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

red_bairn · 08-09-2019 7:05pm

ChewBerecca wrote: »

Land registry on deed of transfer (depends on the house cost, our fee was about 700), mortgage deed, new folio, searches.

Depending on the price of the house, you're looking at another 1000 on top of the solicitors fee and excluding stamp duty.

Some solicitors will bulk everything together into one fee when quoting, check what's included when getting the quote.

That is the thing. My uncle in-law is acting as our solicitor and even though he said don't mind about a fee is still want to throw something his way. But the above should give me a tough ballpark figure for additional fees. Thanks.

TheShow · 09-09-2019 12:04pm

Blanco100 wrote: »

At what stage would you suggest getting the mortgage protection in place? As I said, our solicitor is still awaiting contracts.

We have a policy in mind,but don't want to be paying for it until we know a date from when we want it to begin.

Think I will go ahead and sort the valuation now

IS there any existing medical conditions? if so, the sooner the better as you will need to go to doctor etc for medical report and this could cause delays.

If no medical conditions, it can be done over the phone in a few minutes.

r93kaey5p2izun · 09-09-2019 4:33pm

I was accepted for mortgage protection today with just a relatively small loading on the premium. Such a relief! I was so worried it would be refused. I had to fill out a huge volume of additional paperwork for each existing illness, but they didn't look for a doctor's report or send me for a medical. I'm amazed given my lengthy and complex medical history!

So I'm 3.5 weeks since sale agreed and survey is complete, bank has done valuation and issued loan offer, mortgage protection insurance is sorted. Just home insurance left to arrange now. But I'm still expecting this to drag on until the new year due to probate.

Mickiemcfist · 09-09-2019 4:41pm

Amber Round Eyelid wrote: »

I was accepted for mortgage protection today with just a relatively small loading on the premium. Such a relief! I was so worried it would be refused. I had to fill out a huge volume of additional paperwork for each existing illness, but they didn't look for a doctor's report or send me for a medical. I'm amazed given my lengthy and complex medical history!

So I'm 3.5 weeks since sale agreed and survey is complete, bank has done valuation and issued loan offer, mortgage protection insurance is sorted. Just home insurance left to arrange now. But I'm still expecting this to drag on until the new year due to probate.

Out of interest who did you get the mortgage protection with? Have a complex history myself! Thanks

r93kaey5p2izun · 09-09-2019 5:01pm

Mickiemcfist wrote: »

Out of interest who did you get the mortgage protection with? Have a complex history myself! Thanks

Irish Life through a broker.

Blanco100 · 09-09-2019 5:07pm

TheShow wrote: »

IS there any existing medical conditions? if so, the sooner the better as you will need to go to doctor etc for medical report and this could cause delays.

If no medical conditions, it can be done over the phone in a few minutes.

no medical conditions thank god. got valuation sorted today as i believe contracts could be with my solicitor this week

VonLuck · 09-09-2019 7:35pm

Excuse my ignorance, but what fees are associated with switching mortgage providers after your fixed term ends? Whilst I'm not switching anytime soon, I may have naively thought that it was a straight forward process and did not factor in any potential costs in switching, which may have affected the term I selected.

oleard1987 · 09-09-2019 11:45pm

We just bought a 4 bed semi d for 335k in cork and the total cost of the stamp duty and solicitor fees all in was 5660
We taught it would be more but you only pay the stamp on price of the house excluding VAT
I'll try and find the solicitors letter tomorrow and show the full range of fees

GingerLily · 10-09-2019 12:04am

oleard1987 wrote: »

We just bought a 4 bed semi d for 335k in cork and the total cost of the stamp duty and solicitor fees all in was 5660
We taught it would be more but you only pay the stamp on price of the house excluding VAT
I'll try and find the solicitors letter tomorrow and show the full range of fees

I think stamp duty is exVAT for new builds only??

GingerLily · 10-09-2019 12:05am

VonLuck wrote: »

Excuse my ignorance, but what fees are associated with switching mortgage providers after your fixed term ends? Whilst I'm not switching anytime soon, I may have naively thought that it was a straight forward process and did not factor in any potential costs in switching, which may have affected the term I selected.

