Buying a house 2012

L1011

Check that there hasn't been a corresponding rise in available rentals. Local to where I am there's a noticeable bump every summer as somewhat unwillingly landlords try to shift student rented houses they own, and if they fail, they get pulled and re-rented come Autumn.

mel.b

I think another reason for the decline you may be seeing in houses available for sale is that people aren't putting their houseson the market unless they really really need to because a) they will get less than they think it is 'worth' and b) so few mortagages are being given out it may be difficult and long to sell. I live in a largeish country town and there is very little decent houses on the market, let alone nicer ones. I'd say close to 90% of the houses either need substantial amounts of work, are in areas that have flooded or are in estates known for social problems (and sometimes all three combine in one house . )

L1011

Not one house I looked at - even fairly large, modern ones in walk-in condition - was owner occupied. I don't think there's much to any movement from owner occupiers to sell at all.

The one I'm buying is a probate sale, most of the rest were ex-rental, and one was rented on a week by week basis.

killers1

mel.b wrote: »

I think another reason for the decline you may be seeing in houses available for sale is that people aren't putting their houseson the market unless they really really need to because a) they will get less than they think it is 'worth' and b) so few mortagages are being given out it may be difficult and long to sell. I live in a largeish country town and there is very little decent houses on the market, let alone nicer ones. I'd say close to 90% of the houses either need substantial amounts of work, are in areas that have flooded or are in estates known for social problems (and sometimes all three combine in one house . )

Those reasons and also that a lot of homeowners are in negative equity and don't think the banks would give them permission to sell..

quad_red

Anyone else having problems with banks in regards to the 'sources' of savings.

Basically, myself and significant other have been saying for six years. Have a decent deposit, full documentation for the last two years. But the banks won't accept that the money we had two years ago is our own and the bank official is claiming we could have received it as a gift or it could be a loan.

The way we largely saved through the years was I paid bills (rent etc) and the mrs saved. But she saved largely with Halifax and Irish Nationwide.

And getting documentation off these zombie outfits is proving difficult. They keep sending out account status letters or stuff that shows old balances (rather than showing the consistent month on month saving).

We've been trying to sort this for three weeks now and are getting a bit frustrated. My wife is burning through phone bills trying to get the documentation.

Anyone experienced something similar? Could this sink our mortgage application if we can't get Halifax and INBS to cough up the statements which show saving?

kleefarr

marcus2000 wrote: »

Was buying in 2009....still buying in 2012. (Same House!!) Everything that could go wrong with a house purchase, has gone wrong. 3 years of saying " I'll be in within 4-6wks"....I dont even believe myself anymore when I say it.

I should be in within 4-6wks!!!

I hope you have negotiated a discount!!!

2Cents

I didn't realise getting AIP would take so long. All the docs gathered and with our broker since Monday but it'll be 3 weeks before ICS and AIB get back to us apparently. That's a looong time to keep our vendor from straying!

sarkozy

Given my experience, you need to keep on them to keep to their word. We trusted them, and the bank let us down so many times. Otherwise it'll be two months down the line and the vendors will be threatening to walk.

Good luck.

BookBook

Can someone on maternity leave apply for a mortgage on their own while currently on maternity leave?

Rough details:
Salary 45k
Savings 170k
Possible value of house 250 - 350k

Fulltime safe employment for 5 years, employer topping up maternity benefit to full salary.
Option of 4 months unpaid maternity leave but not sure if taking this will affect mortgage application.
Option of going back to work on 3 day week but not sure if taking this will affect mortgage application.
Partner will help pay mortgage and bills etc but can not apply for mortgage together.

Any advice gratefully received.

Kristinew

Hi all, as i read through the post i received a lot of helpful info. Thanks. I'm a first time buyer and am applying as a single applicant for a mortgage. I have a few issues that I think will go against me. I’d appreciate any advice you can give.

1) I had 15k in cash savings (basically under mattress scenario no paper trail).
2) I have an overdraft facility of 1200 which I go into monthly.
3) I never paid off my credit card in full but always paid more that the minimum requirement.

