Saving/Applying for a mortgage 2020-22 Edition

Lia_lia · 13-02-2021 6:28pm

Antares35 wrote: »

That's great! Thank you. Exciting times ahead

Best of luck. Hope ye find something soon. Most houses can't be viewed at the moment due to level 5 restrictions but some people are bidding on houses anyway. Which seems a bit mad but that's the way it is at the moment!

Antares35 · 13-02-2021 6:39pm

Lia_lia wrote: »

Best of luck. Hope ye find something soon. Most houses can't be viewed at the moment due to level 5 restrictions but some people are bidding on houses anyway. Which seems a bit mad but that's the way it is at the moment!

Gosh that is mad, although I've seen one I have my heart set on so much I would contemplate the same (be too chicken though!)

Green Mile · 13-02-2021 7:08pm

Lia_lia wrote: »

Best of luck. Hope ye find something soon. Most houses can't be viewed at the moment due to level 5 restrictions but some people are bidding on houses anyway. Which seems a bit mad but that's the way it is at the moment!

This is the reason I don’t want to put my house on the market just yet. I would rather potential buyers to come and see the house. Pictures and virtual tours aren’t ideal.

brianc27 · 13-02-2021 7:39pm

I wouldn't be surprised if alot of houses that went sale agreed through virtual viewing are back on the market as soon as the winning bidder gets an in person viewing, no way I'd commit to buying a house without actually being in it and seeing it in person

McGrath5 · 13-02-2021 7:49pm

Green Mile wrote: »

Does anyone know how long AIP lasts with Avant Mortgages?

6 months, we got AIP from them in December.

Knex* · 13-02-2021 8:38pm

brianc27 wrote: »

I wouldn't be surprised if alot of houses that went sale agreed through virtual viewing are back on the market as soon as the winning bidder gets an in person viewing, no way I'd commit to buying a house without actually being in it and seeing it in person

If I had to guess, I would say that the same panic, lack of supply, and overall demand that is causing people to bid way over asking, will probably follow through to people being happy to have the physical viewing as more of a tick the box exercise to complete the sale, than anything that might throw up any reason for concern.

Imagine you'll see a few that fall through due to identifying mould or damp, etc., but I do think there's almost a sense of desperation to just get on with things that will see people pull the trigger and see it through.

McGrath5 · 13-02-2021 9:31pm

brianc27 wrote: »

I wouldn't be surprised if alot of houses that went sale agreed through virtual viewing are back on the market as soon as the winning bidder gets an in person viewing, no way I'd commit to buying a house without actually being in it and seeing it in person

My own experience, we put our house up for 2 weeks ago and went sale agreed within days. The potential buyers viewed it in person but have changed their mind and back onto the market our house goes.

Blue Badger · 14-02-2021 2:01pm

I've been having an interesting time contacting banks recently as it's become apparent that some bank mortgage teams are much easier to contact than others. Not sure if others here have has similar thoughts?

By far the best so far has been PTSB in that within moment of ringing I was speaking to a human being and despite their mortgage team only being contactable through callbacks (as with the others) I received said callback within the hour. Was well chuffed with that.

In contrast, BOI was second best and Ulster the worst; Ulster has one of those extensive automated voice messaging menus that always drives me mad and it took a few days to hear back from their team.

voldejoie · 15-02-2021 11:00am

When you're going for AIP, do you need to have the full deposit saved and the amount of all the other costs like solicitors' fees and stamp duty? I'm a single applicant, if that has any bearing on it!

Markitron · 15-02-2021 11:02am

voldejoie wrote: »

When you're going for AIP, do you need to have the full deposit saved and the amount of all the other costs like solicitors' fees and stamp duty? I'm a single applicant, if that has any bearing on it!

No, I was a single applicant and got AIP in December with less than half of a deposit saved. I was a FTB buyer with access to HTB though, a STB may have to wait.

Renjit · 15-02-2021 11:16am

voldejoie wrote: »

When you're going for AIP, do you need to have the full deposit saved and the amount of all the other costs like solicitors' fees and stamp duty? I'm a single applicant, if that has any bearing on it!

Just talk with the bank rep. Sooner you start, better it will be. They can tell you what to expect and plan.

voldejoie · 15-02-2021 11:21am

Thanks both. Have the bulk of my deposit ready and have very stupidly fallen in love with a house - time to get the ball rolling, even if not for this house then the next one I fall head over heels for! I'm a FTB so thankfully only a 10% deposit needed. Recently started a new job with a decent pay increase, so was thinking of holding off for a few months to let that reflect in my pay slips but realistically I'll just consider it a boon if/when I find a house and move to put in an offer!

ms vieria · 15-02-2021 11:36am

voldejoie wrote: »

Thanks both. Have the bulk of my deposit ready and have very stupidly fallen in love with a house - time to get the ball rolling, even if not for this house then the next one I fall head over heels for! I'm a FTB so thankfully only a 10% deposit needed. Recently started a new job with a decent pay increase, so was thinking of holding off for a few months to let that reflect in my pay slips but realistically I'll just consider it a boon if/when I find a house and move to put in an offer!

If you are on a probation period in your new job then the bank is unlikely to let you proceed with a mortgage.

voldejoie · 15-02-2021 11:37am

ms vieria wrote: »

If you are on a probation period in your new job then the bank is unlikely to let you proceed with a mortgage.

It's with the same company I've been with for almost 5 years now, so no probation period thankfully!

ms vieria · 15-02-2021 11:52am

voldejoie wrote: »

It's with the same company I've been with for almost 5 years now, so no probation period thankfully!

