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

Jake2

lbyrne121 wrote: »

I am at the stage of drawdown at the moment but I was wondering why did your sale fall through when u got to that stage? Can a vendor still pull out if contracts are signed by both parties?
P.'s I waited 7 weeks for contracts to just arrive

If your Vendor has already signed then you are fine, unfortunately mine hadnt. I had signed the previous week and contracts were returned to her solicitor to sign I sorted out my insurance and instructed bank . All of a sudden we got call to say she is pulling out. I guess word of warning is check the Vendor has signed the damn thing. I was pushing hard to get the whole thing done and dusted at this point as I was 18 weeks from sale agreed so pushed ahead to get everything ready on my side so we could exchange and complete in the same timeframe. If you have already exchanged contracts you have nothing to worry about:)

lbyrne121

I was wondering does anyone know if anything can happen on the draw down of cheque.  I am at the stage were we have been waiting over 5 working days to get cheque from EBS.  When I asked solicitor what the status was he said that he is waiting for loan cheque to come down and that he understands the banks were doing final checks on my file yesterday,
What checks do they do?  Could they refuse to draw down?

Raoul

What if you do have some gambling on your account? Like less than 100 euro in the last 6 months? Is that still seen as a problem?

Michael D Not Higgins

Raoul wrote: »

What if you do have some gambling on your account? Like less than 100 euro in the last 6 months? Is that still seen as a problem?

Less so these days. The banks were using any reason to refuse a mortgage 4 or 5 years ago but small scale gambling doesn't seem to raise as much of an issue now.

Blingy

lbyrne121 wrote: »

I was wondering does anyone know if anything can happen on the draw down of cheque.  I am at the stage were we have been waiting over 5 working days to get cheque from EBS.  When I asked solicitor what the status was he said that he is waiting for loan cheque to come down and that he understands the banks were doing final checks on my file yesterday,
What checks do they do?  Could they refuse to draw down?

I have heard of some banks taking ages to complete drawdown. Get into your contact in ebs and question the delay I wouldn't just leave it hoping it will get done soon.

lbyrne121

Blingy wrote: »

lbyrne121 wrote: »

I was wondering does anyone know if anything can happen on the draw down of cheque.  I am at the stage were we have been waiting over 5 working days to get cheque from EBS.  When I asked solicitor what the status was he said that he is waiting for loan cheque to come down and that he understands the banks were doing final checks on my file yesterday,
What checks do they do?  Could they refuse to draw down?

I have heard of some banks taking ages to complete drawdown. Get into your contact in ebs and question the delay I wouldn't just leave it hoping it will get done soon.

Thanks for your reply...  is there any reason why a draw down cheque would be refused?
I am just a bit worried that this is the reason why it could be taking so long.  I have got in contact with EBS but they said that they are doing checks on file and that is all the information they could give me.  Also if I was refused draw down would I lose my 10% deposit?

TIA

Blingy

lbyrne121 wrote: »

Thanks for your reply...  is there any reason why a draw down cheque would be refused?
I am just a bit worried that this is the reason why it could be taking so long.  I have got in contact with EBS but they said that they are doing checks on file and that is all the information they could give me.  Also if I was refused draw down would I lose my 10% deposit?

TIA

Sorry I don't know why they would refuse drawdown. I have just heard of these kinda delays recently. I think if you push harder you should get a more definite date for drawdown. Seems odd to take 5 days and no reason behind it.

Sorry don't know about your deposit.

theboringfox

m*pp*t wrote: »

Quick question about mortgage rates - thanks in advance for any help!
We're just dipping our toes into the start of the mortgage process (and it looks like it's going to be a barrel of laughs I must say!).
Playing around in the calculators I see that banks offer a different rate depending the LTV ratio. Now, obviously we won't be able to predict in advance the selling price of a house so I'm assuming we try for approval in principle from a few places and decide later. But I'm just wondering is that LTV calculation based on the actual purchase price? Or does the bank send in an assessor?
Sorry for the long winded question!

The bank will do its LTV calculation on lower of purchase price or the valuation by the bank appointed valuer. In general the valuer wont put down a value higher than cost as no incentive to. I have always thought it ridiculous that banks tell the valuer the price being paid as it will influence them. Valuer I would say rarely questions it as ultimately the market price is what someone is willing to pay and that's just happened if it was put on open market. It's really just a sense check but an important one. Like if it was only two people who bid up an extra 25k between them you could question if that would be made again on market. Was it just a licky vendor who found two bidders going mad?

lbyrne121

Quick question in relation to mortgage protection..