With the 15k cash I had I paid of my credit union loan and my visa card total 8000 and the balance 7k I lodged into my current account.

On my application I am also showing that I have been gifted 5000. I have a credit union slip showing 2600 in savings.

I have not included credit union statements or visa card statements in the application as these are all paid off now and I think that these will show up on the credit check that I never missed a payment. If they ask me for them later I will give them but this will show the 8k I have paid off and have no record of.

I'm showing them 9600 in savings and a further 5k in gifted funds. I'm applying for 92k mortgage and the property is 100k.

Will I be in difficulty by not giving them credit union and visa card statements and not being able to show 15k savings???

debbiermcd

Hi,

We agreed on a sale and paid a holding deposit in June and had a surveyors report done in early July which showed that there were a number of issues with the drains a particular worry - neither a surveyor or builder could find them due to an extension at back of property.

For over 2 months we've been chasing Estate Agent to get the information on drains and we had requested that a scan be done by one of the drain cos.

Finally today there's a move as vendor brought in original builder and a 2nd opinion of a civil engineer with her to review and their explanation appears to make sense but we can't get written confirmation of same or scan either from them - original builder was subcontracted by another company at the time. We were told by estate agent that drains were scanned last week but that didn't happen as the estate agent lost the keys and vendor subsequently made her own arrangements which didn't include scan.

Our problem is that during the lengthy delay another buyer has turned up and we were to sign contracts tomorrow.

We now don't have time to get another opinion on the drains as we know vendor could pull out if we're seen to delay again even though all of the delays to date were down to the estate agent.

Where do we stand? If her solicitor has issued contracts and we sign them tomorrow is that it, do we have the house subject to paying the balance of funds over?

Any advice welcome, really worried we're about to lose it because of an estate agent who ignored repeated requests for information which led vendor to believe we were delaying when in fact we'd have been happy to sign in July.

Thanks, D.

22dropout

Hi, just looking for some feedback, myself and my fiancé have jointly applied for a mortgage with BOI and AIB. We originally were going to go for 3yr fixed @ 4.69% with BOI but the more people we talk to say variable is the way to go so we are in the process of applying to AIB for 3.5% We are FTBer's, i make 25k a year, one yr rolling contracts for last 2 years and my fiancé is a civil servant 47k and permanent for last 3 years. The house is 235k and we are looking for 170k so an LTV of 72%. both banks say we should be ok, might hit a snag with me not been permanent but should be ok. We will find out from BOI by the end of this week and AIB the week after. The house is only a couple of years old but just to be safe we are going to get a survey done. Anybody know any good ones in the Meath Cavan Westmeath area. We have a solicitor and a valuer chosen. Any other things I may have missed would be greatly appreciated. It's all very new and :eek:

debbiermcd

Hi,

Can anybody advise where I'd find information in relation to building regulations and whether it is permitted to build over a drain or not - seems to be an area open to interpretation i.e. you're not supposed to but people do it all the time?

Thanks, D

leeroythomas

Can somebody recommend a good surveyor that would cover kildare area.
What price should i pay
Please pm.

Many thanks

killers1

debbiermcd wrote: »

Hi,

Can anybody advise where I'd find information in relation to building regulations and whether it is permitted to build over a drain or not - seems to be an area open to interpretation i.e. you're not supposed to but people do it all the time?

Thanks, D

Your surveyor should be well versed on these matters.

killers1

BookBook wrote: »

Can someone on maternity leave apply for a mortgage on their own while currently on maternity leave?

Rough details:
Salary 45k
Savings 170k
Possible value of house 250 - 350k

Fulltime safe employment for 5 years, employer topping up maternity benefit to full salary.
Option of 4 months unpaid maternity leave but not sure if taking this will affect mortgage application.
Option of going back to work on 3 day week but not sure if taking this will affect mortgage application.
Partner will help pay mortgage and bills etc but can not apply for mortgage together.

