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

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Comments

  • #8012
    Phileas Frog
    Closed Accounts Posts: 946 ✭✭✭Phileas Frog


    mur223 wrote: »
    if you are approved in principle for a certain house, change your mind and want to go with another cheaper house. Is it a big ordeal to change to address in the approval? Would the banks give you less seeing as its cheaper? We had such a drawn out process of getting inital approval we dont want to have to start at step one again.

    Approval in Principle is just for an amount, not a specific house.


  • #8013
    Sheep Shagger
    Moderators, Business & Finance Moderators Posts: 6,213 Mod ✭✭✭✭Sheep Shagger


    Phileas Frog wrote: »
    It's a Real Estate Agent alright.

    The estate agency wevdealt with was truly appalling- they dont give a flying F, started talking to developer directly during the building stage.


  • #8014
    Iseedeadpixels
    Registered Users Posts: 3,811 ✭✭✭Iseedeadpixels


    Hi guys might be a silly question but do banks give mortgages for the buying and fixing up of a house?


    So say approved for 250k
    Purchase house at 225k and 25k to modernise?


  • #8015
    [Deleted User]
    Posts: 7,499 ✭✭✭ [Deleted User]


    Iseedeadpixels wrote: »
    Hi guys might be a silly question but do banks give mortgages for the buying and fixing up of a house?


    So say approved for 250k
    Purchase house at 225k and 25k to modernise?

    some do yes,
    EBS do for sure.
    AIB doed also but its different to their normal offering afaik.
    Had approval with both but AIB would only let me buy a "turn key" property or I could start the application again (crazy).
    Went with EBS in the end.


  • #8016
    Cows Go µ
    Registered Users Posts: 902 ✭✭✭Cows Go µ


    Iseedeadpixels wrote: »
    Hi guys might be a silly question but do banks give mortgages for the buying and fixing up of a house?


    So say approved for 250k
    Purchase house at 225k and 25k to modernise?

    I did it with AIB and it was very easy though mine was to put in a heating system in an old house so it might be different if it's just modernising rather than necessary.


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  • #8017
    Iseedeadpixels
    Registered Users Posts: 3,811 ✭✭✭Iseedeadpixels


    Thanks guys :)


  • #8018
    deisedude
    Registered Users Posts: 4,813 ✭✭✭deisedude


    I think my partner and I have messed up a little. We have the deposit saved and some left over for other fees saved in our deposit account. However we were a bit over zealous in putting money in our deposit account and transferred money in we had set aside for a holiday. Can we take this money back or is that a no no? We have approval in principle at the moment

    Kicking ourselves as its a stupid mistake


  • #8019
    GingerLily
    Registered Users Posts: 4,767 ✭✭✭GingerLily


    deisedude wrote: »
    I think my partner and I have messed up a little. We have the deposit saved and some left over for other fees saved in our deposit account. However we were a bit over zealous in putting money in our deposit account and transferred money in we had set aside for a holiday. Can we take this money back or is that a no no? We have approval in principle at the moment

    Kicking ourselves as its a stupid mistake

    What bank do you have AIP with?

    If you've submitted all your paperwork etc and have had your credit assessed then I think it'd be safest to check with the bank.


  • #8020
    Interested Observer
    Registered Users Posts: 12,999 ✭✭✭✭Interested Observer


    Picked up my keys on Monday. Has taken well over a year since we started looking but finally made it. What a slog but it's finally over.


  • #8021
    deisedude
    Registered Users Posts: 4,813 ✭✭✭deisedude


    GingerLily wrote: »
    What bank do you have AIP with?

    If you've submitted all your paperwork etc and have had your credit assessed then I think it'd be safest to check with the bank.

    It's with Finance Ireland. Ya, I guess I'll have to give them a ring


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  • #8022
    TheShow
    Registered Users Posts: 1,157 ✭✭✭TheShow


    Iseedeadpixels wrote: »
    Hi guys might be a silly question but do banks give mortgages for the buying and fixing up of a house?


    So say approved for 250k
    Purchase house at 225k and 25k to modernise?

    It varies from bank to bank, and would only be for work that will add value to the house rather than just cosmetic stuff.
    Only way to find out for sure is to talk to your own bank first and take it from there.


  • #8023
    TheShow
    Registered Users Posts: 1,157 ✭✭✭TheShow


    deisedude wrote: »
    I think my partner and I have messed up a little. We have the deposit saved and some left over for other fees saved in our deposit account. However we were a bit over zealous in putting money in our deposit account and transferred money in we had set aside for a holiday. Can we take this money back or is that a no no? We have approval in principle at the moment

    Kicking ourselves as its a stupid mistake

    Of course you can take it out, its your money.
    Just make sure you have sufficient to cover what you need when getting full approval.


