Buying a house 2013!

makeorbrake · 14-02-2013 1:15am

flintash wrote: »

Came here just to ask how not to look tyre kicker. thats all.

Well, up to you but who cares. They will only see you as a "tyre kicker" if you are a long way off their price expectation. However, if that's the case then you're not in the running for that particular property - so why does it matter?

Move on to the next prospect...and repeat as necessary until you get the deal you're satisfied with.

I couldn't care less about what the EA thinks. However, if on a subsequent property they think that your offer is workable, then won't it be game on again? Money does all the talking.

khards · 21-02-2013 5:08pm

Haa,

From the look of this thread there are not many eager buyers this year!

I feel sorry for the poor suckers outbidding each other last year and have ended up paying more than if they had waited to this year.

mel.b · 21-02-2013 5:38pm

khards wrote: »

Haa,

From the look of this thread there are not many eager buyers this year!

I feel sorry for the poor suckers outbidding each other last year and have ended up paying more than if they had waited to this year.

I'm an eager buyer for this year and am just waiting for the people whose house i want to buy find something they want to buy. I keep joking about dropping anonymous daft print outs in their mailbox of houses they might like to buy

And killers1 has done a brillant job of getting my mortgage approval done

quad_red · 21-02-2013 6:45pm

We're waiting, finance ready to go. But there is not allot of realistic supply in the areas we're looking.

So we continue to wait. Sigh.

flintash · 21-02-2013 7:14pm

I'm going to see the house tomorrow. very much interested in it, and price is OK.

makeorbrake · 21-02-2013 7:18pm

flintash wrote: »

I'm going to see the house tomorrow. very much interested in it, and price is OK.

Good luck bud. Be sure to report back here as regards how that goes for you ;-)

efb · 21-02-2013 7:21pm

khards wrote: »

Haa,

From the look of this thread there are not many eager buyers this year!

I feel sorry for the poor suckers outbidding each other last year and have ended up paying more than if they had waited to this year.

I don't feel like a sucker! Great house on the cheap and MIR! But best of to the 13's!

qwertypop · 21-02-2013 7:58pm

I've a price agreed on a property and the sellers solicitor has sent in contracts etc but now were stuck waiting for ber certs and nppr receipts. I know full well that the seller has not got them so its going to be dragging it out even further

clancynl · 22-02-2013 1:45pm

sportfanatic wrote: »

Hi all,
I know this has probably been answered in previous threads but I'd appreciate some feedback please!
Myself and the girlfriend are meeting a few of the banks in a few weeks (BOI & AIB). I don't want to be too optimistic, but what are the chances of us getting mortgage approval based on the following;
- I'm in a full time permanent job for the past 3.5yrs on a salary of 37,100.
- girlfriend is in a full time permanent job for the past 5 years on a salary of 46,000
- I'm 29 and she's 27
- we have been paying rent, 1,050 for the past 18 months
- saving for the past 12months and now have 10,000
- both sets of parents are giving us a gift of a combined total of 12,000
- I have a loan of 4000 to be repaid over the next 4 years( engagement ring!)
- she has a car loan of 6000

We are looking for a mortgage of about 220,000..... What's the chances?

Hi There ... We're in more or less the same position as you ... well .. apart from the fact that I'm 40

... but just to let you know .. .I'm completely new to this malarky and am a bit wet behind the ears when it comes to property ... but a mate of mine recommended paying a visit to Frank Lenny ... a mortgage broker just on Fitzwilliam street ... and he helped no end in explaining the current market situation, calculating our potential fees / monthly repayments, alongside being a rather nice dude. The first consultation is free of charge so it might not hurt to have a chat with the man and see what you think ...

