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

Bananaleaf

mloc123 wrote: »

We got moved on Thursday. Manic day. Can't praise our solicitor enough for having everything lined up perfectly. We packed all remaining contents of our old house, cleaned it and dropped the keys. Then walked up to the other agent and collected the new keys.

No nervous sitting in a van waiting as I expected.

Did you get closed too? Have not had time to follow the thread in the last few days.

Congratulations!

Yes, we did. Thursday too. Also a crazy busy day, but we are in the position where we can hold onto our rental until mid Jan, so we are able to take our time with the changeover, which is great.

In our case it turned out to be the bank who really surprised us with out-of-this-world service. F you'd told me at the beginning of this journey that I'd be praising the bank at the end of it, I'd have laughed in your face!

It's a bit mad how anti-climatic the collecting of the keys is though, isn't it? Though, I don't know what I was expecting!!!
We did it!

Interested Observer

Is there a particular time of year than tends to see more properties up for sale than other times?

Probably just the way of things, but there's basically nothing suitable available in the area I'm trying to buy in at the moment. It could just be the market.

Bananaleaf

Interested Observer wrote: »

Is there a particular time of year than tends to see more properties up for sale than other times?

Probably just the way of things, but there's basically nothing suitable available in the area I'm trying to buy in at the moment. It could just be the market.

I'd say expect things to go up in the next few days. Estate agents only open again today since 22nd.

A friend's mum told me there are always lots of sales just before and just after the summer. She has an opinion on everything though, so this could be bull.

sightband

Interested Observer wrote: »

Is there a particular time of year than tends to see more properties up for sale than other times?

Probably just the way of things, but there's basically nothing suitable available in the area I'm trying to buy in at the moment. It could just be the market.

First and second quarter are peak selling/buying times, that's why today's report on prices stabilising in the second half of this year are to be taken with a pinch of salt. I'd imagine growth in first six months of 2018 will be just as absurd as they were in 2017.

Powerfairy

Hi There.

I just wanted to check, if anyone could provide information here...

When a bank (Bank of Ireland to be exact) send you a letter of offer this means that your application has been fully reviewed by underwriters and they have essentially accepted you as OK to get a mortgage? Is that correct? We applied via the BOI Mortgages Direct line, and its been so straight forward that I am almost worried! They questioned nothing on my bank account, at all. I found that so odd. (We are both BOI customers since we were teenagers)


I rang them they said its been assessed by underwriters, and we have to now go get a valuation done, on the house, and get the solicitor to sign the letter of offer and send it back. We have to pay a booking deposit on our property but had been holding out until we got the offer, but are planning to pay it tomorrow to secure the house completely. Its sale agreed to us depending on the booking deposit. I am afraid to get too excited yet.

Cuddlesworth

Powerfairy wrote: »

Hi There.

I just wanted to check, if anyone could provide information here...

When a bank (Bank of Ireland to be exact) send you a letter of offer this means that your application has been fully reviewed by underwriters and they have essentially accepted you as OK to get a mortgage? Is that correct? We applied via the BOI Mortgages Direct line, and its been so straight forward that I am almost worried! They questioned nothing on my bank account, at all. I found that so odd. (We are both BOI customers since we were teenagers)


I rang them they said its been assessed by underwriters, and we have to now go get a valuation done, on the house, and get the solicitor to sign the letter of offer and send it back. We have to pay a booking deposit on our property but had been holding out until we got the offer, but are planning to pay it tomorrow to secure the house completely. Its sale agreed to us depending on the booking deposit. I am afraid to get too excited yet.

Loan offer is basically the end game with the bank, subject to house insurance/mortgage assurance(start this now) on draw down.

Bananaleaf

Powerfairy wrote: »

Hi There.

I just wanted to check, if anyone could provide information here...

When a bank (Bank of Ireland to be exact) send you a letter of offer this means that your application has been fully reviewed by underwriters and they have essentially accepted you as OK to get a mortgage? Is that correct? We applied via the BOI Mortgages Direct line, and its been so straight forward that I am almost worried! They questioned nothing on my bank account, at all. I found that so odd. (We are both BOI customers since we were teenagers)


I rang them they said its been assessed by underwriters, and we have to now go get a valuation done, on the house, and get the solicitor to sign the letter of offer and send it back. We have to pay a booking deposit on our property but had been holding out until we got the offer, but are planning to pay it tomorrow to secure the house completely. Its sale agreed to us depending on the booking deposit. I am afraid to get too excited yet.

You're right not to get too excited until you have the keys in hand. But if you've gotten the loan offer from the bank then you're done.

Make sure you have home insurance and mortgage protection in place though as they won't allow drawdown until this is in place. Home insurance is easy, can be done very quickly, but the life assurance can take a bit of time, so if you looking to close asap, get that sorted if you haven't already.

