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

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    #8582
    Sunrise_Sunset
    Registered Users Posts: 1,211 ✭✭✭Sunrise_Sunset


    Misssally wrote: »
    Yeah it’s ptsb. Good to know it’s not too unusual for them!

    I didn't worry about it, as I wasn't expecting that there could be issues relating to that. I have plenty of other worries now though ;)


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    #8583
    r93kaey5p2izun
    Closed Accounts Posts: 3,962 ✭✭✭r93kaey5p2izun


    For anyone who used a broker, how long should it typically take to get AIP once all documents provided and broker is submitting the application?


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    #8584
    stdidit
    Registered Users Posts: 553 ✭✭✭stdidit


    Amber Round Eyelid wrote: »
    For anyone who used a broker, how long should it typically take to get AIP once all documents provided and broker is submitting the application?

    It took our broker exactly 7 days.


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    #8585
    r93kaey5p2izun
    Closed Accounts Posts: 3,962 ✭✭✭r93kaey5p2izun


    Is it normal for AIP to be issued with a maximum purchase price stated as one of the conditions of the offer?


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    #8586
    Corruptedmorals
    Registered Users Posts: 4,194 ✭✭✭Corruptedmorals


    Amber Round Eyelid wrote: »
    Is it normal for AIP to be issued with a maximum purchase price stated as one of the conditions of the offer?

    That sounds a bit mad. How they can account for cash on top of the mortgage? Our mortgage is one-third cash which is good news all around since it lowers the LTV.

    I think I'll wait until 6 weeks (4 weeks now) before asking solicitor to chase contracts as we haven't gotten any yet but it's sloooow summer season so remaining hopeful they will issue soon rather than anxious that they haven't so far.


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    #8587
    stdidit
    Registered Users Posts: 553 ✭✭✭stdidit


    Amber Round Eyelid wrote: »
    Is it normal for AIP to be issued with a maximum purchase price stated as one of the conditions of the offer?

    Our one had our 'max purchase price' on it, which we had told our broker was the max we wanted to pay for a house - it was labelled as purchase price.
    It also had the loan value on it which was based on the max purchase price minus help to buy and our cash deposit.

    I would have thought it was standard enough to get AIP for the max you can afford or the max your want to pay (whichever is higher)


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    #8588
    r93kaey5p2izun
    Closed Accounts Posts: 3,962 ✭✭✭r93kaey5p2izun


    Corruptedmorals wrote: »
    That sounds a bit mad. How they can account for cash on top of the mortgage? Our mortgage is one-third cash which is good news all around since it lowers the LTV.

    Yes I will have more than 30% deposit and I don't get why it would matter how much more money I put in. It's also not a round figure - say 3k off the next ten thousand. If I don't go sale agreed until near the end of the the 6 months I would have another 20k to add to the deposit - it makes no sense to me to be capped at this figure.

    The letter states AIP for €x subject to the following conditions... including max purchase price of €y and me providing minimum deposit of €z, (difference between x and y). I just want to understand if this is typical and flexible or if it's unusual.


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    #8589
    hanaimai
    Registered Users Posts: 207 ✭✭hanaimai


    Amber Round Eyelid wrote: »
    Yes I will have more than 30% deposit and I don't get why it would matter how much more money I put in. It's also not a round figure - say 3k off the next ten thousand. If I don't go sale agreed until near the end of the the 6 months I would have another 20k to add to the deposit - it makes no sense to me to be capped at this figure.

    The letter states AIP for €x subject to the following conditions... including max purchase price of €y and me providing minimum deposit of €z, (difference between x and y). I just want to understand if this is typical and flexible or if it's unusual.

    Was it KBC? I think I remember something like that being on our AIP and I was confused because we had more cash to put towards the house than was reflected in the maximum purchase price they put. I rang them and I'm pretty sure the guy on the phone just said it's a standard thing they put in their AIP and doesn't really mean anything. Which seems pointless of course!


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    #8590
    Spartacus91
    Registered Users Posts: 20 ✭Spartacus91


    Hi does anyone know how long after signing contracts for a new build would it take to get the keys? We have sent over the remaining deposit through solicitor and will draw down the HTB once builders have signed the contracts.. we haven’t really been given much of a timeline.. thanks in advance


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    #8591
    peteb2
    Registered Users Posts: 1,813 ✭✭✭peteb2


    Spartacus91 wrote:
    Hi does anyone know how long after signing contracts for a new build would it take to get the keys? We have sent over the remaining deposit through solicitor and will draw down the HTB once builders have signed the contracts.. we haven’t really been given much of a timeline.. thanks in advance

    Have you snagged? Is it actually completed?