He did mention that some of the banks are not able so lend due to certain criteria laid out buy the upper eclehons, but he deals with a few he knows are able to lend / eager to lend so has an in-road into the process moreso that I'd have anyways ...

just my two cents ...

nibtrix · 22-02-2013 2:04pm

clancynl wrote: »

The first consultation is free of charge

Only the first consultation? I was under the impression that brokers were paid commission by the bank, and most of them don't charge the applicant any fees.

clancynl · 22-02-2013 2:50pm

nibtrix wrote: »

Only the first consultation? I was under the impression that brokers were paid commission by the bank, and most of them don't charge the applicant any fees.

Ah well ... maybe he's not a broker then ... (apologies ... I'm clueless at anything property related) rather an Independent Financial Advisory Services dude ... So it seems anyways ... his fee - if we choose to go ahead and have him as our intermediary - is 250 to start and then 250 when the deal is done ... not bad for me considering his expertise and contacts (solicitors, surveyors, banks etc ...). Seemingly they survey what each lender has on offer so he stays abreast of what are the more attrractive offers available and all that jazz ... handy if you ask me

Dunno if I'll be barred for this ... but here's his blurb on his offerings...

http://www.franklenny.com/mortgage_process_trading

killers1 · 22-02-2013 2:54pm

clancynl wrote: »

Ah well ... maybe he's not a broker then ... (apologies ... I'm clueless at anything property related) rather an Independent Financial Advisory Services dude ... So it seems anyways ... his fee - if we choose to go ahead and have him as our intermediary - is 250 to start and then 250 when the deal is done ... not bad for me considering his expertise and contacts (solicitors, surveyors, banks etc ...). Seemingly they survey what each lender has on offer so he stays abreast of what are the more attrractive offers available and all that jazz ... handy if you ask me

He is a Mortgage Broker and charges €500. There are a lot of other brokers offering the same expertise and contacts for free and rely on existing satisfied clients to refer new business in lieu of charging for their services.

clancynl · 22-02-2013 3:14pm

killers1 wrote: »

He is a Mortgage Broker and charges €500. There are a lot of other brokers offering the same expertise and contacts for free and rely on existing satisfied clients to refer new business in lieu of charging for their services.

Ah-ha ... ah well .. I warmed to the chap during our meeting .. I liked his schtick ... so I'll stick with him for now .... tis all part of the learning curve I s'pose ...

D3PO · 22-02-2013 3:30pm

clancynl wrote: »

Ah-ha ... ah well .. I warmed to the chap during our meeting .. I liked his schtick ... so I'll stick with him for now .... tis all part of the learning curve I s'pose ...

Pity you didnt come on here first. I think you would almost unanimously have been recommended Killers1 a regular on this forum.

Bet he doesnt charge 500 lids either

davet82 · 22-02-2013 3:33pm

D3PO wrote: »

Pity you didnt come on here first. I think you would almost unanimously have been recommended Killers1 a regular on this forum.

Bet he doesnt charge 500 lids either

Shut up! You'll give him ideas!

clancynl · 22-02-2013 3:37pm

D3PO wrote: »

Pity you didnt come on here first. I think you would almost unanimously have been recommended Killers1 a regular on this forum.

Bet he doesnt charge 500 lids either

It's looking like that now alright ... <facepalm> ... cheers for the heads up anyways

mel.b · 22-02-2013 3:45pm

D3PO wrote: »

Pity you didnt come on here first. I think you would almost unanimously have been recommended Killers1 a regular on this forum.

Bet he doesnt charge 500 lids either

Yep, killers1 has been brilliant. I live on the other side of the country and have done everyhting via email. He's been really prompt with emails, taken my phone calls when i've called and submitted my apllication on a fri and had approval by Tues am

And no, he doesn't charge €500 either

clancynl · 22-02-2013 3:49pm

Whoops ... apologies Killer1 .. didnt mean to detract from your sterling work on here ... First day perusing this post so looks like i was a tad hasty in recommending anything ... lesson learnt!

efb · 22-02-2013 3:50pm

Well I had little personal involvement with Killers but before I bought I read up on all his posts here and advice and doubt his posts very helpful. Very encouraging to me too

flintash · 22-02-2013 7:09pm

I talked to guys in South Mall ,cork, aka mortgage broker, they charge 800 in total.
Follow up on my house viewing today: like I said, price sounded good

for a reason.

