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

Bargain_Hound

flashforward wrote: »

Wouldn't this mean you would need to pay for both Banks approved valuers to value the property?

I'm pretty sure most banks have their own valuers which doesn't cost you anything, it's in their interest to value the property as much as it is yours.

keane2097

Bargain_Hound wrote: »

I'm pretty sure most banks have their own valuers which doesn't cost you anything, it's in their interest to value the property as much as it is yours.

You have to pay.

Cuddlesworth

keane2097 wrote: »

You have to pay.

I had no problems dropping a few extra quid to have options.

Its important to point that house sales can take months and the bank with the best rate might not be the same bank by the end of it.

conf101

keane2097 wrote: »

You have to pay.

Some banks make you pay, some don't. We got AIP from Ulster Bank, Permanent TSB and KCB. Ulster Bank included a free valuation. TSB and KBC you had to pay for the valuation

purpleisafruit

I'm buying a new build house in an estate and my solicitor is advising that I get an engineer to check site boundaries. Any ideas on how much this will cost in Cork?

Mantis Toboggan

Is there and date range with the AIP? could I get it now and possibly not buy a house until late this year or early 2019?

keane2097

Tyson Fury wrote: »

Is there and date range with the AIP? could I get it now and possibly not buy a house until late this year or early 2019?

For several banks I think it is six months before you need a re-spin on the AIP. With AIB it's 12 months.

aloooof

keane2097 wrote: »

For several banks I think it is six months before you need a re-spin on the AIP. With AIB it's 12 months.

We're applying with EBS, who have 12 months also.

shamrock55

If I wanted to go the self build route and for example the site was 60000,and I wanted to spend 200000 on the build,would I as a 2nd time buyer need 20% deposit on 260000 or 200000 and have the 60000 for the site myself??

pampootie

Would anyone have any recommendations for a solicitor around Cork City? BOI have suggested we get one lined up and have no idea who might be good! PM me if anyone has a recommendation! Thanks

Losty Dublin

I've a pain my my hoop with an apathetic agent.

Viewed a house in mid December, with the EA telling me that he expected it to be wrapped up the Friday before Christmas. Made my bid and a day later I got word back that bidding had gone up €12,500. I increased my bid but got no acknowledgement of same. After a few calls to the office to ask re same, I got word back to say it had gone up and to bid ASAP. Again. I increased my bid once more but again, no word back.

I left it over the Christmas and got back to the EA after New Years only to find that the agent dealing with the sale was AWOL and that the office had no idea on what the state of play was, nor when he was due back. After several more calls to the office for updates of any sort, I finally got an email back on 10th Jan at 1:20AM (Yes, AM) to say that bidding had increased yet again. By this stage I was viewing and bidding on a second property so I needed to know how I stood as regards my bids.

I raised my bid, again with no word or acknowledgement until the 15th, up again and asking ASAP for my intentions. I raised a little more and again I get no word back in spite of calls until Monday, when I got the agents mobile (Thank you, office.). At this stage he informed me that he e mailed me back, which he did after I got off the phone to him I was the highest bidder and that he was talking to the sellers later on that day and that he'd be back to me.

Guess what? No word since. I'm sick to my teeth of calling him and still no word. In the meanwhile, the other EA for the second property was excellent and bending over backwards to facilitate me, while being acutely aware that he too needed to wrap up his sale with or without me. Doubtless I've lost property 2 now, partially due to the pissing around, but to not even know for sure if I can formally approach to buy property 1 is really stressful, chiefly due to an EA's inability to return the odd text, call or e mail.

GerryDerpy

Losty Dublin wrote: »

I've a pain my my hoop with an apathetic agent.

Viewed a house in mid December, with the EA telling me that he expected it to be wrapped up the Friday before Christmas. Made my bid and a day later I got word back that bidding had gone up €12,500. I increased my bid but got no acknowledgement of same. After a few calls to the office to ask re same, I got word back to say it had gone up and to bid ASAP. Again. I increased my bid once more but again, no word back.

I left it over the Christmas and got back to the EA after New Years only to find that the agent dealing with the sale was AWOL and that the office had no idea on what the state of play was, nor when he was due back. After several more calls to the office for updates of any sort, I finally got an email back on 10th Jan at 1:20AM (Yes, AM) to say that bidding had increased yet again. By this stage I was viewing and bidding on a second property so I needed to know how I stood as regards my bids.

I raised my bid, again with no word or acknowledgement until the 15th, up again and asking ASAP for my intentions. I raised a little more and again I get no word back in spite of calls until Monday, when I got the agents mobile (Thank you, office.). At this stage he informed me that he e mailed me back, which he did after I got off the phone to him I was the highest bidder and that he was talking to the sellers later on that day and that he'd be back to me.

Guess what? No word since. I'm sick to my teeth of calling him and still no word. In the meanwhile, the other EA for the second property was excellent and bending over backwards to facilitate me, while being acutely aware that he too needed to wrap up his sale with or without me. Doubtless I've lost property 2 now, partially due to the pissing around, but to not even know for sure if I can formally approach to buy property 1 is really stressful, chiefly due to an EA's inability to return the odd text, call or e mail.