If you stay with your current mortgage provider I don't think there's a charge? Are you looking to change bank?

ChewBerecca · 10-09-2019 8:36am

GingerLily wrote: »

I think stamp duty is exVAT for new builds only??

It is, we had to pay 3800 for our 380k house as it wasnt a new build.

whatever76 · 10-09-2019 8:47am

ChewBerecca wrote: »

It is, we had to pay 3800 for our 380k house as it wasnt a new build.

My eyes water when I see Stamp Duty figure - I'll be coughing up more over 3k myself ... 1% is cruel ! all I can think of is the lovely couch I could get for that :mad: ....

Creamy Goodness · 10-09-2019 8:51am

it's the same for everyone though.

Try calculating the stamp duty on a house for sale in Dalkey, think what sofa you could buy with the stamp duty on that? I'll give you a hint, it's a deposit for a new build in Wicklow :pac:. (I recognise this is a slightly exaggerated and uncommon scenario but it's just a bit of fun).

HairMare · 10-09-2019 9:40am

Can anyone recommend a mortgage provider for someone seeking a single mortgage, need to be able to look at purchase price of roughly 160/165 and legal fees associated. Have in /around 27k saved, on 35k gross per annum - looking at buying a 3 bed and renting out one room at least longterm - do any lenders take renting out a room into consideration ?

whatever76 · 10-09-2019 11:11am

Creamy Goodness wrote: »

it's the same for everyone though.

Try calculating the stamp duty on a house for sale in Dalkey, think what sofa you could buy with the stamp duty on that? I'll give you a hint, it's a deposit for a new build in Wicklow :pac:. (I recognise this is a slightly exaggerated and uncommon scenario but it's just a bit of fun).

lol … My couch would be dripping in gold with Diamond trimmings ... :P

ELM327 · 10-09-2019 11:14am

HairMare wrote: »

Can anyone recommend a mortgage provider for someone seeking a single mortgage, need to be able to look at purchase price of roughly 160/165 and legal fees associated. Have in /around 27k saved, on 35k gross per annum - looking at buying a 3 bed and renting out one room at least longterm - do any lenders take renting out a room into consideration ?

They do not consider it as income.

35k per annum means max mortgage amount of 122.5k or max purchase price of ~136k (unless you can add more than 10% deposit)

HairMare · 10-09-2019 4:30pm

oh that' s fair enough have 26 or 27k savings, just need that wee bit more unfortunately... i know they used to take into account rental revenue but that was back in the good old days...

ELM327 · 10-09-2019 4:33pm

HairMare wrote: »

oh that' s fair enough have 26 or 27k savings, just need that wee bit more unfortunately... i know they used to take into account rental revenue but that was back in the good old days...

So, using 27k of savings less 5k for legal fees + stamp duty etc, leaves 22k + 122.5k max mortgage means that you could spend 144.5k at the moment (assuming you get underwritten).

AFAIK the rental income thing stopped after the crisis

r93kaey5p2izun · 10-09-2019 5:04pm

I need some advice on the Deed of Assignment for mortgage protection insurance - do people usually just sign it and submit it, or is it something that should be checked by solicitor?

ChewBerecca · 10-09-2019 5:49pm

Amber Round Eyelid wrote: »

I need some advice on the Deed of Assignment for mortgage protection insurance - do people usually just sign it and submit it, or is it something that should be checked by solicitor?

Depending on your bank, it has to be witnessed by either solicitor or bank official.

We're with AIB and just brought it to the mortgage advisor in a branch near our work.

r93kaey5p2izun · 10-09-2019 6:01pm

ChewBerecca wrote: »

Depending on your bank, it has to be witnessed by either solicitor or bank official.

We're with AIB and just brought it to the mortgage advisor in a branch near our work.

Thanks. My mortgage broker will witness it, I was just wondering whether it's something my solicitor should review first. The top of the document says you should seek legal advice before signing - do most people actually get it checked or not bother? I need to submit it asap but they seemed surprised when I suggested I would need time to check it with my solicitor.