Any advice gratefully received.

If you're on full salary and intend to go back to work fulltime you'll have no difficulty obtaining approval for the amount you need.

efb

Still waiting on maps pp of extension and all the rest the other sides sols hadn't sent!!!

killers1

Kristinew wrote: »

Hi all, as i read through the post i received a lot of helpful info. Thanks. I'm a first time buyer and am applying as a single applicant for a mortgage. I have a few issues that I think will go against me. I’d appreciate any advice you can give.

1) I had 15k in cash savings (basically under mattress scenario no paper trail).
2) I have an overdraft facility of 1200 which I go into monthly.
3) I never paid off my credit card in full but always paid more that the minimum requirement.

With the 15k cash I had I paid of my credit union loan and my visa card total 8000 and the balance 7k I lodged into my current account.

On my application I am also showing that I have been gifted 5000. I have a credit union slip showing 2600 in savings.

I have not included credit union statements or visa card statements in the application as these are all paid off now and I think that these will show up on the credit check that I never missed a payment. If they ask me for them later I will give them but this will show the 8k I have paid off and have no record of.

I'm showing them 9600 in savings and a further 5k in gifted funds. I'm applying for 92k mortgage and the property is 100k.

Will I be in difficulty by not giving them credit union and visa card statements and not being able to show 15k savings???

Unless your rent payments are greater than the stressed mortgage repayments on €92k you'll find it very difficult to obtain approval. Savings are something that are built up over a period of time, you are showing them a lump sum and you can't prove where it came from.

killers1

efb wrote: »

Still waiting on maps pp of extension and all the rest the other sides sols hadn't sent!!!

That's the norm as opposed to the exception unfortunately!

efb

Oh I know that- hoping to be in my house at Halloween - now Xmas...

Roxee

Still waiting on probate, and so no closing date. I wasn't impatient til now, but I now know the house is cleared so it's frustrating just waiting on someone in a court somewhere to sign something.


Nearly two months since my offer was accepted. Guess I'm not tooooo badly...:)

Kristinew

killers1 wrote: »

Unless your rent payments are greater than the stressed mortgage repayments on €92k you'll find it very difficult to obtain approval. Savings are something that are built up over a period of time, you are showing them a lump sum and you can't prove where it came from.

Thanks for the response Killers1, i have sent the application form off to AIB, who i currently bank with including the visa and credit union statements which i wasnt going to sent. I also got my own credit check in the post yesterday which i got for my own peace of mind and all is good on that from what i could make out anyway!!!. I have been paying €260 a month rent paid by direct debit, i have also been paying €400 a month direct debit to the credit union.
I stated on the application that the savings which i have no paper trail for to pay off the credit union and credit card came from savings that i was saving in 2010. As in 2010 i was transferring €600 a month into my parent account to save for a car. (my reasoning was if its not in my account i cant spend it) if AIB check 2010 statements this will be visable. Im not sure if this will help my case. I started the 600 payments i think in nov 2009 and this kept up till about May 2011.

My question to you is should i apply to a mortgage broker to apply to other banks incase i dont get approval as my offer on a house has been accepted?

Thanks.

killers1

Kristinew wrote: »

killers1 wrote: »

Unless your rent payments are greater than the stressed mortgage repayments on €92k you'll find it very difficult to obtain approval. Savings are something that are built up over a period of time, you are showing them a lump sum and you can't prove where it came from.

Thanks for the response Killers1, i have sent the application form off to AIB, who i currently bank with including the visa and credit union statements which i wasnt going to sent. I also got my own credit check in the post yesterday which i got for my own peace of mind and all is good on that from what i could make out anyway!!!. I have been paying €260 a month rent paid by direct debit, i have also been paying €400 a month direct debit to the credit union.
I stated on the application that the savings which i have no paper trail for to pay off the credit union and credit card came from savings that i was saving in 2010. As in 2010 i was transferring €600 a month into my parent account to save for a car. (my reasoning was if its not in my account i cant spend it) if AIB check 2010 statements this will be visable. Im not sure if this will help my case. I started the 600 payments i think in nov 2009 and this kept up till about May 2011.