  • #8024
    el Fenomeno
    Registered Users Posts: 3,104 ✭✭✭el Fenomeno


    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?


  • #8025
    c6ysaphjvqw41k
    Closed Accounts Posts: 466 ✭✭c6ysaphjvqw41k


    We are currently looking for a house after getting approval in principle last week. We weren't ready to apply until Feb or so. There was a load of houses listed back in Nov/Dec of last year that I would have loved but we weren't ready yet.

    No houses really listed at the minute that we really like, but we have only been looking a week.
    Most of those houses last year are still only down as Sale Agreed on the EA websites, and not Sold yet. I know people say Sale Agreed falls through all the time. Can you ask EA's to contact you if they fall through and have no other offers, or if it is going to come back on the market? Not just for these houses, but in general too.


  • #8026
    scheister
    Registered Users Posts: 1,299 ✭✭✭scheister


    I am in the process of saving for a mortgage. It will be next summer before i am in a position to buy. My sister has suggested an idea that i am not sure would work but someone here may be able to help.

    She has suggested I buy my dad out of the family home. This would leave me with a 50/50 share with my mother who would stay living in the house along me. I do not think i would get a mortgage for a half share in a house.

    The other option is that my mother gifts me her half in the house and a buy my dad out this way I own 100% of the house. My mother would still resided in the house afterward with myself. This is more likely to allow for me to get a mortgage but I still think it would be unlikely.

    Can anyone give any advice on the above.


  • #8027
    Staph
    Registered Users Posts: 472 ✭✭Staph


    Valeria Rich Somehow wrote: »
    I know people say Sale Agreed falls through all the time. Can you ask EA's to contact you if they fall through and have no other offers, or if it is going to come back on the market? Not just for these houses, but in general too.


    If a sale falls through, they will call the next highest bidders to see if they're still interested. We viewed and bid on a house in February and got a call in May due to the highest bidder not going ahead with the sale.
    I'd say if the other top bidders are not interested, it would likely go back on the market.


  • #8028
    Dolbhad
    Registered Users Posts: 782 ✭✭✭Dolbhad


    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?

    Yes your signing the loan offer that you are agreeing it the terms of the loan offer so It would need be correct. You’ll have to ask them to re issue it.


  • #8029
    GingerLily
    Registered Users Posts: 4,767 ✭✭✭GingerLily


    Dolbhad wrote: »
    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?

    Yes your signing the loan offer that you are agreeing it the terms of the loan offer so It would need be correct. You’ll have to ask them to re issue it.

    They won't mention it in the loan offer.

    Its not part of the contract.

    PTSB have never added to cashback to their loan offer


  • #8030
    Dolbhad
    Registered Users Posts: 782 ✭✭✭Dolbhad


    GingerLily wrote: »
    They won't mention it in the loan offer.

    Its not part of the contract.

    PTSB have never added to cashback to their loan offer

    If it’s not part of the contract, how can you enforce it against PTSB if cashback isn’t given on drawdown? I’d be worried if I was signing loan offer now and didn’t drawn down funds until a few months down the line ( as you have 6 months with loan offer) and PTSB change the offer. You’d have signed and agreed to a loan offer that doesn’t include it


  • #8031
    GingerLily
    Registered Users Posts: 4,767 ✭✭✭GingerLily


    Dolbhad wrote: »
    GingerLily wrote: »
    They won't mention it in the loan offer.

    Its not part of the contract.

    PTSB have never added to cashback to their loan offer

    If it’s not part of the contract, how can you enforce it against PTSB if cashback isn’t given on drawdown? I’d be worried if I was signing loan offer now and didn’t drawn down funds until a few months down the line ( as you have 6 months with loan offer) and PTSB change the offer. You’d have signed and agreed to a loan offer that doesn’t include it

    The cashback is subject to when you drawdown anyway not when you receive the loan offer.

    You won't get it in your contract.

    I received my cashback from PTSB within a few weeks of drawdown FYI


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  • #8032
    Interested Observer
    Registered Users Posts: 12,999 ✭✭✭✭Interested Observer


    BOI have the 2% cashback at drawdown mentioned in their loan offer.

    Source - I have it open in front of me right now.


  • #8033
    Pippool23
    Registered Users Posts: 27 ✭Pippool23


    Hi all, I am in the process of saving for a mortgage. if I was to try buy in Dublin how much of a deposit should I have saved before going to the bank. I know it will depend on the price of a house but just looking for a rough estimate. Thanks for the help


  • #8034
    Tacitus Kilgore
    Registered Users Posts: 2,128 ✭✭✭Tacitus Kilgore


    Pippool23 wrote: »
    Hi all, I am in the process of saving for a mortgage. if I was to try buy in Dublin how much of a deposit should I have saved before going to the bank. I know it will depend on the price of a house but just looking for a rough estimate. Thanks for the help

    A simple steer would be 10% of house price if first time buyer, 20% if not...


