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

Jake2

Yeah I have paid for it on two other houses but I just didn't really feel its worth to be honest. Maybe as nothing really showed up. Id probably singing another tune if it showed loads of potential problems.

Just wondering if its something they can enforce or is it up to me

Bananaleaf

First time buyers do pay stamp duty now, right? I was thinking we do, OH isn't sure, have looked through the exemptions and relief section here http://www.revenue.ie/en/property/stamp-duty/working-out-your-stamp-duty/exemptions-and-reliefs.aspx (not being lazy) but see no mention of FTBs. Pretty sure I heard the exemption no longer applied a while back, but to be honest was of no real interest to me at the time as wasn't even thinking of buying.

Sarn

Yes, FTBs pay the same stamp duty as everyone else.

andy125

Anyone have any experience with buying an older property and getting mortgage approval?

To be more specific i am bidding on a house that is in a good area for me and is structurally sound, The house is dated cosmetically and looks like something from the 70s or 80s interior wise this includes the kitchen and bathroom.

The house has been uninhabited for a year as the owner had passed away but because of this the windows at the rear have been smashed and boarded over which unfortunately was the newest part of the house.

My mortgage aproval with AIB says the house has to be in turn key condition and habitable, i am assuming the smashed windows will be a problem here?

Jake2

andy125 wrote: »

Anyone have any experience with buying an older property and getting mortgage approval?

To be more specific i am bidding on a house that is in a good area for me and is structurally sound, The house is dated cosmetically and looks like something from the 70s or 80s interior wise this includes the kitchen and bathroom.

The house has been uninhabited for a year as the owner had passed away but because of this the windows at the rear have been smashed and boarded over which unfortunately was the newest part of the house.

My mortgage aproval with AIB says the house has to be in turn key condition and habitable, i am assuming the smashed windows will be a problem here?

I would imagine you can request a condition these are replaced before you exchange contracts?I'm not sure if the vendor has to oblige or if the bank will insist on it

listermint

andy125 wrote: »

Anyone have any experience with buying an older property and getting mortgage approval?

To be more specific i am bidding on a house that is in a good area for me and is structurally sound, The house is dated cosmetically and looks like something from the 70s or 80s interior wise this includes the kitchen and bathroom.

The house has been uninhabited for a year as the owner had passed away but because of this the windows at the rear have been smashed and boarded over which unfortunately was the newest part of the house.

My mortgage aproval with AIB says the house has to be in turn key condition and habitable, i am assuming the smashed windows will be a problem here?

Their valuer will determine that as part of their survey.

So i dont think you need t worry about it tbh.

starmc14

Finally after months of searching and having my heart broken a few times in bidding wars... I can proudly say I am sale agreed and booking deposit paid!!

Has anyone here every done a deal with the vendor to purchase some of the contents? The house I am buying is a house that was rented for years, the white goods are old but in good nick and would do me for a year. Also I am interested in the suite of furniture and the dining set. He has asked me to list what I want and he will come back with a price. What would be reasonable for 2nd hand goods??

Bananaleaf

starmc14 wrote: »

Finally after months of searching and having my heart broken a few times in bidding wars... I can proudly say I am sale agreed and booking deposit paid!!

congrats!!

Cyrus

starmc14 wrote: »

Finally after months of searching and having my heart broken a few times in bidding wars... I can proudly say I am sale agreed and booking deposit paid!!

Has anyone here every done a deal with the vendor to purchase some of the contents? The house I am buying is a house that was rented for years, the white goods are old but in good nick and would do me for a year. Also I am interested in the suite of furniture and the dining set. He has asked me to list what I want and he will come back with a price. What would be reasonable for 2nd hand goods??

are the white goods not included anyway?

zedhead

Just have a question on peoples experiences with closing dates. We finally are in a position to sign contracts on our purchase, and they include a closing date which is a few weeks away. I know there can be delays if we don't have our insurances lined up which should not be a problem for us, but what other reasons might a closing date be delayed? Do you usually get the keys on the closing date? We are trying to line up notice for our landlady so just want to hear other peoples experiences.

Jake2

zedhead wrote: »

Just have a question on peoples experiences with closing dates. We finally are in a position to sign contracts on our purchase, and they include a closing date which is a few weeks away. I know there can be delays if we don't have our insurances lined up which should not be a problem for us, but what other reasons might a closing date be delayed? Do you usually get the keys on the closing date? We are trying to line up notice for our landlady so just want to hear other peoples experiences.

Would love to hear the same, Im signing tomorrow.

My last experience was I signed and then 2 weeks later they pulled out so that caused a major delay :rolleyes:

I would guess the biggest delay will be if the vendor isnt ready to move out or has no where to go. I know my vendor has moved so im thinking it should be quick. But you just never know

zedhead

Jake2 wrote: »

Would love to hear the same, Im signing tomorrow.