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    #8592
    r93kaey5p2izun
    Closed Accounts Posts: 3,962 ✭✭✭r93kaey5p2izun


    hanaimai wrote: »
    Was it KBC? I think I remember something like that being on our AIP and I was confused because we had more cash to put towards the house than was reflected in the maximum purchase price they put. I rang them and I'm pretty sure the guy on the phone just said it's a standard thing they put in their AIP and doesn't really mean anything. Which seems pointless of course!

    No, Ulster Bank. I'll try get more info on it tomorrow. Hopefully it's indicative rather than set in stone.


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    #8593
    Spartacus91
    Registered Users Posts: 20 ✭Spartacus91


    peteb2 wrote: »
    Have you snagged? Is it actually completed?

    Haven’t snagged yet and build is completed!


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    #8594
    Phileas Frog
    Closed Accounts Posts: 946 ✭✭✭Phileas Frog


    Spartacus91 wrote: »
    Hi does anyone know how long after signing contracts for a new build would it take to get the keys? We have sent over the remaining deposit through solicitor and will draw down the HTB once builders have signed the contracts.. we haven’t really been given much of a timeline.. thanks in advance

    That timeline would be in the contract, probably about a month from signing


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    #8595
    Spartacus91
    Registered Users Posts: 20 ✭Spartacus91


    Phileas Frog wrote: »
    That timeline would be in the contract, probably about a month from signing

    No there’s no timeline in contract the builders don’t give one to cover themselves apparently..


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    #8596
    Dolbhad
    Registered Users Posts: 782 ✭✭✭Dolbhad


    Spartacus91 wrote: »
    No there’s no timeline in contract the builders don’t give one to cover themselves apparently..

    When house is going for snagging that’s when funds are requested from bank and closing documents given to solicitor. Once all in place you’ll get keys after closing. Would expect to be around a week or two from snagging - depends on what issues come up on snagging. But check in with site foreman to see when you get send your engineer in for snagging.


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    #8597
    r93kaey5p2izun
    Closed Accounts Posts: 3,962 ✭✭✭r93kaey5p2izun


    How much would people suggest would be needed to modernise a 1970s 3 bed semi (90sqm) that has had nothing done with it? Would need new floors throughout, new kitchen, new bathroom (plus other basic decoration, but that could he done gradually)? I realise this may be a case of how long is a piece of string in terms of quality of materials etc, but I really have no idea at all so need some sort of idea to start from. €50k? €100k? Dublin/Kildare area.


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    #8598
    tobsey
    Registered Users Posts: 1,275 ✭✭✭tobsey


    Amber Round Eyelid wrote: »
    How much would people suggest would be needed to modernise a 1970s 3 bed semi (90sqm) that has had nothing done with it? Would need new floors throughout, new kitchen, new bathroom (plus other basic decoration, but that could he done gradually)? I realise this may be a case of how long is a piece of string in terms of quality of materials etc, but I really have no idea at all so need some sort of idea to start from. €50k? €100k? Dublin/Kildare area.

    If no structural work then 50k should go a very long way. A good kitchen should be 10k, maybe a bit more if you go for expensive appliances and worktops. Windows and doors should be a bit less than that. Flooring no more 5k. Bathroom maybe just over 5k. Still 20k to manage decoration and any other touch ups.


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    #8599
    swarmberg
    Registered Users Posts: 103 ✭✭swarmberg


    At what point does the bank issue the funds to our solicitor? We are at the snagging stage of a new build and they are talking about the issue of funds from the bank. I would have thought the bank would need another valuation of the property when its fully ready before issuing funds?

    Also as for closing, Is there anything else that needs to be signed or is it more we give our approval that everything in the snag is sorted?


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    #8600
    Creamy Goodness
    Registered Users Posts: 26,556 ✭✭✭✭Creamy Goodness


    swarmberg wrote: »
    At what point does the bank issue the funds to our solicitor? We are at the snagging stage of a new build and they are talking about the issue of funds from the bank. I would have thought the bank would need another valuation of the property when its fully ready before issuing funds?

    Also as for closing, Is there anything else that needs to be signed or is it more we give our approval that everything in the snag is sorted?
    the bank will release the funds to your solicitor when the following criteria are met:

    1. The builder has stated the building is complete.
    2. Once you tell your solicitor you're happy that the snag list has been completed.
    3. You have house insurance and mortgage protection ready and in place to start.
    4. A valuation has been done and is dated within the last 4 months.
    5. Your solicitor requests the funds from the bank, and the bank will only issue the funds after the above are in order.

