Buying a house 2012

killers1

Ritchi wrote: »

Do both life assurance and mortgage protection satisfy the banks needs for a mortgage. Or does it have to be life assurance. The letter of offer only mentions life assurance, but I can't see why mortgage protection wouldnt be enough.

Life assurance & mortgage protection are the same thing. They are both policies designed to pay out a sum of money on death. The reason they are sometimes referred to as mortgage protection is that the proceeds of the policy are used to repay a mortgage whereas someone may have a life assurance policy (not relating to a mortgage) to leave a lump sum to their next of kin on death.

Ritchi

killers1 wrote: »

Life assurance & mortgage protection are the same thing. They are both policies designed to pay out a sum of money on death. The reason they are sometimes referred to as mortgage protection is that the proceeds of the policy are used to repay a mortgage whereas someone may have a life assurance policy (not relating to a mortgage) to leave a lump sum to their next of kin on death.

Thanks, I understood the difference, just wondering if the banks saw them both as acceptable.

killers1

Ritchi wrote: »

Thanks, I understood the difference, just wondering if the banks saw them both as acceptable.

Banks see them as being one and the same thing so either is fine.

cassiedoll

finally got the deal done today...collecting my keys in an hour from the EA

killers1

cassiedoll wrote: »

finally got the deal done today...collecting my keys in an hour from the EA

Many congrats & best of luck in your new home!

dove2011

cassiedoll wrote: »

finally got the deal done today...collecting my keys in an hour from the EA

Congrats- hoping to have mine next week

folan

cassiedoll wrote: »

finally got the deal done today...collecting my keys in an hour from the EA

thats gonna be me in 24 hours i hope

cassiedoll

best of luck dove and folan...hope all works out well

leahyl

Best of luck to you all - so excited for ye:)

Just an update on my own situation - agent rang me today and asked me where I was at with my mortgage application (which had lapsed and I had reapplied) - I was expecting it in the post this week and told him that and then I proceeded to ask him had he brought my higher offer to the seller and he said he had and I said "well what did they say" and he said "they didn't say no but if you get your finance in order then you'd be in a much better position" - WTF? They've been messing me around for the last 2 weeks!

So I said "is it likely that they'll accept the offer so" and he said "oh I don't know you see, they haven't told me"..... so after I got off the phone I rang home and sure enough mortgage offer letter had come in the post so I rang him back and got voicemail (!) and left a message that I was ready to go so give me a ring as soon as possible if you want to go ahead. Oh and he also said he had 2 more viewings of the house tonight.... This is headwrecking - I've accepted now that I won't be getting the MIR (just bad timing really) but at least I won't be paying back as much monthly since the bank are offering me less now anyway.

Ush1

Got the BER cert there Monday for the house I'm buying, feckin F!!!

No wonder they didn't show me it till now. Ah well, least I can do everything the right way from now.

Just waiting on compliance documents on an extension and then to get home insurance once closure dates are set.

Ush1

leahyl wrote: »

Best of luck to you all - so excited for ye:)

Just an update on my own situation - agent rang me today and asked me where I was at with my mortgage application (which had lapsed and I had reapplied) - I was expecting it in the post this week and told him that and then I proceeded to ask him had he brought my higher offer to the seller and he said he had and I said "well what did they say" and he said "they didn't say no but if you get your finance in order then you'd be in a much better position" - WTF? They've been messing me around for the last 2 weeks!

So I said "is it likely that they'll accept the offer so" and he said "oh I don't know you see, they haven't told me"..... so after I got off the phone I rang home and sure enough mortgage offer letter had come in the post so I rang him back and got voicemail (!) and left a message that I was ready to go so give me a ring as soon as possible if you want to go ahead. Oh and he also said he had 2 more viewings of the house tonight.... This is headwrecking - I've accepted now that I won't be getting the MIR (just bad timing really) but at least I won't be paying back as much monthly since the bank are offering me less now anyway.

Sounds like he is messing you about and isn't gonna listen until you have approval. Have you offered a deposit?

leahyl

Ush1 wrote: »

Sounds like he is messing you about and isn't gonna listen until you have approval. Have you offered a deposit?