ChewBerecca · 10-09-2019 6:22pm

Amber Round Eyelid wrote: »

Thanks. My mortgage broker will witness it, I was just wondering whether it's something my solicitor should review first. The top of the document says you should seek legal advice before signing - do most people actually get it checked or not bother? I need to submit it asap but they seemed surprised when I suggested I would need time to check it with my solicitor.

Both of the deeds of assignment (home insurance and mortgage protection insurance) were standard issue forms from our bank.

I was happy enough with the content but if you are unsure, then by all means ask for a review or explanation.

Make sure whoever is witnessing knows how to fill out the forms, if they are completed incorrectly it can cause major hassle.

VonLuck · 10-09-2019 7:17pm

GingerLily wrote: »

If you stay with your current mortgage provider I don't think there's a charge? Are you looking to change bank?

Not right now, but when the fixed period of my mortgage finishes I will want to change to another fixed rate, potentially from another bank.

r93kaey5p2izun · 10-09-2019 8:19pm

ChewBerecca wrote: »

Both of the deeds of assignment (home insurance and mortgage protection insurance) were standard issue forms from our bank.

I was happy enough with the content but if you are unsure, then by all means ask for a review or explanation.

Make sure whoever is witnessing knows how to fill out the forms, if they are completed incorrectly it can cause major hassle.

It looks standard to me. I'll go ahead and sign it. I think everyone is just eager to get it in place before anything else new crops up with my health.

TheShow · 11-09-2019 11:32am

Amber Round Eyelid wrote: »

I need some advice on the Deed of Assignment for mortgage protection insurance - do people usually just sign it and submit it, or is it something that should be checked by solicitor?

No need for the solicitor to be involved, unless you want to pay them for the privilege.
The form allows the bank to take assignment of the policy and in the event of your death during the life of the mortgage, the insurance company pay out directly to the bank.

TheShow · 11-09-2019 11:34am

VonLuck wrote: »

Not right now, but when the fixed period of my mortgage finishes I will want to change to another fixed rate, potentially from another bank.

there will be legal fees as your solicitor needs to be involved, but they should be reduced as there is no transfer of title etc involved.

Ask your solicitor for a quote is the best way to find out how much.

11-09-2019 12:27pm

VonLuck wrote: »

Not right now, but when the fixed period of my mortgage finishes I will want to change to another fixed rate, potentially from another bank.

Then you'll need a solicitor which obviously costs money. It should be cheaper than buying a new house though, and a lot of the banks will offer some incentive to switchers to cover legal fees.

deisedude · 11-09-2019 12:42pm

Meeting with the builders next week to go through the electrical layout. Having reviewed the plans we are fairly happy with whats there. Is there anything I should look out for / specific questions I should be asking?

lmarieloos · 11-09-2019 1:13pm

DelBoy Trotter wrote: »

The 2.5% fixed rate isn't available to FTBs who are looking at a 88-90% LTV so that's no good for us.

BOI have only recently introduced a 'Green Mortgage' where if the property you are buying is A energy rated you get an additional 0.2% discount on fixed rates, we went with BOI and we are getting the cashback plus 5 year fixed for 2.8%

purpleisafruit · 11-09-2019 1:14pm

deisedude wrote: »

Meeting with the builders next week to go through the electrical layout. Having reviewed the plans we are fairly happy with whats there. Is there anything I should look out for / specific questions I should be asking?

Have you got your kitchen layout sorted? Consider where furniture is going to be and if you're mounting TVs on the wall, better to hide the sockets behind them etc. If the option is available have some outdoor sockets installed, useful for power washers/vacuums etc.
It's better to have 2 many sockets than not enough in my opinion.

awec · 11-09-2019 1:16pm

deisedude wrote: »

Meeting with the builders next week to go through the electrical layout. Having reviewed the plans we are fairly happy with whats there. Is there anything I should look out for / specific questions I should be asking?

If you want electricity to the garden for a shed or whatever now is the time to ask for that.

Phileas Frog · 11-09-2019 1:24pm

deisedude wrote: »

Meeting with the builders next week to go through the electrical layout. Having reviewed the plans we are fairly happy with whats there. Is there anything I should look out for / specific questions I should be asking?