My question to you is should i apply to a mortgage broker to apply to other banks incase i dont get approval as my offer on a house has been accepted?

Thanks.

What age are you? Do you have any dependants? What's your salary?

Kristinew

Im 27 i'll be 28 in december of this year. No dependants. Salary €31660 plus guareenteed overtime of €1990 as stated on the salary cert i sent off.

killers1

Kristinew wrote: »

Im 27 i'll be 28 in december of this year. No dependants. Salary €31660 plus guareenteed overtime of €1990 as stated on the salary cert i sent off.

I think you should be ok with AIB. Salary is sufficient and rent + CU Payment gives you a proven repayment capacity for what you need. The only thing they may have an issue with is that you ran up a large credit card balance but fingers crossed it should be ok.

Kristinew

I stated 8k earlier but that was my credit union and credit card combined, credit card was always about 1700 and credit union was about 6300. All details were posted yesterday, should i call the bank in a few days to make sure they received everything and ask how things are progressing???

Thanks for all the advise and the thread has been great in my education re;mortgages!!!

dove2011

Hi all
Just thought i would update you on the purchase of my house.
Viewed the house in April 2012, Sale Agreed in May 2012- contracts arrived in June 2012- this is where the fun starts.
Land Folio Map was incorrect and had to be sent back over 3 times- eventually received it last week in the post.
Management company is controlled by the developer who basically handed it over to the bank of scotland- numerous correspondence to their solicitor which had been ignored- so my solicitor contacted the developers solicitor to ask for some clarity on the property status- so the developer decided to transfer the managemeny company so while this was happening- as they wasnt a certain form in the documentations sent to the CRO- revenue commissioners have decided to strike off the company-which basically means that the property is not able to be purchased.
Following day I was informed that now they are going to reinstate it- the accountant is doing up the accounts and the residents had a meeting so the sale is going through but they can not put a time frame on it.
Like a fool i purchased furniture ....I am also paying life assurance and house insurance for a property I do not own.
I am so stressed and discussed that they is no protection for the buyer - EA should not be selling properties without all the T ticked and i dotted but they seem to think it is okay to tell you its out of my hands.
I spoke to EA about all these issues and I stated that if the property hasnt gone through by Decemeber 2012 I would require the offer to be negotiated. To which he uttered I can sell that house in the morning at the sale agreed price if everything is in order.
The house is a 3 bed semi only 5 years old with all fixture & fittings in a nice area just outside Killarney with a large garden which I got it for €105k- I am happy to pay the price but sickened by how this sale has panned out.
My solictor is drafting a letter to my mortgage providers to inform that status of the property- how likely will they let me close the sale.

_sheep

Just wondering how long are people waiting for AIB to come back to them when applying at the moment? I put in a full application on Friday the 7th of September and its been the guts of 10 working days since it went in. Tried phoning the lady at the branch that took our application and no returned calls until yesterday - she then tells me shes been on annual leave and it 'will be a few more days'.

Does it really take 12+ working days to get an application done, or did she go on holidays without putting in my application?

folan

_sheep wrote: »

Just wondering how long are people waiting for AIB to come back to them when applying at the moment? I put in a full application on Friday the 7th of September and its been the guts of 10 working days since it went in. Tried phoning the lady at the branch that took our application and no returned calls until yesterday - she then tells me shes been on annual leave and it 'will be a few more days'.

Does it really take 12+ working days to get an application done, or did she go on holidays without putting in my application?

Hey, well i cant say for full applications, but it took AIB 2 weeks to sort approval in principle for me.

killers1

Some applications are taking less than 2 weeks and some longer. It depends how busy they are when it's received and how quickly it can be assessed and moved into the lenders queue and what level of sign off is required. If it needs to be signed off by a lending manager it can take a few days longer. 2 weeks is about the norm though for some response to issue...