Well I have the approval now so....balls in his court now to ring me back. He claims the family are mad to sell - what a load of balls - they haven't even said they'll accept the offer even if I do get the approval!

FixYa

Ush1 wrote: »

Got the BER cert there Monday for the house I'm buying, feckin F!!!

No wonder they didn't show me it till now. Ah well, least I can do everything the right way from now.

Just waiting on compliance documents on an extension and then to get home insurance once closure dates are set.

What was BER rating? I am buying a house and they say it was recently insulated (attic and cavities) and it is only C3. Is that ok?

folan

FixYa wrote: »

What was BER rating? I am buying a house and they say it was recently insulated (attic and cavities) and it is only C3. Is that ok?

its about average:
PDF infor

Ritchi

I think A is almost unobtainable unless you live in a vacuum, and B is pretty hard to get too. I think C3 is pretty good, probably a few things you can improve on, but may not be worth the expense.

Ush1

FixYa wrote: »

What was BER rating? I am buying a house and they say it was recently insulated (attic and cavities) and it is only C3. Is that ok?

It's a F, G is the lowest so it's second lowest.

C3 is fairly okay.

Kristinew

I send my insurance details to the bank and signed the D.D mandate and my solicitor has requested the funds from the bank today. I hope there is no delays and hope to have keys by the end of the month. fingers crossed. Have no idea where to start with getting esb reconnected and other things like that but im sure i will learn fairly quick. congrats to everyone who has bought in 2012

Fearsneachta in Poland

Kristinew wrote: »

I send my insurance details to the bank and signed the D.D mandate and my solicitor has requested the funds from the bank today. I hope there is no delays and hope to have keys by the end of the month. fingers crossed. Have no idea where to start with getting esb reconnected and other things like that but im sure i will learn fairly quick. congrats to everyone who has bought in 2012

http://www.esb.ie/esbnetworks/en/domestic-customers/moving_into_new_home.jsp

Best of luck.

TheDriver

I have found most modern built homes are B3 or C1. C3 seems like older estate houses e.g. 10-15 years old. I know some people with A houses, you need solar panels, heat reclaim etc, you actually need certain items in the house to get it

leahyl

OMG my offer has been accepted!!! Going to see the house again today (saw it at night time the last time so want to see it in the daylight) and EA said they want to get it done before Christmas so it's all systems go - paying the booking deposit today!!!:eek: I'm so nervous:o

I got onto the bank also as I only got the offer letter in the post yesterday so haven't signed it yet as was waiting on answer from EA - I don't need to have it signed before I pay the booking deposit do I??

killers1

leahyl wrote: »

OMG my offer has been accepted!!! Going to see the house again today (saw it at night time the last time so want to see it in the daylight) and EA said they want to get it done before Christmas so it's all systems go - paying the booking deposit today!!!:eek: I'm so nervous:o

I got onto the bank also as I only got the offer letter in the post yesterday so haven't signed it yet as was waiting on answer from EA - I don't need to have it signed before I pay the booking deposit do I??

That's great news! You can work away with paying the booking deposit before signing the offer letter. You'll need to really push things along, val report, loan pack, survey, contracts etc to get this closed before Christmas but it is possible. Hound the EA to get contracts issued to your solicitor ASAP!

dove2011

leahyl wrote: »

OMG my offer has been accepted!!! Going to see the house again today (saw it at night time the last time so want to see it in the daylight) and EA said they want to get it done before Christmas so it's all systems go - paying the booking deposit today!!!:eek: I'm so nervous:o

I got onto the bank also as I only got the offer letter in the post yesterday so haven't signed it yet as was waiting on answer from EA - I don't need to have it signed before I pay the booking deposit do I??

Ah great news- delighted for you- you had a hard few weeks - you never know if everyone plays ball over the coming weeks you might get in before MIR finishes up.
No I paid a booking deposit on 5th May- didn't sign my letter of offer till the 16th May and if you choose to retract from the sale prior to contracts been signed, EA has to give back your booking deposit in full.... Lets hope you don't have any further delays....

leahyl

Thanks guys, I really hope I don't have any more stumbling blocks along the way although that's probably unavoidable really.

I have a solicitor and my dad is organising the booking deposit today and is gonna ask about an engineer also.