My last experience was I signed and then 2 weeks later they pulled out so that caused a major delay :rolleyes:

I would guess the biggest delay will be if the vendor isnt ready to move out or has no where to go. I know my vendor has moved so im thinking it should be quick. But you just never know

What was the reason the vendor pulled out - the idea of that terrifies me! We also had a sale fall through after 8 months of sale agreed (vendor pulled out) but no contracts were signed at stage.

Jake2

zedhead wrote: »

What was the reason the vendor pulled out - the idea of that terrifies me! We also had a sale fall through after 8 months of sale agreed (vendor pulled out) but no contracts were signed at stage.

She decided she didnt want to move, the house she wanted to buy someone else had bought so she then had no where to move. Despite her providing three rounds of contracts back and forth and me signing them she decided not to sign so whole thing collapsed 2 weeks before closing

sabinalee

Got a keys last Friday! :silly::)
There is so many thing to do so no time to jump or scream from happiness...but this time will definitely  come

I wish to thank YOU for all kind words, prompt responds and fantastic advice!

starmc14

@cyrus I was told by EA that only integrated goods are included as standard, of which there are none in this house all free standing. They are a few years old but would do me for a year to get set up. Obviously don't want to be fleeced so putting the feelers out to see if anyone had done something similar.

Unreg0909

Can I ask a hypothetical question? When parents gift cash towards a house deposit, what type of information is required by lending institutions to verify where the parents got the cash? .ie do they have to prove it was from their own savings etc? Not asking for any dodgy reasons, my own parents do not have that sort of cash lying around but did offer to take out a loan in their own names to help us out. I'm guessing this isn't allowed though? Thanks everyone

Jake2

How much of a gift are you talking about?? I don't think they look into it at all, my dad gave me 5000 and it actually came from his business account that isnt even irish so it looked like an odd transaction on my account. I just said it was a gift from my dad and they said ok. Never asked again

Unreg0909

Jake2 wrote: »

How much of a gift are you talking about?? I don't think they look into it at all, my dad gave me 5000 and it actually came from his business account that isnt even irish so it looked like an odd transaction on my account. I just said it was a gift from my dad and they said ok. Never asked again

Thanks Jake. They offered to take out 20k for us as we fell in love with a show house that is near where we want our daughter to go to school, house is lovely and reasonable priced, we have the 6k booking deposit and will qualify for help to buy but will still need about 20k for balance of deposit and solicitors, stamp duty etc. Ah we may just hold off and keep plugging away at saving ourselves and hopefully early next year find something else we will love as much. We also wanted to buy this year for fear they will get rid of help to buy in budget

Jake2

Unreg0909 wrote: »

Thanks Jake. They offered to take out 20k for us as we fell in love with a show house that is near where we want our daughter to go to school, house is lovely and reasonable priced, we have the 6k booking deposit and will qualify for help to buy but will still need about 20k for balance of deposit and solicitors, stamp duty etc. Ah we may just hold off and keep plugging away at saving ourselves and hopefully early next year find something else we will love as much.

I think your problem there is the bank not might be happy with the majority of the savings not coming from your own account. That's my take on it, they will want to see you saving regularly so they may not give you the mortgage based on that. I wouldn't be too worried about them looking into where the money came from more so they may not loan to you without a certain level of savings displayed coming from yourself.

No harm calling and asking the bank-- dont say the parents will be getting a loan obviously just say they are gifting you 20 and will you qualify for mortgage that way

awec

They ask your parents to sign a form saying they'll never ask for the money back. The bank won't care where your parents get the money from, but they also won't consider the money until it's sitting in your own bank account.

If the overwhelming majority of your deposit is coming from the help to buy and a gift from parents then I can't imagine the bank would be too impressed (though I'm not certain). You won't have shown any ability to save and won't be able to show that you are capable of paying back the mortgage. Saving 6k out of a total of 26k isn't all that much.

c6ysaphjvqw41k

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awec

Valeria Rich Somehow wrote: »

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Not really a gift then if he's paying her back?

I really wouldn't recommend this. The rules are there to protect you as well as protect the bank. I don't know why people try so hard to get around them. If this guy loses his job he is not only screwing himself but his mother too.

Taking out a loan to pay a deposit is nuts. You are effectively taking out a 100% mortgage except you have a much higher interest rate on a portion of it.

Black_Knight

starmc14 wrote: »

@cyrus I was told by EA that only integrated goods are included as standard, of which there are none in this house all free standing. They are a few years old but would do me for a year to get set up. Obviously don't want to be fleeced so putting the feelers out to see if anyone had done something similar.

Ours left us the fridge, washer and dryer for nothing. Granted the fridge needs changing, and the dryer was bust, but the washer was A+++ Bosch.

Depends what you'd keep long term, and what you'd only be keeping for a short period. No point wasting money on an appliance you're not keeping, and no point wasting money on an inefficient appliance (ie. a dryer that's less than A rated is a waste of your money).