Congratulations

Powerfairy

Bananaleaf wrote: »

You're right not to get too excited until you have the keys in hand. But if you've gotten the loan offer from the bank then you're done.

Make sure you have home insurance and mortgage protection in place though as they won't allow drawdown until this is in place. Home insurance is easy, can be done very quickly, but the life assurance can take a bit of time, so if you looking to close asap, get that sorted if you haven't already.

Congratulations

Thanks a mill for the info. We're complete novices at this, and this forum has really been a god send. BOI Sent me info about the home insurance and life assurance and a list of preferred valuation contacts to value the house , but we were advised by friends to shop around for home / life insurance which we will be doing. Our seller wants a quick sale, so I will get on that straight away. Thanks again

Creamy Goodness

question on Life Assurance. I have life assurance supplied to me by my employer. Do I require another policy to satisfy the drawdown or will a certificate of some sort from the Life Assurance policy my employer supplies good enough?

ELM327

I have similar situation @Creamy Goodness, and will find out (hopefully early next week) when I go in to my solicitor to sign contracts.

Bananaleaf

If you are going with life assurance or home insurance from someone that isn't the bank, it's no problem so long as in the case of life assurance it will cover cost of mortgage. The bank will need copies of policy details and this can delay things, but not by enough time to turn you off going elsewhere if you can find a better deal or already have insurance in place.

With Bank of Ireland you can cancel the life assurance policy at any time so long as you have alternative cover in place, so we just went with them instead of shopping around as we were looking to drawdown really quickly (before Christmas) having looked around since they ended up being the cheapest for us. That won't be the same with everyone though, so if you've time to shop around, do.

Powerfairy

Bananaleaf wrote: »

If you are going with life assurance or home insurance from someone that isn't the bank, it's no problem so long as in the case of life assurance it will cover cost of mortgage. The bank will need copies of policy details and this can delay things, but not by enough time to turn you off going elsewhere if you can find a better deal or already have insurance in place.

With Bank of Ireland you can cancel the life assurance policy at any time so long as you have alternative cover in place, so we just went with them instead of shopping around as we were looking to drawdown really quickly (before Christmas) having looked around since they ended up being the cheapest for us. That won't be the same with everyone though, so if you've time to shop around, do.

Thank you, that's great to know as we want a quick sale too, and basically do not want delays although I'm sure they are to be expected in most cases, hopefully not ours!

Vetch

Creamy Goodness wrote: »

question on Life Assurance. I have life assurance supplied to me by my employer. Do I require another policy to satisfy the drawdown or will a certificate of some sort from the Life Assurance policy my employer supplies good enough?

I think the policy has to be assigned to the lender.

Michael D Not Higgins

Thread title updated, happy new year to all our house hunters out there!

stargazer 68

Went sale agreed before Christmas. 2% above the asking price, bit of work to be done but nothing major. Parties want to close by the end of the month! Hopefully not too good to be true!

Jacinta086

Any one know if the First Time Buyers' Relief on DIRT is being extended?
https://www.revenue.ie/en/personal-tax-credits-reliefs-and-exemptions/land-and-property/first-time-buyers-relief/index.aspx

Hoping to close our sale this month and every penny we can accumulate helps (we are not buying a new built so cant avail of the help to buy)

Jacinta086

Creamy Goodness wrote: »

question on Life Assurance. I have life assurance supplied to me by my employer. Do I require another policy to satisfy the drawdown or will a certificate of some sort from the Life Assurance policy my employer supplies good enough?

As far as I know you need mortgage protection at a minimum, anything else is discretionary.
I'm looking into options now myself and as we have income protection with work we are not getting that.
The bank was pushing we get it now, in case we change jobs, but we can always up-grade down the line.

I used bonkers.ie to compare mortgage protection options (specific to our age, mortgage total etc.) and Royal London was by far the cheapest.
It’s a handy website to give you an idea of cost vs what the bank is offering.

Rothmans

Bananaleaf wrote: »

If you are going with life assurance or home insurance from someone that isn't the bank, it's no problem so long as in the case of life assurance it will cover cost of mortgage. The bank will need copies of policy details and this can delay things, but not by enough time to turn you off going elsewhere if you can find a better deal or already have insurance in place.

With Bank of Ireland you can cancel the life assurance policy at any time so long as you have alternative cover in place, so we just went with them instead of shopping around as we were looking to drawdown really quickly (before Christmas) having looked around since they ended up being the cheapest for us. That won't be the same with everyone though, so if you've time to shop around, do.

Is it easy to change mortgage protection providers? I'm thinking of going with the company tied with my bank for convenience, and then switching 12 months after.

