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

The_Causeway

I am not sure why they wouldn’t have the right to do that. She’s no right to the house at all and waived all rights to it. It’s for your reasons the banks don’t like doing it, it can get messy for all involved. The husband should have life cover anyway so the mortgage would be cleared should he die. They definitely wouldn’t allow it without mortgage Protection.

ELM327

GingerLily wrote: »

But the bank can kick out the family and then give she would receive the profits from the sale? The bank would be entitled to do that and not have to consider any of tenancy rights of the wife?

Sorry I'm just trying to figure out the worst case scenario

Without adequate legal protection (ie an on paper agreement for the wife to live there as a tenant) they could absolutely do that
Such a paper agreement would not be workable in reality as they are a married couple.

There's a reason banks do not offer this facility, if they do it's a minefield.

TheShow

goofy141 wrote: »

Thanks all I don’t plan on being on mortgage at all previous house was solely in my name. Bank manager said only problem is my name won’t be on the deeds. We will proceed and let you know the outcome

from my experience, it wouldnt be possible. the family home protection act will give the unmortgaged party a right of residence in the property, so whether you are on the deeds or not you will have an interest in the property, thus you will need to be on the mortgage.

TheShow

The_Causeway wrote: »

The bank would have first charge as she is not on the title or mortgage and would have signed something waiving interest (the solicitor will look after that part-he has to ensure nobody else has a beneficial interest in the property). She would not be party to the mortgage at all and would not be liable for it.

a solicitor should not let you waive your rights to your family home.

Bargain_Hound

JDD wrote: »

We had to ask. There was a separate section of the application form we had to fill out for BOI as well. I don't think we would have got it with any of the banks had we not asked for it.

How long did it take to get the exception approved? Was it with BOI?

Currently waiting to hear back from them.

TheShow

Asked about the exception with EBS and was approved for the exception before I got approval for the mortgage!

Got the exception in about 2 days, approval took about 2 weeks, and a long two weeks it was.

JDD

Not that long Bargain Hound. We submitted documents on 10 January, they came back with questions on the 12th and 19th, and then we got our approval on the 24th. Though it did seem like the longest two weeks of my life. And I count the first two weeks with a newborn into that.

Hoochiemama

Hi Guys

Just wondering, if Im applying for AIP and my deposit is going to be from my parents, do I need to have that money in my account or will a gift cert be sufficient?

Thanks :-)

TheShow

Hoochiemama wrote: »

Hi Guys

Just wondering, if Im applying for AIP and my deposit is going to be from my parents, do I need to have that money in my account or will a gift cert be sufficient?

Thanks :-)

doesnt really matter either way. the bank will request that your parent complete a deed of waiver, waiving any rights in the property on foot of the gift.
Also just to be aware, if you have no savings at all and cannot demonstrate a capacity to save, the bank may not look favourably on your application.

sightband

TheShow wrote: »

doesnt really matter either way. the bank will request that your parent complete a deed of waiver, waiving any rights in the property on foot of the gift.
Also just to be aware, if you have no savings at all and cannot demonstrate a capacity to save, the bank may not look favourably on your application.

of course it matters, there will have to be proof of funds and that parents are willing to go ahead with it.

if you've no savings history you've little hope. if this is the case get the gift lump sum transferred now and save as much as possible for 6 months (same amount) and apply to a different bank then where your account is held. it will appear that the total is savings and will remove any need for a gift letter from your parents stating they've no interest in the property.

Hoochiemama

Thanks! I actually have been saving consistently for the past 4 years. The problem is Ive been doing a 4 years masters (just finished) so have been paying 5.5k for that per year. This now all paid off and I have receipts from the college for all the fee's I've paid.

bri007

We are in same position, we have a deposit already, and we went to a broker who informed us that even though we have a large deposit, the bank wants to see continuous monthly saving.

He told us to come back in 6 months after hard savings in the meantime. Only way bank will consider us, no matter how much we have currently. They need to see ability to repay and of interest rates were to increase.

Hoochiemama wrote: »

Hi Guys

Just wondering, if Im applying for AIP and my deposit is going to be from my parents, do I need to have that money in my account or will a gift cert be sufficient?

