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

myshirt

impr0v wrote: »

We were viewing houses by Wednesday; and on Thursday and Friday and Saturday; chilled on Sunday.

And christened the house on Monday?

heebusjeebus

Picked up our keys for our house last night.
Nearly 18 weeks since going sale agreed! Been a roller coaster ride but I'm glad it's over.
Going to take a long weekend and get the cleaners in tomorrow. Hopefully move furniture in early next week!
I've been constantly on this forum (mainly as a lurker) since January when our hunt began. It's been a great asset for knowledge and insight into both buyers and sellers.

arleitiss

Sorry if its wrong place to ask but:

Is it possible to get mortgage of 40'000 and buy property abroad for renting out purposes?

srsly78

Possible yes, likely no.

Cuddlesworth

arleitiss wrote: »

Sorry if its wrong place to ask but:

Is it possible to get mortgage of 40'000 and buy property abroad for renting out purposes?

In Ireland, your really in personal loan territory there.

Juwwi

Collected our keys today also , a long process I'm glad it's over wouldn't fancy going through it again .

If I could give one piece of advice for anyone starting out is make sure you get a good solicitor ideally from a recommendation , a bad solicitor will break your heart .

Thanks for all the advice from this thread I knew very little about the whole process especially the bidding with estate agents and such ,I know a little more now if anyone ever wants to ask a question PM away .:)

househunter08

Just wondering if anyone with EBS can tell me how long after drawdown did they receive their cashback?

philderbeast

househunter08 wrote: »

Just wondering if anyone with EBS can tell me how long after drawdown did they receive their cashback?

We got ours about 6 weeks after drawing down. They advise within 2 months I think.

starmc14

I AM A HOMEOWNER!!!! Sorry for shouting but I am super excited and terrified!!! Picked up the keys to my 1970s semi d today. Needs a good clean and paint and a good bit of tlc but it is all mine!!!!
Started looking in March, viewed about 20 houses, out bid on 3, finally sale agreed in August, signed contracts at start of October, mortgage released yesterday and picked up my keys at 5pm this evening!!!!!
Been a long stressful journey at times and soul destroying being out bid as a sole purchaser. Lots of refurb works ahead but I never thought I'd get this far.
This forum has been a great help.
Best wishes to all those still looking, it will happen for you...

Now pass me a paint chart!!! 😀

Junadl

starmc14 wrote: »

I AM A HOMEOWNER!!!! Sorry for shouting but I am super excited and terrified!!! Picked up the keys to my 1970s semi d today. Needs a good clean and paint and a good bit of tlc but it is all mine!!!!
Started looking in March, viewed about 20 houses, out bid on 3, finally sale agreed in August, signed contracts at start of October, mortgaged released yesterday and picked up my keys at 5pm this evening!!!!!
Been a long stressful journey at times and soul destroying being out bid as a sole purchaser. Lots of refurb works ahead but I never thought I'd get this far.
This forum has been a great help.
Best wishes to all those still looking, it will happen for you...

Now pass me a paint chart!!! ��

Woooooooooo!!!!!! Wishing you happiness in your new home!

Juwwi

Would anyone have any advice on estate agents refunding the balance from his fee out of purchasers deposit ,how long they would normally take ? Its only been a little over 2 weeks since closing date but they didn't mention anything not sure if l should be ringing them .

Also same question regarding solicitor and final accounts with moneys owed back ?

Also we got keys a week ago for new property but bank never contacted to say when mortgage repayments will be taken out of account or anything is that normal ..I'll keep enough in account to cover 2 months until I figure it out but it seems a bit vague .

Thanks

conf101

For TSB and EBS cash back offers, I assume there are no tax implications on the cash you get back, are there?

Cuddlesworth

conf101 wrote: »

For TSB and EBS cash back offers, I assume there are no tax implications on the cash you get back, are there?

I'm pretty certain that its considered a rebate, so not applicable to taxation. Eg, its a discount on your mortgage.

Bananaleaf

Congrats to all getting their keys.

I have to say I am hating every minute of this lark. I can't wait for it all to be finally over, but feels like we will never get there.

travinci

Hi,
We got our keys two days ago!!!
I have been following this forum for over a year and I have to thank you all from the bottom of my heart. If it wasn't for boards I wouldn't have found our broker, who I think is a bit of a legend here, my solicitor, my surveyor... Reading the horror stories made me prepared. Reading the positive stories made me hopefull...
Our own story was not too dramatic, buying in co.kilkenny, sale agreed nearly 20k below asking, closed sale nearly exactly 2 months after going sale agreed.
But as I said it was still stressful and few bumps on the road were inavoidable, but a good broker and good solicitor made all the difference!
Good luck to everyone still fighting!

Bananaleaf

Hi guys - have a question. Placed an offer on a home on Friday. EA confirmed she had received the offer. We weren't asked for proof of AIP yet. It's Tuesday now and we've not heard anything, which I guess in normal as Sat, Sun, Mon the office would have been closed this week.

1. How long do we have to wait to find out if someone is going to outbid us? Or is this a "how long is a piece of string?" question?
2. Should I email a scanned copy of our AIP letter from the bank? Or wait to be asked?
3. At what point should we contact the AE for an update? Or should we at all? There appears to be 3 other parties interested in the house, and they had been bidding against each other before we got involved.