one wall is falling off the house.
Well i'm not buying house-surprise. God knows what else is wrong with the house.
Country is littered with houses that are either in bad shape or nobody want to live in them for a reason , but asking prices are based " you know what the LAND is worth!!"
Ya, I know! All the radioactive gases that are coming from the ground makes it gold value. :mad:
Sorry for rant

killers1 · 22-02-2013 7:14pm

D3P0 - Thanks for your kind words & great idea re the €500!

Clancynl - Don't be silly, best of luck with your purchase and any queries at any stage let me know..

Mel.b - You have a great weekend!

efb - You'll be getting an invoice too.....

killers1 · 22-02-2013 7:16pm

flintash wrote: »

I talked to guys in South Mall ,cork, aka mortgage broker, they charge 800 in total.
Follow up on my house viewing today: like I said, price sounded good for a reason. one wall is falling off the house.
Well i'm not buying house-surprise. God knows what else is wrong with the house.
Country is littered with houses that are either in bad shape or nobody want to live in them for a reason , but asking prices are based " you know what the LAND is worth!!"
Ya, I know! All the radioactive gases that are coming from the ground makes it gold value. :mad:
Sorry for rant

For €800 I'd expect them to help you move in!

Don't get too hung up on that house. It's obviously falling apart... take your time to find the right house at the right price.

mel.b · 22-02-2013 7:29pm

flintash wrote: »

I talked to guys in South Mall ,cork, aka mortgage broker, they charge 800 in total.
Follow up on my house viewing today: like I said, price sounded good for a reason. one wall is falling off the house.
Well i'm not buying house-surprise. God knows what else is wrong with the house.
Country is littered with houses that are either in bad shape or nobody want to live in them for a reason , but asking prices are based " you know what the LAND is worth!!"
Ya, I know! All the radioactive gases that are coming from the ground makes it gold value. :mad:
Sorry for rant

Bummer flintash

. Don't worry though...something will come up

D3PO · 22-02-2013 8:29pm

killers1 wrote: »

D3P0 - Thanks for your kind words & great idea re the €500!

Clancynl - Don't be silly, best of luck with your purchase and any queries at any stage let me know..

Mel.b - You have a great weekend!

efb - You'll be getting an invoice too.....

i will pm you where to send my commision cheque

:pac::cool:

killers1 · 22-02-2013 8:40pm

D3PO wrote: »

i will pm you where to send my commision cheque :pac::cool:

haha! Work away! If I ever go down that road I'll let you know.. unfortunately at the moment, 50% of nothing is €0.00

kennyb3 · 28-02-2013 10:27am

We had our offer accepted yesterday, so after 4 years of renting and waiting through price falls i'm about to join the dark side.

Will no doubt have plenty of questions along the way, though i've tried to read as much as possible. It's the more obvious practical things that get me - so here's one to start. I want to organise a valuer once I pay the booking deposit - what's the situation with keys - give the valuer the EA's details?

killers1 · 28-02-2013 10:31am

kennyb3 wrote: »

We had our offer accepted yesterday, so after 4 years of renting and waiting through price falls i'm about to join the dark side.

Will no doubt have plenty of questions along the way, though i've tried to read as much as possible. It's the more obvious practical things that get me - so here's one to start. I want to organise a valuer once I pay the booking deposit - what's the situation with keys - give the valuer the EA's details?