Here's a theory: he feels you are eager and set on the house and therefore you will constantly increase your bid as you are anxious to get it.

Cuddlesworth

GerryDerpy wrote: »

Here's a theory: he feels you are eager and set on the house and therefore you will constantly increase your bid as you are anxious to get it.

A better bidding tactic would be to head down with cash in a sack and throw it at him.

Losty Dublin

Cuddlesworth wrote: »

A better bidding tactic would be to head down with cash in a sack and throw it at him.

If I had a sack of cash sure I'd have bought somewhere ages ago, and in a nicer area as well

Toyotafanboi

Long time lurker, probably a bit late to be joining this thread but how and ever, a few questions, I reckon I'm fairly wet behind the ears with this stuff.

Myself and my partner are AIP and have deposit amount ready etc. Found a house we liked, which had been on the market approx 6 months. Approached the EA, attended 2x seperate viewings of the property 8 weeks apart and we decided to make an offer.

There was only one offer on the property, so we made an offer (which we believe is still a sensible price for the property) with the intention of just bringing the whole thing to a head. Fast forward a fortnight-ish and we'd heard nothing from the EA in terms of our bid so we gave them a call and they told us they had put our bid to the receivers and we should have a response the week of the 29th.

Anyway, the questions,

What happens next?

What happens if the offer is accepted? We do not have a solicitor or anything like that organised, what would we need to do? What are the next steps?

What happens if it is not accepted? Will the tell the EA we reject the offer of €xxx but we would accept €xxx + €y to finish this off now that a dialogue is engaged or do we simply have to bid again if we want to. We've no intention of getting into a flat out bidding war for the property but it seems to be the way these things go.

Does the property being in receivership add much in the way of complications?

The property is structurally sound (I understand this will need to be verified again?), but is in very poor cosmetic condition, needing a very thorough cosmetic renovation inside and out. Is there a circumstance where our lender may decided not to lend (in the situation our offer is accepted) based on property condition?

In our sensible frame of mind we expect the offer won't be accepted as that seems too easy but it's hard not to imagine "what if".

jaffa20

If you are a 2nd time buyer in positive equity looking to move to more expensive property, are you able to use the equity gained towards the 20% deposit? I would have savings to cover legal cost etc and some deposit only but the equity from sale would be well in excess of the 20%. Only other option would be to sell and rent for a few months but i'd rather avoid that.

Cuddlesworth

Losty Dublin wrote: »

If I had a sack of cash sure I'd have bought somewhere ages ago, and in a nicer area as well

I'm going to be very blunt. You are not buying a fixed price item. You are haggling for a limited product, with the possibility of others interested.

Right now, your current desperation just screams I can and will spend more money.

Toyotafanboi wrote:

What happens next?

What happens if the offer is accepted? We do not have a solicitor or anything like that organised, what would we need to do? What are the next steps?

You will be asked to provide a initial deposit to prove your interest. It is refundable, it goes to the Estate agent.
You will also be asked to get a survey done on the property, provide a solicitors name and provide proof of funds.
Usually, once its all done, your now Sale Agreed.

Toyotafanboi wrote:

What happens if it is not accepted? Will the tell the EA we reject the offer of €xxx but we would accept €xxx + €y to finish this off now that a dialogue is engaged or do we simply have to bid again if we want to. We've no intention of getting into a flat out bidding war for the property but it seems to be the way these things go.

Up to you. Propertys sell when the price is agreed.

Toyotafanboi wrote:

Does the property being in receivership add much in the way of complications?

Yes, it can. Receivers can be very slow to approve anything throughout the process. They can also be very fast.

Toyotafanboi wrote:

The property is structurally sound (I understand this will need to be verified again?), but is in very poor cosmetic condition, needing a very thorough cosmetic renovation inside and out. Is there a circumstance where our lender may decided not to lend (in the situation our offer is accepted) based on property condition?

If the survey says you will need significant work done, then the bank will look for proof of funds usually.

Toyotafanboi wrote:

In our sensible frame of mind we expect the offer won't be accepted as that seems too easy but it's hard not to imagine "what if".

Even if you go Sale Agreed, keep looking. Until contracts are signed, nothing is legally binding.

jaffa20 wrote: »

If you are a 2nd time buyer in positive equity looking to move to more expensive property, are you able to use the equity gained towards the 20% deposit? I would have savings to cover legal cost etc and some deposit only but the equity from sale would be well in excess of the 20%. Only other option would be to sell and rent for a few months but i'd rather avoid that.

Yes, but you will also be expected to meet stress testing of the new mortgage payments.

Interested Observer

I didn't realise you needed 20% deposit on your second home purchase. I'm sure it's common knowledge but guess as a FTB myself I've just had 10% ingrained in my mind.

myshirt

Interested Observer wrote: »

I didn't realise you needed 20% deposit on your second home purchase. I'm sure it's common knowledge but guess as a FTB myself I've just had 10% ingrained in my mind.