Thanks :-)

GingerLily

Hoochiemama wrote: »

Thanks! I actually have been saving consistently for the past 4 years. The problem is Ive been doing a 4 years masters (just finished) so have been paying 5.5k for that per year. This now all paid off and I have receipts from the college for all the fee's I've paid.

I think you could talk to a bank, if you were saving and paying off your education they may consider that the same as saving for a mortgage when calculating your ability to save.

They definitely allow for wedding expenses so I think they would allow for education too.

Losty Dublin

Just a wee update, if only to vent the stress. EA got back to me via text last Monday to tell me that they'd hope to conclude bidding this week and that he'll be in touch with me with an update/details. I noticed today that the house is now marked Sale Agreed but I've not had word back yet. I've resigned myself to losing this one at this stage. My form was made no better when my housemate decided to give me a months notice on the pretext that she can put up her friend for a few nights in March. I was looking forward to leaving but on my own terms and with something to look forwards to :rolleyes:

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.

sightband

Losty Dublin wrote: »

Just a wee update, if only to vent the stress. EA got back to me via text last Monday to tell me that they'd hope to conclude bidding this week and that he'll be in touch with me with an update/details. I noticed today that the house is now marked Sale Agreed but I've not had word back yet. I've resigned myself to losing this one at this stage. My form was made no better when my housemate decided to give me a months notice on the pretext that she can put up her friend for a few nights in March. I was looking forward to leaving but on my own terms and with something to look forwards to :rolleyes:

Might not feel like it right now but I think you might’ve dodged a bullet on this one, sounds like a complete mess with zero transparency on what’s potentially the biggest purchase of your life...run a mile.

Powerfairy

Hi Guys

Does anyone have experience on how long it takes to get the mortgage cheque issued to the solicitor? (BOI) we need our sale to close next week as per contracts, and our solicitor hasn't been issued our funds yet.

The solicitor told us to get on to the bank (to whom we are getting our home insurance from) as this is delaying it. Its a bit of a disaster because the banks departments don't talk to each other, the completions team don't deal with the home insurance crowd etc. So I am basically stuck on hold ringing and ringing trying to get someone in the house insurance department to activate that policy so we can drawdown.
I had originally been told that our house insurance was on ready status and would activate once the cheque had been issued, but that seems to not be true at all.

TheShow

bri007 wrote: »

We are in same position, we have a deposit already, and we went to a broker who informed us that even though we have a large deposit, the bank wants to see continuous monthly saving.

He told us to come back in 6 months after hard savings in the meantime. Only way bank will consider us, no matter how much we have currently. They need to see ability to repay and of interest rates were to increase.

I would go directly to a bank, brokers are jokers!
One recently tried to charge me €500 to take my mortgage application, despite the fact that they get paid commission from the banks of c1% of the value of the mortgage.

I went direct instead and saved myself €500.

gezz36

Powerfairy wrote: »

Hi Guys

Does anyone have experience on how long it takes to get the mortgage cheque issued to the solicitor? (BOI) we need our sale to close next week as per contracts, and our solicitor hasn't been issued our funds yet.

The solicitor told us to get on to the bank (to whom we are getting our home insurance from) as this is delaying it. Its a bit of a disaster because the banks departments don't talk to each other, the completions team don't deal with the home insurance crowd etc. So I am basically stuck on hold ringing and ringing trying to get someone in the house insurance department to activate that policy so we can drawdown.
I had originally been told that our house insurance was on ready status and would activate once the cheque had been issued, but that seems to not be true at all.

We just done drawdown with BOI. Local branch scanned all our policy documents to mortgage department and made follow up calls for us. Had confirmation next day that they were ready to transfer funds to solicitor and our solicitor had funds that afternoon. Our solicitor was also BOI and we checked bank had there details before drawdown. Closed 3 days later but wanted funds in before so no delays on day..

Powerfairy

gezz36 wrote: »

We just done drawdown with BOI. Local branch scanned all our policy documents to mortgage department and made follow up calls for us. Had confirmation next day that they were ready to transfer funds to solicitor and our solicitor had funds that afternoon. Our solicitor was also BOI and we checked bank had there details before drawdown. Closed 3 days later but wanted funds in before so no delays on day..