We got our mortgage protection through ebs went through application in their office by someone from Irish life. We were told there and then what the price would be. That was 6 weeks ago. Did that mean we got approved mortgage protection and can it be done that quick without going to under writers?

TIA

Kerbie

Hi we're currently in the sale agreed stage waiting on the contracts we where looking at getting a loan as our car is complete Screwed would cost over €2500 to fix. If we took a loan out of our credit union would the banks find out before we draw down the mortgage? Thanks

MentalMario

Kerbie wrote: »

Hi we're currently in the sale agreed stage waiting on the contracts we where looking at getting a loan as our car is complete Screwed would cost over €2500 to fix. If we took a loan out of our credit union would the banks find out before we draw down the mortgage? Thanks

Unfortunately, I'm fairly sure they would.

The CU's are regulated by the Central Bank now too so it would probably show on a credit check.

BBMcQ

lbyrne121 wrote: »

Quick question in relation to mortgage protection..

We got our mortgage protection through ebs went through application in their office by someone from Irish life.  We were told there and then what the price would be. That was 6 weeks ago.  Did that mean we got approved mortgage protection and can it be done that quick without going to under writers?

TIA

Have you tried calling EBS/Irish Life? Do you have a policy number?

Irish life is roughly twice the cost of the online cover through the likes of Royal Liverpool. Shop around unless you are a problem case with regards health risks.

lbyrne121

BBMcQ wrote: »

lbyrne121 wrote: »

Quick question in relation to mortgage protection..

We got our mortgage protection through ebs went through application in their office by someone from Irish life.  We were told there and then what the price would be. That was 6 weeks ago.  Did that mean we got approved mortgage protection and can it be done that quick without going to under writers?

TIA

Have you tried calling EBS/Irish Life? Do you have a policy number?

Irish life is roughly twice the cost of the online cover through the likes of Royal Liverpool. Shop around unless you are a problem case with regards health risks.

Just thought it was easier getting it with EBS through them rather than look somewhere else.  It was only 23 euro.  We didn't get any policy numbers we were just told by Irish life person when will filled in all forms that it was sorted and was 23 per month.  We didn't get a policy number, we are at the stage now that EBS has sent all loan pack to head office for drawdown but it has been 6 working days now and when I rang and asked the status they said they were still looking at the file.  It had me wondering was everything ok with our mortgage protection.

UneJolieFemme

lbyrne121 wrote: »

Just thought it was easier getting it with EBS through them rather than look somewhere else.  It was only 23 euro.  We didn't get any policy numbers we were just told by Irish life person when will filled in all forms that it was sorted and was 23 per month.  We didn't get a policy number, we are at the stage now that EBS has sent all loan pack to head office for drawdown but it has been 6 working days now and when I rang and asked the status they said they were still looking at the file.  It had me wondering was everything ok with our mortgage protection.

I think you should have got a letter from Irish Life with the plan number. I am getting my mortgage protection with Irish Life through Ulster Bank and I did get a letter from Irish Life with policy number, although my application is not complete yet, as they are looking for additional medical reports from me due to some health issues. So that's a few more weeks until my mortgage protection is sorted but Irish Life have been contacting me all the time, by e-mail, post and even text messages on the phone.

Ashleighc2013

Jake2 wrote: »

Does anyone know a typical timeframe to expect contracts once you go sale agreed.

I know its different in many cases. Last time I was waiting 8 weeks to get a contract went though the whole process and just before I went to draw down the vendor pulled out of the sale. So now I am back on the train and I am sale agreed again since saturday. I have no intention of waiting 8 weeks this time--mortgage approval timeframe doesn't allow this kind of luxury.

Just wondering does anyone know whats a reasonable amount of time you would expect a contract ? The house is owned outright so no banks involved here.

Thanks, so anxious this goes right this time. Not only because of the expense of wasted valuations, surveys and solicitors fees on the last one I just can't handle any more stress! I did not know how difficult this whole process would be, it took me so long to get to the stage where I could afford to apply for a mortgage---once you are in the buying scenario its a whole other set of difficulties!!!

Myself & my partner paid our booking deposit on 21/03/17 and we still have no contracts. Not even pre drafted.

UneJolieFemme

We went sale agreed at the beginning of May and our solicitor hasn't heard back from the vendor's solicitor yet. We were hoping for a quick purchase and the vendor was hoping for a quick sale.