Also consider ducting and cabling to your front door area for electric car charging.

TheShow · 11-09-2019 1:46pm

purpleisafruit wrote: »

Have you got your kitchen layout sorted? Consider where furniture is going to be and if you're mounting TVs on the wall, better to hide the sockets behind them etc. If the option is available have some outdoor sockets installed, useful for power washers/vacuums etc.
It's better to have 2 many sockets than not enough in my opinion.

do you have a shed or are you planning on a shed? you will need electricity in there. also outdoor sockets and security lights also.

charlietheminxx · 11-09-2019 3:04pm

Does anyone know how long a solicitor can hold mortgage drawdown funds for? We are running into issues at the final hurdle, the developer doesn't think we will be in a position to close until 2 weeks after our extended mortgage offer runs out. My stress levels are through the roof.

MacDanger · 11-09-2019 3:16pm

Hi

We're going to apply for a mortgage shortly and I'm just wondering if people think it's worth going with a broker (we have other business with her so she's waiving her standard fee but will get paid a commission on the mortgage if we draw it down) or just do it ourselves?

Thanks

Prospector1989 · 11-09-2019 3:28pm

MacDanger wrote: »

Hi

We're going to apply for a mortgage shortly and I'm just wondering if people think it's worth going with a broker (we have other business with her so she's waiving her standard fee but will get paid a commission on the mortgage if we draw it down) or just do it ourselves?

Thanks

We went broker.

Ours wasn't a straightforward application, we needed an exemption plus we were organising a wedding so it felt like a no-brainer for us.

Would 100% make the same choice again.

He talked to 3 different banks and applied to 2 in the end. We only had to submit any paperwork to him.

It suited us perfectly although I know some would prefer to deal directly with the banks.

Not sure if it's true that some banks won't deal with brokers?

TheShow · 11-09-2019 3:40pm

charlietheminxx wrote: »

Does anyone know how long a solicitor can hold mortgage drawdown funds for? We are running into issues at the final hurdle, the developer doesn't think we will be in a position to close until 2 weeks after our extended mortgage offer runs out. My stress levels are through the roof.

I don't think there is a restriction but the solicitor may not want to hold funds for extended period.

Also, you will be paying interest from when the funds are paid to your solicitor so if it takes a while you could be making mortgage payments on the property and you haven't even got the keys....

Talk to the bank and let them know whats happening, given that its so close to closing, they may accommodate. hopefully the issue isn't significant.

TheShow · 11-09-2019 3:43pm

MacDanger wrote: »

Hi

We're going to apply for a mortgage shortly and I'm just wondering if people think it's worth going with a broker (we have other business with her so she's waiving her standard fee but will get paid a commission on the mortgage if we draw it down) or just do it ourselves?

Thanks

A broker will go to all the banks and is supposed to get you the best deal available, however in reality they go to the bank that pays the best commission.

The benefit is you only have to supply one set of supporting documents.

If you go to multiple banks yourself you will need multiple copies.

If you have a broker that you use regularly for your business, then it makes sense to use them again as they should be very familiar with your circumstances, which should in theory make the process easier.

deisedude · 11-09-2019 3:54pm

purpleisafruit wrote: »

Have you got your kitchen layout sorted? Consider where furniture is going to be and if you're mounting TVs on the wall, better to hide the sockets behind them etc. If the option is available have some outdoor sockets installed, useful for power washers/vacuums etc.
It's better to have 2 many sockets than not enough in my opinion.

Not yet sorted with the kitchen. Meeting with the Kitchen supplier on Saturday to get that sorted but may not be done before we meet the builder.

Outdoor socket, great idea. Would have forget that

TheShow wrote: »

do you have a shed or are you planning on a shed? you will need electricity in there. also outdoor sockets and security lights also.

Will be getting a small wooden shed in time but not right now unless finances permit otherwise! Thanks for heads up

charlietheminxx · 11-09-2019 4:08pm

TheShow wrote: »

I don't think there is a restriction but the solicitor may not want to hold funds for extended period.

Also, you will be paying interest from when the funds are paid to your solicitor so if it takes a while you could be making mortgage payments on the property and you haven't even got the keys....