I'd assume, since they're looking to offload the appliances, they don't want to keep them. Use that to your advantage and try get the less essential things for cheap (if you want them at all). Fridge and washing machine are the only things you'll need from day 1.

mloc123

Valeria Rich Somehow wrote: »

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This is the new credit union loan of 2006 I guess...

100% of the deposit as a loan.. crazy

TheShow

When I bought my apartment, I did a deal with the vendor for €500 for the white goods. the only way to find out is to ask.


Re deposit, the bank wont care that your parents borrowed the money they are gifting you because they are not assessing your parents for a mortgage.

bigronnie9

Started looking at houses in Feb...moved home to parents in march... outbid on afew houses along the way...got an offer accepted on June 9th.

Engineers Survey done June 15th, report given to us on the 16th.

Informed the auctioneer and went Sale Agreed on the 16th.

Paid our booking deposit on the 19th.

Contacted Bank / Solicitor and started getting everything set up for signing contracts.... Turns out their solicitor was on annual leave until July 10th.

Think they sent contracts to our solicitor on the 12th July, some small back and forth between them, so in the meantime got our Mortgage Protection and Life Insurance organised (had to wait a week for blood test results due to high choloesterol...so give yourselves time to get this all in place, it can be done well in advance and then activated closer to the closing date)

Solicitor got final contract on July 20th, we signed the 24th. Turns out the vendors were then on holidays so they werent back to sign until last week!

SO.....got the keys yesterday and started moving stuff in last night! Cannot say how much of a relief it is!

Advice to anybody is to have everything possible lined up for the bank (Ulster Bank were ready to go with our funds for the last 3 or 4 weeks they just needed a closing date from us) and to find a solicitor recommended by someone who will push on the vendors, this is where everything slows down!

Would also like to thank everyone in this thread for the advice given all along the way, its a great resource for people starting out/in the process of buying!

bigronnie9

starmc14 wrote: »

Finally after months of searching and having my heart broken a few times in bidding wars... I can proudly say I am sale agreed and booking deposit paid!!

Has anyone here every done a deal with the vendor to purchase some of the contents? The house I am buying is a house that was rented for years, the white goods are old but in good nick and would do me for a year. Also I am interested in the suite of furniture and the dining set. He has asked me to list what I want and he will come back with a price. What would be reasonable for 2nd hand goods??

My auctioneer advised against working the contents into the contract as it can get messy and drag on if there is back and forth over how much a fridge is worth etc..

All that was included in ours was meant to be the built in oven and the blinds, but he said he would mention to the vendors that if they wanted to leave anything that we were open to that as it would help us out.

Turns out they didnt really want to keep that much and they made a list of all the contents for the auctioneer and we were given it and told tick whatever items we would like to keep. This was all after the contracts had been signed so they actually have left alot of very useful stuff for us starting out!

bigronnie9

zedhead wrote: »

Just have a question on peoples experiences with closing dates. We finally are in a position to sign contracts on our purchase, and they include a closing date which is a few weeks away. I know there can be delays if we don't have our insurances lined up which should not be a problem for us, but what other reasons might a closing date be delayed? Do you usually get the keys on the closing date? We are trying to line up notice for our landlady so just want to hear other peoples experiences.

Our closing date from day 1 on the contracts was the 14th, but turned out to be the 16th as the funds from the bank were transferred Friday but didnt land in the solicitors account until Monday...and then the vendors solicitor wasnt available to meet ours Tuesday so that pushed it to wednesday then.

Not a long delay but two examples of what could effect a closing date to bare in mind

bigronnie9

Unreg0909 wrote: »

Can I ask a hypothetical question? When parents gift cash towards a house deposit, what type of information is required by lending institutions to verify where the parents got the cash? .ie do they have to prove it was from their own savings etc? Not asking for any dodgy reasons, my own parents do not have that sort of cash lying around but did offer to take out a loan in their own names to help us out. I'm guessing this isn't allowed though? Thanks everyone

This will depend on your bank, but for example with Ulster Bank, if they only gifted it to you in the last 6 months then it will show on your bank statements and be flagged by them. In order to get approval in principal and a loan offer from them, you will need a signed letter from your parents stating they have no interest in the property and that it was a gift.

Upon signing contracts etc, in order for the bank to approve and actually draw down the money, your parents will at this stage need to go to a solicitor and get a Deed of Confirmation signed against the property stating they have no interest and how much they gifted, and will also need a letter from a solicitor (can't be the same as yours, needs to be independent legal advice) stating that they have talked your parent through it and they are aware that the Deed of Confirmation signs away any financial interest in the property....

Getting the Deed and the Letter takes about 20 minutes and costs like €150 ! :eek:

So the banks don't need proof of where your parents got the money from (at least Ulster Bank didnt anyway)

hooch-85

Anyone recently closed on a mortgage with UB? Just wondering how long it took to get the 1500 legal fee contribution?

We closed on 28th July and no sign of it coming through yet although i know its only been three weeks.