Not only that, but you need a notarised picture of you with the pope to show you are good to pay back the mortgage.

Yeah, 20%.

FTB could buy a 400k house with 20k if got help to buy. A second time borrower would have to have 80k. Hard if you are coming off the back of negative equity. Some aren't though.

Bargain_Hound

Losty Dublin wrote: »

I've a pain my my hoop with an apathetic agent.

Viewed a house in mid December, with the EA telling me that he expected it to be wrapped up the Friday before Christmas. Made my bid and a day later I got word back that bidding had gone up €12,500. I increased my bid but got no acknowledgement of same. After a few calls to the office to ask re same, I got word back to say it had gone up and to bid ASAP. Again. I increased my bid once more but again, no word back.

I left it over the Christmas and got back to the EA after New Years only to find that the agent dealing with the sale was AWOL and that the office had no idea on what the state of play was, nor when he was due back. After several more calls to the office for updates of any sort, I finally got an email back on 10th Jan at 1:20AM (Yes, AM) to say that bidding had increased yet again. By this stage I was viewing and bidding on a second property so I needed to know how I stood as regards my bids.

I raised my bid, again with no word or acknowledgement until the 15th, up again and asking ASAP for my intentions. I raised a little more and again I get no word back in spite of calls until Monday, when I got the agents mobile (Thank you, office.). At this stage he informed me that he e mailed me back, which he did after I got off the phone to him I was the highest bidder and that he was talking to the sellers later on that day and that he'd be back to me.

Guess what? No word since. I'm sick to my teeth of calling him and still no word. In the meanwhile, the other EA for the second property was excellent and bending over backwards to facilitate me, while being acutely aware that he too needed to wrap up his sale with or without me. Doubtless I've lost property 2 now, partially due to the pissing around, but to not even know for sure if I can formally approach to buy property 1 is really stressful, chiefly due to an EA's inability to return the odd text, call or e mail.

Feel your pain. Been through the very same over the last 2 months. Still searching..

Interested Observer

Say I'm approved for a mortgage of €X00,000, and I find a house selling for €X00,000 - €50k.

Will the banks ever allow extra borrowing on the mortgage above the value of the house say for home improvements or has that all stopped?

skeogh82

Does anyone know from recent experience if any of the banks will give a one bed apartment mortgage at 90% ltv to a ftb?

Thanks!!

Cuddlesworth

Interested Observer wrote: »

Say I'm approved for a mortgage of €X00,000, and I find a house selling for €X00,000 - €50k.

Will the banks ever allow extra borrowing on the mortgage above the value of the house say for home improvements or has that all stopped?

Most home improvements don't add back equivalent costs so the final value versus deposit would need to be still within the LTI limits.

GingerLily

skeogh82 wrote: »

Does anyone know from recent experience if any of the banks will give a one bed apartment mortgage at 90% ltv to a ftb?

Thanks!!

I don't think any of the banks are giving 90% LTV for one beds, none of the main banks will AFAIK

CoconutSky

skeogh82 wrote: »

Does anyone know from recent experience if any of the banks will give a one bed apartment mortgage at 90% ltv to a ftb?

Thanks!!

I got a 86.5% ltv and I am a ftb of a 1bed apartment. BOI was the bank. Good luck. It can be a challenge getting banks to play ball but if apartment is in Dublin you will have a better chance of getting 90% ltv. Also PTSB are good - they offered 90% ltv - granted mine is in Dublin.

skeogh82

CoconutSky wrote: »

I got a 86.5% ltv and I am a ftb of a 1bed apartment. BOI was the bank. Good luck. It can be a challenge getting banks to play ball but if apartment is in Dublin you will have a better chance of getting 90% ltv. Also PTSB are good - they offered 90% ltv - granted mine is in Dublin.

That’s useful info - thanks!! I’m currently going through the application process with BOI - but the first thing the lad on the phone said was that they only offer 80%

ELM327

CoconutSky wrote: »

I got a 86.5% ltv and I am a ftb of a 1bed apartment. BOI was the bank. Good luck. It can be a challenge getting banks to play ball but if apartment is in Dublin you will have a better chance of getting 90% ltv. Also PTSB are good - they offered 90% ltv - granted mine is in Dublin.

One would argue that 86.5%LTV on a one bed apartment was not the most prudent decision by the bank. We're coming back to 2006 people!

conf101

ELM327 wrote: »

One would argue that 86.5%LTV on a one bed apartment was not the most prudent decision by the bank. We're coming back to 2006 people!

Out of interest, why don't banks generally ovver 90% ltv on one-bed apartments? Is it to do with resale value?

ELM327

conf101 wrote: »

Out of interest, why don't banks generally ovver 90% ltv on one-bed apartments? Is it to do with resale value?

Because they all plummet in value before anything else in the event of a crash.

conf101

Makes sense then, I guess