Congrats! You email or phone the Valuer & give property address, purchase price, name of bank you're borrowing from, mortgage ref no and estate agent's contact details and the valuer will ring the EA to arrange access & can return the original report directly to your lender.

janeybaby · 28-02-2013 2:18pm

Hi All,

Just wondering if anyone might be able to help - I applied to AIB for a mortgage approx
2 weeks ago of 145000 (over 30 years) as a single applicant and got word back yesterday that I was unsuccessful & the max they could offer was circa 100k. In the original meeting I was advised my extreme max would be between 155k-159k and that because I was looking for less, I was in a good position. This is my situation:

working in semi-state company on salary 37,000/year for the past 4 1/2 years (permanent & pensionable)
savings of just over 10k
Savings 400/month
Rent at home 200/month
no loans (owe 500 on a credit card)

On their response, I was told that because I was "borderline" on replayments it had to go to three lenders and it was the third who made the call on it & I should try to up my savings for the next 6-9months to reapply. Naturally, I am very disappointed after nearly 5 years saving & I don't particularly want to wait that length when my finances are already in a good place.

I am wondering firstly, if this has happened to anybody else and what steps they took? and secondly, does being a single applicant hugely reduce my chances?

Any help or advice would be greatly appreciated!!

Thanks guys...

killers1 · 28-02-2013 2:30pm

janeybaby wrote: »

Hi All,

Just wondering if anyone might be able to help - I applied to AIB for a mortgage approx
2 weeks ago of 145000 (over 30 years) as a single applicant and got word back yesterday that I was unsuccessful & the max they could offer was circa 100k. In the original meeting I was advised my extreme max would be between 155k-159k and that because I was looking for less, I was in a good position. This is my situation:

working in semi-state company on salary 37,000/year for the past 4 1/2 years (permanent & pensionable)
savings of just over 10k
Savings 400/month
Rent at home 200/month
no loans (owe 500 on a credit card)

On their response, I was told that because I was "borderline" on replayments it had to go to three lenders and it was the third who made the call on it & I should try to up my savings for the next 6-9months to reapply. Naturally, I am very disappointed after nearly 5 years saving & I don't particularly want to wait that length when my finances are already in a good place.

I am wondering firstly, if this has happened to anybody else and what steps they took? and secondly, does being a single applicant hugely reduce my chances?

Any help or advice would be greatly appreciated!!

Thanks guys...

The reason you were only offered €100k is very straightforward. The problem with dealing with a bank direct is that they only do the first part of the underwriting calculation which is to put your income figure into their calc to see what number comes out. In your case a salary of €37k would qualify you to borrow circa €150k. The problem is the second part of the underwriting where they stress test the amount you are looking to borrow @ 6.24% over the term requested which on €145k amounts to €891pm. The only repayment capacity you can show is savings €400pm + €200pm rent so you are €291pm short of proving you can afford a mortgage at that level. You are showing a repayment capacity for €600pm which equates to a loan amount of €100k i.e repayments on €100k over 30 yrs @ 6.24% = €615pm.. You'll need to increase your savings so that your rent + savings = circa €1k pm and then you should get approval in 6 months time. A good mortgage advisor could have told you this in 5 minutes as opposed to putting you through a pointless application exercise.

D3PO · 28-02-2013 2:36pm

killers1 wrote: »

The reason you were only offered €100k is very straightforward. The problem with dealing with a bank direct is that they only do the first part of the underwriting calculation which is to put your income figure into their calc to see what number comes out. In your case a salary of €37k would qualify you to borrow circa €150k. The problem is the second part of the underwriting where they stress test the amount you are looking to borrow @ 6.24% over the term requested which on €145k amounts to €891pm. The only repayment capacity you can show is savings €400pm + €200pm rent so you are €291pm short of proving you can afford a mortgage at that level. You are showing a repayment capacity for €600pm which equates to a loan amount of €100k i.e repayments on €100k over 30 yrs @ 6.24% = €615pm.. You'll need to increase your savings so that your rent + savings = circa €1k pm and then you should get approval in 6 months time. A good mortgage advisor could have told you this in 5 minutes as opposed to putting you through a pointless application exercise.

exactly.

Also you only have 10k of savings. At a max LTV of 92% 125k would be the max mortgage you could get regardless of your income.

you were never ever going to be approved for 145k

Buying a house 2013!

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