Great - congratulations on that - good to hear there are still some good companies out there. Best of luck with it

Markitron · 15-02-2021 11:52am

voldejoie wrote: »

It's with the same company I've been with for almost 5 years now, so no probation period thankfully!

You only need an updated salary cert and 1 payslip that reflects your higher wage.

thegreatescape · 15-02-2021 11:52am

What are people's thoughts on the proposed shared equity scheme? Seems very promising for renting FTB like myself! Wondering when it will actually become available

Antares35 · 15-02-2021 12:05pm

voldejoie wrote: »

When you're going for AIP, do you need to have the full deposit saved and the amount of all the other costs like solicitors' fees and stamp duty? I'm a single applicant, if that has any bearing on it!

We got AIP and the advisor said to use the six months to continue to build saving record

Busi_Girl08 · 15-02-2021 12:08pm

thegreatescape wrote: »

What are people's thoughts on the proposed shared equity scheme? Seems very promising for renting FTB like myself! Wondering when it will actually become available

I'm keeping an eye on it, current talks are for it to launch in July. My only concern would be the interest rates over time.

Monsieur Folie · 15-02-2021 1:31pm

Hi All, when is the best time to start engaging with estate agents and contacting people to express interest in property? Is it once you have the AIP letter from the bank in hand? We submitted all of our documentation to our broker last week so expecting to get AIP in the next couple of weeks failing any sort of complication.

We are keeping an eye on the properties that appear in the areas we have earmarked and there are a few we'd be very keen on, but don't want to waste people's time by jumping the gun.

Markitron · 15-02-2021 1:37pm

Monsieur Folie wrote: »

Hi All, when is the best time to start engaging with estate agents and contacting people to express interest in property? Is it once you have the AIP letter from the bank in hand? We submitted all of our documentation to our broker last week so expecting to get AIP in the next couple of weeks failing any sort of complication.

We are keeping an eye on the properties that appear in the areas we have earmarked and there are a few we'd be very keen on, but don't want to waste people's time by jumping the gun.

Yea I would say wait until you have AIP, a lot of estate agents won't even let you view a house unless you can send them proof of AIP. There is obviously no harm in getting started early, but it may be needlessly difficult for you, its going to be a few more weeks before anyone can view anything anyway.

Monsieur Folie · 15-02-2021 1:41pm

Markitron wrote: »

Yea I would say wait until you have AIP, a lot of estate agents won't even let you view a house unless you can send them proof of AIP. There is obviously no harm in getting started early, but it may be needlessly difficult for you, its going to be a few more weeks before anyone can view anything anyway.

Thanks for the reply - yes you are pretty much confirming what I had guessed so that makes sense.

I am probably just teasing myself a bit then with all of the saved searches on Daft, but I suppose it's good to have one eye on it so we are ready to go once the banks come back to us.

akelly02 · 15-02-2021 1:48pm

Hi

Long time lurker , first time poster .

Has anyone ever tried getting a credit union mortgage, and if so how did it fair out?

their rates are obviously higher, but are they easier to get?

Markitron · 15-02-2021 1:53pm

Monsieur Folie wrote: »

Thanks for the reply - yes you are pretty much confirming what I had guessed so that makes sense.

I am probably just teasing myself a bit then with all of the saved searches on Daft, but I suppose it's good to have one eye on it so we are ready to go once the banks come back to us.

I have said this before and I will say it many times again, do not let yourself get obsessed with checking daft/myhome/PPR constantly. In my experience it just stresses you out. Ideally set your alerts and don't look at it at all.

thegreatescape · 15-02-2021 2:02pm

Busi_Girl08 wrote: »

I'm keeping an eye on it, current talks are for it to launch in July. My only concern would be the interest rates over time.

That is my fear too. It looks like at the moment the first 5 years are interest free, with a 1.5% rate thereafter. The rate will definitely increase due to inflation but it will be interesting to see what way the scheme pans out.

Ladybug14 · 15-02-2021 9:29pm

I’m checking for updates on the equity scheme everyday. Ideally I’d like it before July ðŸ˜… I wonder would they let you combine a 4.5 times salary mortgage exemption with a 15% shared equity. I could afford the repayments and the interest after 5 years! Anyone have any thoughts?

Busi_Girl08 · 16-02-2021 12:08pm

I think I have our new broker (who funnily enough was the first advisor we spoke to last month, she since started a new job with the broker we went with) driven demented already

She came back to us this morning because I uploaded bank transaction reports instead of statements, I sort of assumed they were treated as the same thing, and I'm after updating my savings figure just before we complete the application.

Both small things but I'm just sort of panicking about everything right now worried I might feck something up. And we haven't even started properly yet.

Definitely glad we went with a broker for that reason now.

The Phantom Jipper · 18-02-2021 2:45am

If Ulster Bank ends up pulling out as now appears likely, what would that mean for people who currently have AIP? Presumably you'd have to go with another bank instead?

pleh · 18-02-2021 10:24am

The Phantom Jipper wrote: »

If Ulster Bank ends up pulling out as now appears likely, what would that mean for people who currently have AIP? Presumably you'd have to go with another bank instead?

They might close stores but retain the license to operate here with an online presence. If they close full stop, you'd need to apply again to another bank from scratch for aip.

Blue Badger · 18-02-2021 11:01am

I wonder what will happen to the interest rates being offered by the other banks should Ulster leave entirely. Is a shame because I'd been told by brokers that they were near the best you could get.

Saving/Applying for a mortgage 2020-22 Edition

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