Talk to the bank and let them know whats happening, given that its so close to closing, they may accommodate. hopefully the issue isn't significant.

Thanks so much for the advice. Unfortunately the bank have been explicit that if we don't draw down within our extension period, we have to re-do our whole application. We got an exception on the LTI rules and they also advised that we might not get that on a new application. It's not a fun situation to be in!

I'm hoping our solicitor can draw down before the deadline and just hold the money for a couple of weeks to get the sale over the line. I don't mind paying the interest, just don't want to lose the house when we are weeks away from moving in.

Prospector1989 · 11-09-2019 4:29pm

charlietheminxx wrote: »

Does anyone know how long a solicitor can hold mortgage drawdown funds for? We are running into issues at the final hurdle, the developer doesn't think we will be in a position to close until 2 weeks after our extended mortgage offer runs out. My stress levels are through the roof.

Our solicitor had our funds for over a month before the purchase was finalised.
The bank were happy to release the funds as we were already in the house but I'm not sure if that would matter to the bank.

awec · 11-09-2019 4:31pm

Will the bank sign off on the valuation before the house is complete? Are you happy to draw down funds before you snag anything?

TheShow · 11-09-2019 4:38pm

awec wrote: »

Will the bank sign off on the valuation before the house is complete? Are you happy to draw down funds before you snag anything?

This is true, the property must be fully complete before the bank will allow drawdown. they will need final valuation or engineers cert to confirm same.

charlietheminxx · 11-09-2019 4:48pm

Thanks guys. The house is pretty much ready to move into physically, all connected up etc. - valuation report is done and we have snagged. There were a few minor cosmetic issues on the snag which are being sorted now, and we are to re-snag next week. Apparently the hold up is with the BCAR and Homebond certs, they are submitting them in blocks and the next block won't be sent off until late next week. It takes 3 weeks for the certs to be approved, which will take us about 10 days past our extended mortgage date.

TheShow · 11-09-2019 4:49pm

charlietheminxx wrote: »

Thanks guys. The house is pretty much ready to move into physically, all connected up etc. - valuation report is done and we have snagged. There were a few minor cosmetic issues on the snag which are being sorted now, and we are to re-snag next week. Apparently the hold up is with the BCAR and Homebond certs, they are submitting them in blocks and the next block won't be sent off until late next week. It takes 3 weeks for the certs to be approved, which will take us about 10 days past our extended mortgage date.

Bank will definitely not payout without homebond cert, sorry, not looking good.
Is there no way the builder can get this fast tracked? its their issue to be fair.

charlietheminxx · 11-09-2019 5:23pm

TheShow wrote: »

Bank will definitely not payout without homebond cert, sorry, not looking good.
Is there no way the builder can get this fast tracked? its their issue to be fair.

The builder knows the predicament we are in and had previously told us if we got the valuation done, we should be ok to draw down even if we haven't closed, it was only today they told us that this was "unlikely". I don't know what to do at this point. We've ordered our floors, we've ordered furniture and have a heap of stuff sitting in a storage unit waiting to move in. I never thought we could end up stuck like this.

Phileas Frog · 11-09-2019 5:32pm

You can't close without drawing down your mortgage, it's impossible. The funds have to be in the vendor's solicitor's account before you close. Ergo, you have to draw down before closing.

charlietheminxx · 11-09-2019 7:29pm

Phileas Frog wrote: »

You can't close without drawing down your mortgage, it's impossible. The funds have to be in the vendor's solicitor's account before you close. Ergo, you have to draw down before closing.

Yes I know, I’m just upset and wording things badly. I meant if we weren’t ready to close in terms of all the paperwork being in order.

Phileas Frog · 11-09-2019 8:51pm

In my case, the draw down request has been sent to the bank and I've yet to send off the snag list to the developer. I'd say you're fine.

awec · 11-09-2019 10:39pm

Phileas Frog wrote: »

In my case, the draw down request has been sent to the bank and I've yet to send off the snag list to the developer. I'd say you're fine.

Bank doesn't care about your snag list.

The point about paying before snagging is that builders are always quicker to fix things when they're waiting on their money.

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

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