Thanks for the info. I have got on to my mortgage advisor there, (all online had to email her) and she is passing my query re drawdown and home insurance on to the "mortgage makers" assuming they are the same as the completions team? god knows. so hopefully we hear back this week, about when the cheque will be issued. fingers crossed.

Thanks again

bri007

Thanks for the reply.

Our situation is kind of tricky, my emolument is contracts so I was unsure if the banks would be as helpful.

The broker said he would be able to explain and negotiate it better for us, am I totally being fed a load of bull?

I see the deals the banks are doing and was considering applying but just felt the broker would take care of all the applying and it wouldn't be to much explaining then about my employment.

TheShow wrote: »

I would go directly to a bank, brokers are jokers!
One recently tried to charge me €500 to take my mortgage application, despite the fact that they get paid commission from the banks of c1% of the value of the mortgage.

I went direct instead and saved myself €500.

izzyflusky

Just gone sale agreed on a property. Feeling extremely anxious now! Things are moving quicker than I thought!

keane2097

izzyflusky wrote: »

Just gone sale agreed on a property. Feeling extremely anxious now! Things are moving quicker than I thought!

It will probably slow down soon!

fg1406

Has anyone ever bought a house where the vendors have left the property in a disgusting condition? We got our keys 2 weeks ago and I’ve spent the past 2 weeks scrubbing each room as they were encrusted with filth. Not the lovely gleaming spotless property we viewed last May 😡

Powerfairy

fg1406 wrote: »

Has anyone ever bought a house where the vendors have left the property in a disgusting condition? We got our keys 2 weeks ago and I’ve spent the past 2 weeks scrubbing each room as they were encrusted with filth. Not the lovely gleaming spotless property we viewed last May ��

That's awful I have no advice but I am so sorry to hear that. I am hoping that doesn't happen to us when we eventually get our keys. Poor behaviour on the vendors behalf.

whatever76

Im loosing the will to live in these bidding wars !
6th property the last 8 months that just goes out of my budget which ~ 300k i think is quite good - tell me the house for me hasnt passed .. <sorry rant over and feeling sorry for myself >

izzyflusky

keane2097 wrote: »

It will probably slow down soon!

And I'll probably complain then lol but I received news of approval while away on holidays and didnt think we'd go sale agreed while half away across the world. Trying to coordinate things, etc. Also after reading all these stories gone wrong it's hard to get excited.

izzyflusky

fg1406 wrote: »

Has anyone ever bought a house where the vendors have left the property in a disgusting condition? We got our keys 2 weeks ago and I’ve spent the past 2 weeks scrubbing each room as they were encrusted with filth. Not the lovely gleaming spotless property we viewed last May 😡

Happened to my parents. Broken banister, door glass cracked, rubbish everywhere... The solicitor was onto them though and they ended up having to issue a check to cover some of the costs. Very unpleasant.

123Katie

Sorry if this sounds like a silly question,

Lets say I have been loan approved and paid my deposit on a new home,

When do my actual mortgage payments begin?

Thank you

gezz36

Powerfairy wrote: »

Thanks for the info. I have got on to my mortgage advisor there, (all online had to email her) and she is passing my query re drawdown and home insurance on to the "mortgage makers" assuming they are the same as the completions team? god knows. so hopefully we hear back this week, about when the cheque will be issued. fingers crossed.

Thanks again

We did have to tell them date to issue funds, give them a date for 3 days before closing so no hold ups. I was happy when funds were with my solicitor, no hold on our end then. I did end up ringing mortgages direct to see what stage they were at when all documents went in. Ring every morning and afternoon if you have to. Also contact home insurance to have your policy emailed to you so you can email directly to mortgages if they have not received it. Double check they have everything else outstanding and they have solicitor bank details to transfer, much quicker than a cheque. Best of luck!

Bargain_Hound

whatever76 wrote: »

Im loosing the will to live in these bidding wars !
6th property the last 8 months that just goes out of my budget which ~ 300k i think is quite good - tell me the house for me hasnt passed .. <sorry rant over and feeling sorry for myself >

I was in the same boat, I feel your pain. many many sleepless nights lost, and bidding just continued to go up and up.

We decided to go new build on a new development and just put a booking deposit down on a far better (IMO) A rated home compared to what we had been looking at. We had to push out of Dublin a little but its been easy sailing .. so far as as the purchasing process.