Ashleighc2013

UneJolieFemme wrote: »

We went sale agreed at the beginning of May and our solicitor hasn't heard back from the vendor's solicitor yet. We were hoping for a quick purchase and the vendor was hoping for a quick sale.

I feel your pain. I actually had my own thread looking for advice a while back. Only 4 weeks ago did the sellers solicitor receive the authority to sell the house. We bought our house off a divorced couple who leave on other sides of the city. We've continually looked at other houses, stuck on the fence atm of what to do.

paulb06

We are currently looking for an exemption, the place we are looking are require a small deposit, solicitor details and the AIP letter from bank to secure the house.

My question is, if the AIP letter is only for the 3.5 times the salaries and not to the full amount we need for the place were looking at, will they still accept this AIP letter subject to us successfully getting the exemption down the line or will they require the AIP letter to state the full amount approved?

Tuhula

paulb06 wrote: »

We are currently looking for an exemption, the place we are looking are require a small deposit, solicitor details and the AIP letter from bank to secure the house.

My question is, if the AIP letter is only for the 3.5 times the salaries and not to the full amount we need for the place were looking at, will they still accept this AIP letter subject to us successfully getting the exemption down the line or will they require the AIP letter to state the full amount approved?

Yes they should accept your AIP letter as they dont know how much cash/savings you are putting towards the purchase. This will only be known between you, your bank and solicitor

paulb06

Tuhula wrote: »

Yes they should accept your AIP letter as they dont know how much cash/savings you are putting towards the purchase. This will only be known between you, your bank and solicitor

That makes sense, thank you.

Is the initial deposit we put down on the house to the Estate agents solicitors fully refundable if we are unsuccessful with the exemption?

Tuhula

paulb06 wrote: »

That makes sense, thank you.

Is the initial deposit we put down on the house to the Estate agents solicitors fully refundable if we are unsuccessful with the exemption?

I would ask the EA just so you are sure, but yes, booking deposits are refundable but again, I would confirm with the EA.

stryker mcqueen

Apologies if asked already, FTB saving our deposit, about 7 months away.

My wife has in the last 3 months bought a franchise so is now technically self employed, this has only just dawned on me but have we shot ourselves in the foot here? will lenders now want 3 years accounts which she wont have..

ELM327

stryker mcqueen wrote: »

Apologies if asked already, FTB saving our deposit, about 7 months away.

My wife has in the last 3 months bought a franchise so is now technically self employed, this has only just dawned on me but have we shot ourselves in the foot here? will lenders now want 3 years accounts which she wont have..

Yes. 2 years accounts.
Was going to be in the same position but decided against the franchise as the bank told us essentially - no way without 2 years history. Both from a major bank and a broker who dealt with several.

Flatzie_poo

paulb06 wrote: »

That makes sense, thank you.

Is the initial deposit we put down on the house to the Estate agents solicitors fully refundable if we are unsuccessful with the exemption?

Deposits are fully refundable until you sign, as you're a protected buyer.

After you sign contracts is the only time you could lose your deposit.

awec

If both of us are in permanent employment in what would be described as very good jobs in strong sectors of the economy, and are unlikely to face any problems getting a mortgage is there any point or benefit in going through a broker?

We get conflicting advice from friends and family on this. Some say it's useful for shopping around, others say brokers are better for people whose applications may not be entirely straight forward.

ELM327

In my opinion brokers are good for giving advice of what the banks want as a collective.
But I would not use one for an application as they are generally tied agents and offer nothing that you can't get from the bank directly.

machalla

awec wrote: »

If both of us are in permanent employment in what would be described as very good jobs in strong sectors of the economy, and are unlikely to face any problems getting a mortgage is there any point or benefit in going through a broker?

We get conflicting advice from friends and family on this. Some say it's useful for shopping around, others say brokers are better for people whose applications may not be entirely straight forward.

In the case of banks that offer a cashback deal (2-3% of mortgage drawn down) you wouldn't be eligible for these through a broker I believe.

ILikeBoats

machalla wrote: »

In the case of banks that offer a cashback deal (2-3% of mortgage drawn down) you wouldn't be eligible for these through a broker I believe.

We got our 2% back through a broker

Cyrus

awec wrote: »

If both of us are in permanent employment in what would be described as very good jobs in strong sectors of the economy, and are unlikely to face any problems getting a mortgage is there any point or benefit in going through a broker?

We get conflicting advice from friends and family on this. Some say it's useful for shopping around, others say brokers are better for people whose applications may not be entirely straight forward.

nothing and mortgage applications aren't difficult

awec

Thanks all, going to try without the broker first.