  • #8035
    lillycakes2
    Registered Users Posts: 300 ✭✭lillycakes2


    We are planning to build a house.

    we bought site for 30,000.
    we want to get mortgage to build house.
    we need 255000-260000 to build house altogether.
    all was going perfect until property valuer was sent by PTSB to value the site + the house (house plans) as only 300,000.
    The bank chose this valuer, they wont go higher.
    its mad because another valuer valued it all 320,000. (we have planning permissions/ builder/engineer etc etc = all good to go ! ). We didn't ever think in the process of applying this was going to come up as a problem.

    we can only borrow 70% of the property value...…..

    Please can anyone offer advice? what should we do now?
    everthing was ready to go , except now this has shot it all to hell


  • #8036
    myshirt
    Registered Users Posts: 5,245 ✭✭✭myshirt


    Someone posted on here before that they had an unpaid student overdraft about 10 years ago and was refused a mortgage. I thought it was a bit harsh if that was the only thing and thought there's something not being disclosed here, especially if the recent credit behavior was good and also because it's secured debt versus unsecured debt.

    However it's 100% true. Have a friend working as a mortgage broker who I had not met in some time. Both himself and all the other people he knows can't for the life of them get anyone a mortgage from the pillar banks if they've ever defaulted on a debt, even if it was only a couple of hundred quid and long ago. Recent example of a couple borrowing 3 times income and 80% LTV and nope, shown the door for a 500 euro Credit card default. Broker was raging as it didn't show up on the ICB report as was so long ago. Now that he knew it he had to disclose it other banks, and it all fell to sh't then. I suppose you might say don't say anything to them, but that's fraud, and you don't want them discovering it right before drawdown. You'll lose your 30 40 grand deposit on the house.

    Let it be a warning to others. Don't ever default on any debt. Credit cards. Payday loans etc.


  • #8037
    c6ysaphjvqw41k
    Closed Accounts Posts: 466 ✭✭c6ysaphjvqw41k


    myshirt wrote: »
    Someone posted on here before that they had an unpaid student overdraft about 10 years ago and was refused a mortgage. I thought it was a bit harsh if that was the only thing and thought there's something not being disclosed here, especially if the recent credit behavior was good and also because it's secured debt versus unsecured debt.

    However it's 100% true. Have a friend working as a mortgage broker who I had not met in some time. Both himself and all the other people he knows can't for the life of them get anyone a mortgage from the pillar banks if they've ever defaulted on a debt, even if it was only a couple of hundred quid and long ago. Recent example of a couple borrowing 3 times income and 80% LTV and nope, shown the door for a 500 euro Credit card default. Broker was raging as it didn't show up on the ICB report as was so long ago. Now that he knew it he had to disclose it other banks, and it all fell to sh't then. I suppose you might say don't say anything to them, but that's fraud, and you don't want them discovering it right before drawdown. You'll lose your 30 40 grand deposit on the house.

    Let it be a warning to others. Don't ever default on any debt. Credit cards. Payday loans etc.

    If it didnt show up on ICB how would they even know? I read about someone on here who declared bankruptcy years ago then got a mortgage after it was gone from ICB.


  • #8038
    myshirt
    Registered Users Posts: 5,245 ✭✭✭myshirt


    Valeria Rich Somehow wrote: »
    If it didnt show up on ICB how would they even know? I read about someone on here who declared bankruptcy years ago then got a mortgage after it was gone from ICB.

    They won't know unless the default happened with them, but all banks usually ask Have you ever defaulted on any debt?. A broker can't say no if he knows otherwise. You could say no yourself and take a chance, but it would be risky.


  • #8039
    Creamy Goodness
    Registered Users Posts: 26,556 ✭✭✭✭Creamy Goodness


    Sorry if I’m being harsh here but if you default on a small figure like €500 how are the banks going to feel safe on giving you 500x that?


  • #8040
    Iseedeadpixels
    Registered Users Posts: 3,811 ✭✭✭Iseedeadpixels


    Creamy Goodness wrote: »
    Sorry if I’m being harsh here but if you default on a small figure like €500 how are the banks going to feel safe on giving you 500x that?

    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.


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  • #8041
    c6ysaphjvqw41k
    Closed Accounts Posts: 466 ✭✭c6ysaphjvqw41k


    myshirt wrote: »
    They won't know unless the default happened with them, but all banks usually ask Have you ever defaulted on any debt?. A broker can't say no if he knows otherwise. You could say no yourself and take a chance, but it would be risky.

    I havent no. I ask because my dads cousin (who is my age) just bought a house. Hes back from the US 4 months and left behind a load of bad debit. He works in construction and paid no tax on his deposit either.


This discussion has been closed.
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