    There's nothing you need to sign, you requesting your solicitor to request/transfer the funds to the builder's solicitor is contract enough that you're happy with the snag, if you're not happy, you won't be transferring the funds.

    Best of luck, exciting times ahead.


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    #8601
    Mushy
    Registered Users Posts: 21,116 ✭✭✭✭Mushy


    Creamy Goodness wrote: »
    the bank will release the funds to your solicitor when the following criteria are met:

    1. The builder has stated the building is complete.
    2. Once you tell your solicitor you're happy that the snag list has been completed.
    3. You have house insurance and mortgage protection ready and in place to start.
    4. A valuation has been done and is dated within the last 4 months.
    5. Your solicitor requests the funds from the bank, and the bank will only issue the funds after the above are in order.

    There's nothing you need to sign, you requesting your solicitor to request/transfer the funds to the builder's solicitor is contract enough that you're happy with the snag, if you're not happy, you won't be transferring the funds.

    Best of luck, exciting times ahead.

    So solicitor shouldn't send request for funds until confirmation of snag list being completed? Got kinda mistracked on earlier comment saying it should be sent earlier.

    Snagging this week, arranging valuation and house insurance. If need solicitor to request funds now I will, even if they won't release till full confirmation of completion. Trying to make it as smooth as possible


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    #8602
    r93kaey5p2izun
    Closed Accounts Posts: 3,962 ✭✭✭r93kaey5p2izun


    What's the difference between "under offer" and "sale agreed" in practical terms?


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    #8603
    TheShow
    Registered Users Posts: 1,157 ✭✭✭TheShow


    under offer, the vendors are considering offers made.
    Sale agreed, the vendors have accepted an offer.
    Sold, irrevocable contracts have been signed.


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    #8604
    r93kaey5p2izun
    Closed Accounts Posts: 3,962 ✭✭✭r93kaey5p2izun


    TheShow wrote: »
    under offer, the vendors are considering offers made.
    Sale agreed, the vendors have accepted an offer.
    Sold, irrevocable contracts have been signed.

    Thanks. So is a house under offer usually still available to view for new potential buyers?


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    #8605
    TheShow
    Registered Users Posts: 1,157 ✭✭✭TheShow


    In theory yes.


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    #8606
    r93kaey5p2izun
    Closed Accounts Posts: 3,962 ✭✭✭r93kaey5p2izun


    TheShow wrote: »
    In theory yes.

    So would it be bad form to look to view a house under offer?


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    #8607
    Graham
    Moderators, Society & Culture Moderators Posts: 17,642 Mod ✭✭✭✭Graham


    To my mind 'under offer' suggests the vendors are still open to viewings/offers and haven't yet accepted an offer otherwise the status would be 'sale agreed'.


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    #8608
    TheShow
    Registered Users Posts: 1,157 ✭✭✭TheShow


    Amber Round Eyelid wrote: »
    So would it be bad form to look to view a house under offer?

    No, no offer has been accepted so its still on the market for sale.
    Should still be open for viewings etc, if its under offer the agent should let you know what the current offer is.
    If you think its worth more than the current offer, then you can arrange a viewing.


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    #8609
    awec
    Administrators Posts: 53,365 Admin ✭✭✭✭✭awec


    "Under offer" is just a way of them saying that the house is currently available, but probably not for much longer.


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    #8610
    r93kaey5p2izun
    Closed Accounts Posts: 3,962 ✭✭✭r93kaey5p2izun


    Thanks for the clarifications. I'll follow it up so and see what the latest offer is.

    I'm starting completely from scratch with this process and have no knowledge or experience and nobody to ask for advice on the little things or the big things. For example,nwhat does a viewing actually involve? For an open viewing, you put your name down and show up at the time. Do you knock on the door or will the EA be standing outside? Will the EA do a tour? Do you just look around yourself? Can you take photos?


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    #8611
    Corruptedmorals
    Registered Users Posts: 4,194 ✭✭✭Corruptedmorals


    Open viewings you can just turn up. The window of time is generally 25-35 minutes but it might be longer for bigger houses maybe. The estate agent will open up, turn on lights etc. a few minutes before then open the front door and stand either right outside or somewhere around the hallway to answer any questions. They will generally leave you to it until you approach them but might tell you the current offer etc as you come in. For an open viewing they might not be the agent who is actually selling the house for the company and therefore might not know a whole lot about the house other than bids but will either find out for you or give you the agent's contact details for further questions. You can take photos.


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