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

GingerLily

123Katie wrote: »

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

One month after (usually) the mortgage is drawdown.

I drew down my mortgage on a Wednesday, their solicitor got the money the next day and we got keys on the Friday, but our mortgage account was active from the Wednesday so we will pay our first payment one month after this.

You haven't drawndown yet so the account isn't active yet.

Powerfairy

gezz36 wrote: »

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!

Thanks that's solid advice, I will give them a call first thing to follow up. I think i need to be more pushy about it! Thanks!

whatever76

thanks for that - such a head wreck and just dont know how to play it ( congrats on your purchase ) ... such a sellers market at the moment , not to mention Esate Agents !!
Im begining to think that maybe my plan b as well but will just have to wait and see !

flashforward

Anyone concerned about rising interest rates with the latest markets falling and talk of hikes?

If it is to happen I wonder how long it would take banks here to react

kippy

flashforward wrote: »

Anyone concerned about rising interest rates with the latest markets falling and talk of hikes?

If it is to happen I wonder how long it would take banks here to react

Rates are only going one way, it's just a question of when.
Crystal ball time as to when they start to go up and by how much as with a lot of this.

fg1406

izzyflusky wrote: »

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.

OK mine wasn’t that bad at least! It was still awful to walk into a property that was filthy with food mashed into carpets and a stale dirty smell and kids artwork drawn directly onto the walls.

bricky06

I have been reading this thread for some time and found it very useful so thanks for all the info and tips.

We have just started out on this whole process. If anyone can recommend a good solicitor we would really appreciate it. We are ftbs and are currently looking at a new development in Wicklow.

Villa05

flashforward wrote:

Anyone concerned about rising interest rates with the latest markets falling and talk of hikes?

You won't go too far wrong if you fix now for 10 years at a time when rates are at record lows.

Villa05

flashforward wrote:

Anyone concerned about rising interest rates with the latest markets falling and talk of hikes?

You won't go too far wrong if you fix now for 10 years at a time when rates are at record lows.

TheShow

123Katie wrote: »

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

Not until a month after you drawdown the mortgage/close the sale usually.

123Katie

TheShow wrote: »

Not until a month after you drawdown the mortgage/close the sale usually.

Thank you for the advice

danmanw8

Simona1986 wrote: »

Saving 1k a month at the moment and have about 16k saved so far. Problem is we're still n Dublin so to get anything decent we're looking at 250-300k. Very difficult with the lending limits as we only make 65k between us. Also we do not want to buy an apartment or a 'starter home' with the difficulty in trading up under the new rules. We're both under 30 though so we can hang on a year or two.

I feel very sorry for people in Dublin, I don't know how people are able to buy houses there at all

izzyflusky

Question for those who have gone through the process of buying. How long did it take for the sign of sale agree to go up on daft?

Cuddlesworth

izzyflusky wrote: »

Question for those who have gone through the process of buying. How long did it take for the sign of sale agree to go up on daft?

Thats pretty much the estate agents job. Some don't bother updating even after its sold.

Lolle06

izzyflusky wrote: »

Question for those who have gone through the process of buying. How long did it take for the sign of sale agree to go up on daft?

Sometimes you have to „nudge“ the EA a bit, to get them to mark the property as „sale agreed“ or „sold“ - and even afterwards they often leave the ads still online as proof of their successful work.

Normally they should mark a property as „sale agreed“ as soon as a deposit is paid and details are exchanged. But some EA‘s are fairly slow in updating their ads accordingly.

zedhead

When we went sale agreed on the first property (that eventually fell through), the agent wouldn't mark it as Sale Agreed. They said they never do until contracts are signed as the buyer could pull out prior to that. They don't arrange viewings and tell anyone that call up the situation and put them on a list to be contacted should the sale fall through. We were inexperienced so accepted their explanation - and of course the sale fell through around 8 months later.

The 2nd property we went sale agreed on (and the one we bought and are living in now), the ad was marked sale agreed within hours of the deposit being paid.

JDD

8 months later??? Did you withdraw?

I'd be a little wary of an EA who won't mark an advert sale agreed. It means they're happy for you to get gazumped. I know sometimes the advert acts as a good portal so that if a potential buyer rings up you can say "oh that's gone sale agreed but we do have a lovely similar property in the area...". Having said that, EAs are not short of buyers at the moment so I'd be cynical and think it's left up in case there's another buyer who'll pay more out there.

zedhead

JDD wrote: »

8 months later??? Did you withdraw?

I'd be a little wary of an EA who won't mark an advert sale agreed. It means they're happy for you to get gazumped. I know sometimes the advert acts as a good portal so that if a potential buyer rings up you can say "oh that's gone sale agreed but we do have a lovely similar property in the area...". Having said that, EAs are not short of buyers at the moment so I'd be cynical and think it's left up in case there's another buyer who'll pay more out there.

It was in a chain and the vendors were buying a bank sale house which kept pushing out closing. Eventually the vendors cancelled the sale - said they couldn't handle the stress of the delays of the purchase side of the chain, they were on the verge of splitting up over it apparantly (I kept an eye out and the property didn't go up for sale again nor has it appeared on Property Price Register, so it appears they just decide to stay put).

We learnt out lesson on it, and thankfully the next house went from sale agreed to us getting keys in roughly 3 months with no major hiccups.

izzyflusky

We have only gone sale agreed this week. I transfered the booking deposit yesterday (sent proof) and should have cleared today. I'll wait a few more days to see just in case.
The sellers were eager to move on (after previous buyers had to pull out) but you hear so many horror stories...

stargazer 68

We are closing next week and the property is still not sale agreed on daft or myhome.

stryker mcqueen

Are overdrafts a big no no when saving? I have a small one of €300 , i have dipped into it every month and pretty much consider it part of my wage at this stage ,but no big deal to get rid of it ....

Michellenman

stryker mcqueen wrote: »

Are overdrafts a big no no when saving? I have a small one of €300 , i have dipped into it every month and pretty much consider it part of my wage at this stage ,but no big deal to get rid of it ....

I had a €200 one and broker advised it wasn't an issue as long as I never went over it and had a dd bounce etc. About 2 months before applying I tried to stop using it except for €50 here or there every couple of months, some months were more successful than others. It might not be an issue but doesn't look great if you are counting as part and of salary at this stage. Maybe try wean your way off it over then couple of salary payments.

izzyflusky

Just to update on my question earlier. I spoke to the EA and he said that once the survey is done and I'm happy with it then the sign of sale agreed goes up. Happy enough with that.

sullydublin

izzyflusky wrote: »

Just to update my question earlier. I spoke to the EA and he said that once the survey is done and I'm happy with it then the sign of sale agreed goes up. Happy enough with that.

Once you've put a deposit on a house the EA should put sale agreed signs up and likewise on daft and my home etc.

sullydublin

Question for anyone who has recently completed selling and buying recently. How long does the process take? We are sale agreed to a first-time buyer and we are buying a new build. It's my view that should speed things up?

Bargain_Hound

Received mortgage approved today. Delighted. New build which is not due for completion for another 6-7 months. Approval lasts 6 months, due to sign contracts next week.

What happens if sale does not close until just after 6 months? Do I need to reapply? Concious as the approval also has a 3.5 x salary exemption. Feeling anxious handing over the full deposit on signing.

conormc1984

Bargain_Hound wrote: »

Received mortgage approved today. Delighted. New build which is not due for completion for another 6-7 months. Approval lasts 6 months, due to sign contracts next week.

What happens if sale does not close until just after 6 months? