »
    The property registration authority has closed whole restrictions are on. It’s causing issues as any properties sold and mortgages drawn down can’t be registered at moment. This has made banks nervous I say and may prevent funds issuing if they continue to close.

    I’ve heard Ulster Bank, PTSB and Haven require letters from employers before drawdown of funds that employment isn’t affected by Covid.

    Also Aib are sending out letters today to solicitors who have clients loan offer about the PRA and registering the mortgage, that you can close within 6 weeks and that no change to clients employment.

    That’s onerous and would expect that means it will be hard to draw down in this moment

    Banks seem to have paused exemptions.

    Anybody have a loan offer issue in the last week?

    I'm with BOI and if they sent me a letter advising close within 6 weeks I would be sueing for breach of contract - damage to reputation as well as loss of deposit as well as going to the press. The offer letter is 6 months. There are conditions in mine but not too onerous as long as you aren't redundant etc.
    I can close with family monies but it would be a real pisser for me as it's a waste of my time


  • #976
    NeitherJohn
    Registered Users Posts: 623 ✭✭✭NeitherJohn


    Dolbhad wrote: »
    You do the form 17 online which creates the application. But it’s pre lodged only at that stage. Not valid until its printed off, signed by solicitor and it’s posted into the land registry with the original documents. PRA have said do not post anything in. So registrations are stopped and means searches cannot be relied upon.

    Law society seem to be putting pressure for PRA to open.

    Good to know. Thanks.


  • #977
    Sheeps
    Registered Users Posts: 2,762 ✭✭✭Sheeps


    Dolbhad wrote: »
    The property registration authority has closed whole restrictions are on. It’s causing issues as any properties sold and mortgages drawn down can’t be registered at moment. This has made banks nervous I say and may prevent funds issuing if they continue to close.

    I’ve heard Ulster Bank, PTSB and Haven require letters from employers before drawdown of funds that employment isn’t affected by Covid.

    Also Aib are sending out letters today to solicitors who have clients loan offer about the PRA and registering the mortgage, that you can close within 6 weeks and that no change to clients employment.

    That’s onerous and would expect that means it will be hard to draw down in this moment

    Banks seem to have paused exemptions.

    Anybody have a loan offer issue in the last week?
    I did, with an exemption.


  • #978
    Mixmistro
    Registered Users Posts: 13 ✭Mixmistro


    Drewdown Monday and closed Wednesday with small exemption (PTSB).


  • #979
    0gac3yjefb5sv7
    Closed Accounts Posts: 3,948 ✭✭✭0gac3yjefb5sv7


    Mixmistro wrote: »
    Drewdown Monday and closed Wednesday with small exemption (PTSB).

    Did you get a lower fixed rate, I think a poster above mentioned they did for AIB?


  • #980
    Mixmistro
    Registered Users Posts: 13 ✭Mixmistro


    Lorelai Thoughtless Purple wrote: »
    Did you get a lower fixed rate, I think a poster above mentioned they did for AIB?

    I didn't hear PTSB rates had changed.


  • #981
    Nijmegen
    Registered Users Posts: 3,086 ✭✭✭Nijmegen


    The PRA closure is being used as the excuse to hold up the buy side of my chain. Really surprised that they just went and shut up shop like that, essentially freezing everyone on a fairly routine technical point.


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  • #982
    SpencerJC
    Registered Users Posts: 56 ✭✭SpencerJC


    Ulster bank contacted me today saying they have to pause the mortgage. As they expect COVID to have an impact on the housing market they'd like to re-evaluate the property and its value before drawing down, they said this is the approach most the banks are now taking. It's probably only a good thing as it will act as a further negotiation tool if they come back and say they can only lend us 90% of what they previously were going to. Have others been contacted too?


  • #983
    ZX7R
    Registered Users Posts: 3,426 ✭✭✭ZX7R


    SpencerJC wrote: »
    Ulster bank contacted me today saying they have to pause the mortgage. As they expect COVID to have an impact on the housing market they'd like to re-evaluate the property and its value before drawing down, they said this is the approach most the banks are now taking. It's probably only a good thing as it will act as a further negotiation tool if they come back and say they can only lend us 90% of what they previously were going to. Have others been contacted too?

    It would be great if you could attach the letter from Ulster bank obviously blocking out your details it would be great if we could see how they worded it .
    Thanks


  • #984
    IndieRoar111
    Banned (with Prison Access) Posts: 52 ✭✭IndieRoar111


    Mixmistro wrote: »
    Drewdown Monday and closed Wednesday with small exemption (PTSB).

    Congrats, just hope it doesn't come back to bite you. Wish you all the best


  • #985
    SpencerJC
    Registered Users Posts: 56 ✭✭SpencerJC


    ZX7R wrote: »
    It would be great if you could attach the letter from Ulster bank obviously blocking out your details it would be great if we could see how they worded it .
    Thanks

    It was just a phone call. They just explained that they are putting a hold on our mortgage as they are reevaluating the market. They said they don't want a repeat of the last crash where people had mortgages worth a lot more than the house value and they lose their job etc. It could be a case where they come back and say they will give us 5% or 10% less than what we are requesting based on their evaluation, or who knows...


  • #986
    akesha
    Registered Users Posts: 135 ✭✭akesha


    SpencerJC wrote: »
    It was just a phone call. They just explained that they are putting a hold on our mortgage as they are reevaluating the market. They said they don't want a repeat of the last crash where people had mortgages worth a lot more than the house value and they lose their job etc. It could be a case where they come back and say they will give us 5% or 10% less than what we are requesting based on their evaluation, or who knows...

    But in what stage are you? Just AIP, sale agreed or contracts exchanged?


  • #987
    ZX7R
    Registered Users Posts: 3,426 ✭✭✭ZX7R


    SpencerJC wrote: »
    It was just a phone call. They just explained that they are putting a hold on our mortgage as they are reevaluating the market. They said they don't want a repeat of the last crash where people had mortgages worth a lot more than the house value and they lose their job etc. It could be a case where they come back and say they will give us 5% or 10% less than what we are requesting based on their evaluation, or who knows...

    For your first post you said you were sale agreed and mortgage approved for a number of weeks,I find it hard to believe your mortgage was put on hold for the reasons your stating.
    I personally know two people who drew down there mortgages this week.
    One couple are with Aib and the other with Ptsb.
    Are you expecting an extension by any chance


  • #988
    SpencerJC
    Registered Users Posts: 56 ✭✭SpencerJC


    ZX7R wrote: »
    For your first post you said you were sale agreed and mortgage approved for a number of weeks,I find it hard to believe your mortgage was put on hold for the reasons your stating.
    I personally know two people who drew down there mortgages this week.
    One couple are with Aib and the other with Ptsb.
    Are you expecting an extension by any chance

    We were pretty much ready to sign the contracts. The solicitors had been back and forth and everything was going smoothly. We had some questions that the solicitor wanted us to clarify with the management company but thereafter we were going to be signing the contract. We then received this call today from Ulster bank. Maybe they are pushing ahead with some and not others, I don't know to be honest, just that ours has been paused for the time being.


  • #989
    SpencerJC
    Registered Users Posts: 56 ✭✭SpencerJC


    ZX7R wrote: »
    For your first post you said you were sale agreed and mortgage approved for a number of weeks,I find it hard to believe your mortgage was put on hold for the reasons your stating.
    I personally know two people who drew down there mortgages this week.
    One couple are with Aib and the other with Ptsb.
    Are you expecting an extension by any chance

    To answer your question, yes we were fully approved. I don't know what exactly the next steps will be other than they will be back in touch in a couple of weeks. Our solicitor said they may revise what the amount they would like to lend us or they could just give us the go-ahead, just speculating really.


  • #990
    akesha
    Registered Users Posts: 135 ✭✭akesha


    SpencerJC wrote: »
    To answer your question, yes we were fully approved. I don't know what exactly the next steps will be other than they will be back in touch in a couple of weeks. Our solicitor said they may revise what the amount they would like to lend us or they could just give us the go-ahead, just speculating really.

    But you didn't sign contracts neither the loan, right? Maybe they are just pausing people who didn't sign the loan yet.


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  • #991
    SpencerJC
    Registered Users Posts: 56 ✭✭SpencerJC


    akesha wrote: »
    But you didn't sign contracts neither the loan, right? Maybe they are just pausing people who didn't sign the loan yet.

    Yeah, we did not have anything signed no, that was the next step. I wouldn't expect something like this to apply to anyone who has already signed as they are already in a contract.


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