I rang the bank and left a voicemail to get back to me asap - need to provide one or two things from the conditions list but more than likely they will probably look for more stuff :rolleyes:

Does the solicitor do a lot of the work from here on in? Cos I'm really not good with all this stuff!

I have to ask EA today also about the BER cert and clarify what exactly is included in the sale contents wise.

Kristinew

hi leahyl,

you need to get one of the banks approved valuerers out to the house as soon as possible for them to send the report back to the bank. You should get your mortgage protection sorted now and have in place. you wont loose much if you have to pay an extra few weeks and if the sale falls through which hopefully it wont you have 30 days grace to cancel the policy.
you wont be able to get your home insurance until the valuer states the rebuild cost as this is what your home insurance will cover. But once you have this information get your home insurance. Ive lost a couple of days here and there waiting for the policy certificates which the bank also need to see before they will release funds.

best of luck!

leahyl

Kristinew wrote: »

hi leahyl,

you need to get one of the banks approved valuerers out to the house as soon as possible for them to send the report back to the bank. You should get your mortgage protection sorted now and have in place. you wont loose much if you have to pay an extra few weeks and if the sale falls through which hopefully it wont you have 30 days grace to cancel the policy.
you wont be able to get your home insurance until the valuer states the rebuild cost as this is what your home insurance will cover. But once you have this information get your home insurance. Ive lost a couple of days here and there waiting for the policy certificates which the bank also need to see before they will release funds.

best of luck!

Thanks Kristinew!! I am hoping that the mortgage advisor gets back to me soon (left a voicemail about an hour ago). So then I just go to the bank with the signed offer letter and then organise a valuation? What's mortgage protection - is that the same as life assurance? I'll sort that too when I go so.

Oh this is moving so fast - but maybe that's for the best!:pac:

folan

leahyl wrote: »

Thanks Kristinew!! I am hoping that the mortgage advisor gets back to me soon (left a voicemail about an hour ago). So then I just go to the bank with the signed offer letter and then organise a valuation? What's mortgage protection - is that the same as life assurance? I'll sort that too when I go so.

Oh this is moving so fast - but maybe that's for the best!:pac:

Dont make the mistake i made. Make sure that you are never waiting for over 24 hours for anything. solicitor in particular.

Congrats.

Kristinew

the mortgage protection is the same as life insurance. it could take 2 or 3 days to have a valuer look at the house so you could start ringing around to get prices. You should get a list of approved valuers. I did my mortgage with AIB and they have a list on their website. the prices varied quite a bit. im not sure does your solicitor need a copy of the contract before you can get the valuer out as there might be maps in the contract that the valuer needs. killers may have more info on this.
Its good that things are moving fast, i was going out of my head when things were not moving with my application. il post a snap shot of the order i did things for you to have a look.

Kristinew

this is how i progressed, i did things a little backwards:
September
12th offer accepted on house & request to bank for mortgage application
14th booking deposit paid
18th application sent to bank
19th solicitor organised
21st/24th/28th bank requesting more statements and other info. solicitor received contracts.
October
3rd received approval in principle
5th valuer to house
16th signed approval in principle 24th issue with ordnance maps had to resend to bank with valuers stamp
November
2nd Letter of loan offer received and got mortgage/life insurance
9th contracts signed, solicitor requested funds. home insurance cove got
14th yesterday received home insurance policy and emailed this and mortgage life policy to bank

now waiting for funds to be relased to my solicitor. i hope i havent forgotten anything.

leahyl

Thanks so much for taking the time to write all that out!! I think things are happening in much the same order for me!

I will hopefully be able to make an appointment with the bank tomorrow - will ring mortgage advisor again at lunch (she still hasn't got back to me :mad:).

I'll sign the offer letter tonight and then hand it in at the bank and sort out the valuation and mortgage protection

orlaanne

Moved out of our IFSC apartment on Saturday and in with my parents, all of our stuff is piled up in my sister's old room so we are raring to go! Solicitor requested funds which should be landing in their account today, got a call from them yesterday to tell me we are on track for closing on Monday. Also ordered my yearly taxsaver commuter ticket with work today, bit depressing moving from the city out to the burbs but hey at least it's the train and not the bus.