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

Jake2

Michellenman wrote: »

Never thought I'd see the day where I get to say this but... SALE AGREED!!

Congratulations hopefully it's a quick process.

Got my keys last night glad to say it's behind me now. Will be you soon enough !

ArtyC

Jake2 wrote: »

Congratulations hopefully it's a quick process.

Got my keys last night glad to say it's behind me now. Will be you soon enough !

I'm sale agreed but have hit a huge bump early on!! I'm like golum for a key!!!!

starmc14

Contracts have arrived! Now the bank need to hurry up and issue loan offer!
Small and slow progress!

Jake2

starmc14 wrote: »

Contracts have arrived! Now the bank need to hurry up and issue loan offer!
Small and slow progress!

I would think getting contracts is huge progress. I found this the most difficult step waiting and hassling people to get them out

zedhead

Closing date in our contracts was meant to be Monday but we are still waiting for the countersigned contracts to be returned. We have been assured they have been signed but they are waiting for the countersigned contracts for their purchase to be returned before they send us ours.

Now working towards a closing date of next friday. Everything ready to go on our side so hopefully will be no delays from us.

This has been such a long and stressful process and I am still terrified that something will go wrong! Just hoping it all gets sorted in the next week.

paulb06

If you have been approved for a mortgage and have put the initial booking deposit down on the house you want and inform the bank of this, will the mortgage approval still only last 6 months or will it last until the house is ready?

Just waiting on the builders to complete the house now and may take longer than 6 months to complete so just looking to see if there is a chance we may have to reapply due to this.

starmc14

Looks like won't be wrapped up till mid October at the earliest. Bank have said it will be 10 days at the earliest before loan offer is issued. Solicitor has gone back to vendor's solicitor with 7 or 8 points to be clarified.
Also on the contracts it says the property is leasehold rather than freehold. Anyone know how significant this is??

Also once the loan offer has been issued, do the bank come back and look for more documentation before drawdown??

Monife

starmc14 wrote: »

Looks like won't be wrapped up till mid October at the earliest. Bank have said it will be 10 days at the earliest before loan offer is issued. Solicitor has gone back to vendor's solicitor with 7 or 8 points to be clarified.
Also on the contracts it says the property is leasehold rather than freehold. Anyone know how significant this is??

Also once the loan offer has been issued, do the bank come back and look for more documentation before drawdown??

You don't own your land or house with leasehold. The lessor could take it back if they wanted but normally there's like 999 year leases. Your solicitor should be able to explain it better.

starmc14

Just curious if it has any bearing on the mortgage?

mloc123

starmc14 wrote: »

Just curious if it has any bearing on the mortgage?

It can do... is it a house or an apartment? Assuming it is a long lease (over 100 years) it should not be an issue.

TheShow

starmc14 wrote: »

Looks like won't be wrapped up till mid October at the earliest. Bank have said it will be 10 days at the earliest before loan offer is issued. Solicitor has gone back to vendor's solicitor with 7 or 8 points to be clarified.
Also on the contracts it says the property is leasehold rather than freehold. Anyone know how significant this is??

Also once the loan offer has been issued, do the bank come back and look for more documentation before drawdown??

leasehold could potentially be an issue. banks like a lease of at least 70 years remaining. why is the property leasehold, is it an apartment or a house? Apartments are normally leasehold because you dont own the whole building, just the space the apartment occupies. its unusual enough for a house to be leasehold, unless its really old. Solicitor should be able to guide you, but be prepared for delays.

You should not normally have to produce more documentation, but if you do it will be detailed on the offer letter.

TheShow

paulb06 wrote: »

If you have been approved for a mortgage and have put the initial booking deposit down on the house you want and inform the bank of this, will the mortgage approval still only last 6 months or will it last until the house is ready?

Just waiting on the builders to complete the house now and may take longer than 6 months to complete so just looking to see if there is a chance we may have to reapply due to this.

6 months from date of approval, regardless of what stage the house is at normally, if you don't draw within that time, you need to get reapproval. Some banks are doing 12 months i think.

starmc14

For some reason I cannot quote comments on my phone 😕

I am buying a house, a semi-d built in the 70s. I was surprised to hear it is a leasehold. Hopefully it won't have a major implication. Solicitor is querying it with vendor's solicitor.

TheShow

starmc14 wrote: »

For some reason I cannot quote comments on my phone ��

I am buying a house, a semi-d built in the 70s. I was surprised to hear it is a leasehold. Hopefully it won't have a major implication. Solicitor is querying it with vendor's solicitor.

tis unusual indeed. I wonder who owns the freehold? local authority maybe?

paulb06

TheShow wrote: »

6 months from date of approval, regardless of what stage the house is at normally, if you don't draw within that time, you need to get reapproval. Some banks are doing 12 months i think.

Yeah that's what I thought, seems a bit silly that they would launch a phase for houses that won't be ready for at least another 9 months when the normal mortgage approval last for 6 months.

Colonel Claptrap

How long does it take for BOI to pay the 2% cashback?

Their official line is up to 45 days after drawdown, but interested to hear other people's experiences.

Thanks.

SB_Part2

Colonel Claptrap wrote: »

How long does it take for BOI to pay the 2% cashback?

Their official line is up to 45 days after drawdown, but interested to hear other people's experiences.

Thanks.

I believe I got it within a month.

mloc123

What are estate agents looking for in terms of booking deposit these days... a % of the sale price?

Thepoet85

mloc123 wrote:

What are estate agents looking for in terms of booking deposit these days... a % of the sale price?

We've just gone sale agreed. We've paid 5% at this point, and will pay another 5% upon signing the contract.

The balance is paid upon completion. Not sure if it's the same in every sale, but that's my two cents.

fg1406

mloc123 wrote: »

What are estate agents looking for in terms of booking deposit these days... a % of the sale price?

€5000 for us with a sale price of €225k

shamrock55

could someone pm me the name Of The mortgage adviser that folf rave about on here please

mloc123

fg1406 wrote: »

€5000 for us with a sale price of €225k

That seems more reasonable. I have read a broad range but most info is a few years old.

I guess we will hammer that out with the EA should we go sale agreed... 5% would be a decent chunk, had left 10k in a non-notice account thinking that would easily cover it.

Thepoet85

mloc123 wrote:

I guess we will hammer that out with the EA should we go sale agreed... 5% would be a decent chunk, had left 10k in a non-notice account thinking that would easily cover it.

Our sale price was €145k so I guess 5% of that isn't too bad.

heebusjeebus

Ya 5pc is the norm. We paid 5pc rounded to the nearest thousand.

ad1234

Has anyone amy experience bidding on house auctions... would you recommend it??

Michellenman

Our booking deposit is €9k, approx 2.5%.

starmc14

Does anyone know how long it takes for KBC to issue full loan approval? I applied over a week ago and have heard nothing or had any requests for additional paperwork.

travinci

Hi,
Do you mean AIP or the loan offer after you went sale agreed?
It took about a week in our case for the AIP with KBC (but we went through a broker). We were told it can take up to two weeks.

starmc14

I mean full loan offer, I am sale agreed and contracts received but no sign of loan offer from KBC or no communication from them!! I rang the Hub and they just advised it has been applied for but no info on how long it will take to be issued.

travinci

Right.
We had a valuation done on the 21.08, offer received 6.09, so over two weeks inbetween. That is with KBC as well.