ArtyC

I've been delayed quite some time with planning issues etc.... I've everything on my part done( valuation, insurance, mortgage protection)

Waiting on vendors solicitor to contact my solicitor .... how long should this take ! I want to be reasonable and not hound him until I need to . We're sale agreed since July and I'm fed up at this stage. Can I call and push tomorrow or should I wait until Monday

Bananaleaf

Rothmans wrote: »

Is it easy to change mortgage protection providers? I'm thinking of going with the company tied with my bank for convenience, and then switching 12 months after.

I would think that it is easy, yes. BOI told us that if we choose to go elsewhere we can cancel without penalty at any time. We plan to shop around again after 12months too.

Bananaleaf

ArtyC wrote: »

I've been delayed quite some time with planning issues etc.... I've everything on my part done( valuation, insurance, mortgage protection)

Waiting on vendors solicitor to contact my solicitor .... how long should this take ! I want to be reasonable and not hound him until I need to . We're sale agreed since July and I'm fed up at this stage. Can I call and push tomorrow or should I wait until Monday

This was something I wrote a few weeks ago on that exact matter:

Bananaleaf wrote: »

Sitting in my solicitors office the other week I could hear the secretaries getting answers to people's queries and deciding to themselves "We'll call him back about that next week" I was sitting there going :eek::eek::eek: Made up my mind that very moment to hound them from that day.

ArtyC

Bananaleaf wrote: »

This was something I wrote a few weeks ago on that exact matter:

Thank you.... I'm trying to be reasonable but I'm getting hard to live and work with as this drags on !! Life's on hold and I'm trying not to show how crazy I am needlessly!!

I will call tomorrow

Bananaleaf

ArtyC wrote: »

Thank you.... I'm trying to be reasonable but I'm getting hard to live and work with as this drags on !! Life's on hold and I'm trying not to show how crazy I am needlessly!!

I will call tomorrow

Call tomorrow. You're paying them. So long as you're polite, what can they say? As we got to the final stages before closing (requesting cheque from bank, passing of rest of deposit on to vendor) we were calling the solicitor's office daily for updates.

ArtyC

Bananaleaf wrote: »

Call tomorrow. You're paying them. So long as you're polite, what can they say? As we got to the final stages before closing (requesting cheque from bank, passing of rest of deposit on to vendor) we were calling the solicitor's office daily for updates.

My solicitor is not the issue. The vendors solicitor hasn't sent mine anything. I should call the estate agent yes ? I'm getting frustrated ... thanks for your replies

Bananaleaf

ArtyC wrote: »

My solicitor is not the issue. The vendors solicitor hasn't sent mine anything. I should call the estate agent yes ? I'm getting frustrated ... thanks for your replies

Oh, apologies, I see that now.

So, your vendor's solicitor hasn't sent contracts to your solicitor yet?
When did you go sale agreed?

Our contracts took exactly 10 days to be posted to our solicitor after we went sale agreed. They didn't arrive in his office until a week after they were sent (I don't believe him, think he was just being lazy)

My understanding of this (I could be wrong) is that unless the vendor had no mortgage or had cleared it, then the deeds are with their bank. I think the banks can take a bit of time to release these. So, as banks seemed to be wrapping up work on 20th, you can write off from 20th to now.

You should still call tomorrow and find out what's going on. You can call EA or your solicitor. I would contact both if I were you. No harm.

stargazer 68

ArtyC wrote: »

My solicitor is not the issue. The vendors solicitor hasn't sent mine anything. I should call the estate agent yes ? I'm getting frustrated ... thanks for your replies

We went sale agreed in December. Our solicitor is expecting the contracts next week.

Cuddlesworth

ArtyC wrote: »

My solicitor is not the issue. The vendors solicitor hasn't sent mine anything. I should call the estate agent yes ? I'm getting frustrated ... thanks for your replies

You don't get to have "planning issues" with no contracts. I'd assume your here as something was highlighted in your property survey that requires planning permission and its very possible that the vendor doesn't have it.

Over 6 months with no closing date is pushing it for me.

ArtyC

We went sale agreed in July !!

I called the estate agent on the last working day of December and said it's on their side now ...

If it's to be drawn up and posted maybe I should give him a few more days

ArtyC

Cuddlesworth wrote: »

You don't get to have "planning issues" with no contracts. I'd assume your here as something was highlighted in your property survey that requires planning permission and its very possible that the vendor doesn't have it.

Over 6 months with no closing date is pushing it for me.

We were delayed waiting for the planning permission unfortunately

fg1406

I went sale agreed in June. Vendors solicitor didn’t send contracts until November. Sent back by my solicitor with queries. Eventually signed at the end of November. Now January and still no word from vendors solicitor. I’m the meantime I’m paying €100 a month for storage of my furniture. I’m moving back in with my parents at the weekend as my house lease is up. I’ve been declined Life assurance and I’m fit to kill someone with the stress of it all.