Many thanks and sorry if questions are dumb, FTBs here.

Amber 123

Hi Bananaleaf,

1. We waited for over two weeks to hear a reply from the EA once we had made our offer. Our offer was accepted and there weren't any additional bids for us to compete with but we didn't hear confirmation of this for over two weeks.

2. I don't think there's any need to submit your offer letter until it's requested. Ensure that the amount is redacted.

3. In my experience you can contact them all you want but they won't engage with you until it suits them. It's really frustrating and a nervous time but you really do have to wait it out. Remember that your EA will update you if a higher bidder comes in or if the vendor accepts your offer. It's their job to sell the house and to make the most amount of money possible and keeping you in the loop is essential to that.

ELM327

So... following on from the above post.
What's the next step after the EA informs you your offer has been accepted by the vendor?

Bananaleaf

Amber 123 wrote: »

Ensure that the amount is redacted.

Oh really? I didn't even think of this. Thank you. Should I hide my address also?

Mantis Toboggan

Is there any difference in the process of buying a new home vs a second hand home?

Amber 123

ELM327 wrote: »

So... following on from the above post.
What's the next step after the EA informs you your offer has been accepted by the vendor?

You pay a refundable booking deposit to the vendor’s EA. I don’t know if this is a standard rate. We paid just over 3% of the purchase price.

Then everything moves to the solicitors who draw up the contracts for sale.

I’m oversimplifying it a bit. More steps may be involved if you’re taking out a mortgage with the bank. It’s likely the bank will expect you to get a survey carried out and they might ask for an additional valuation by an EA that they appoint. Also the bank will be in contact with your solicitor who will oversee your acceptance of the bank’s mortgage offer and will arrange the drawing down/transfer of funds.

Amber 123

Bananaleaf wrote: »

Oh really? I didn't even think of this. Thank you. Should I hide my address also?

I don’t think there’s any need to hide your address. Hiding the figure ensures that the EA doesn’t know how high you can go with your bidding. If the EA thinks you have more cash to spend, their incentive will be to get you to spend it. I know phantom bidding is illegal and severely punishable if proven but I’m certain it must exist.

ELM327

Amber 123 wrote: »

You pay a refundable booking deposit to the vendor’s EA. I don’t know if this is a standard rate. We paid just over 3% of the purchase price.

Then everything moves to the solicitors who draw up the contracts for sale.

I’m oversimplifying it a bit. More steps may be involved if you’re taking out a mortgage with the bank. It’s likely the bank will expect you to get a survey carried out and they might ask for an additional valuation by an EA that they appoint. Also the bank will be in contact with your solicitor who will oversee your acceptance of the bank’s mortgage offer and will arrange the drawing down/transfer of funds.

Thanks,
This is where I'm at now. Offer accepted and solicitor engaged. We havent been asked for a booking deposit, I presume this is dealt with by the solicitor. It just seems a very slow moving process. And we need to be moved in by the end of our lease at 31st January.:eek:

Amber 123

Our solicitor didn’t deal with our booking deposit, we were just asked for it by the EA, I dropped a cheque into him and was given a receipt and the sale agreed letter. I don’t think Jan 31st is unrealistic, especially if you have a good solicitor. I adore mine, she’s always at the other end of the phone and I feel that she has really fought our corner! We are sale agreed since the middle of Sept and I’ll be happy if I’m in for Christmas!

fg1406

ELM327 wrote: »

Thanks,
This is where I'm at now. Offer accepted and solicitor engaged. We havent been asked for a booking deposit, I presume this is dealt with by the solicitor. It just seems a very slow moving process. And we need to be moved in by the end of our lease at 31st January.:eek:

Don’t bank on having keys by January. We went
Sale agreed during the summer and it will probably be January for us.

Thepoet85

Morning folks, have a quick question.

We have signed the contracts to our house, and have now paid the first and second deposits. The solicitor and EA haven't been able to give us a closing date as of yet.

I believe the reason is that the vendor is selling the unwanted furniture on fb ( I've seen it on a local buy and sell page). Is there anything we can do to force the closure forward? I'm not happy that we've handed over a lot of money, but we seem to be waiting for the vendor to clear his house before we get the keys.

Any advice? Thanks in advance

mloc123

fg1406 wrote: »

Don’t bank on having keys by January. We went
Sale agreed during the summer and it will probably be January for us.

What is the delay? 8-10 weeks is normal for about 90% of sales.

ELM327

mloc123 wrote: »

What is the delay? 8-10 weeks is normal for about 90% of sales.

Here's hoping I'm the 90% so! :eek:

okeydokeys22

We are also sale agreed since last week! A long long journey that at many times I thought would never end. We have our survey complete and our solicitor is now looking over it. Waiting to hear back from the bank to see if our full approval is confirmed. A very stressful time trying to work full time and juggle all these meetings and phone calls. We are in no rush to move in we will happily wait until the beginning of January to sign off.

fg1406

mloc123 wrote: »

What is the delay? 8-10 weeks is normal for about 90% of sales.

Vendors caught in a chain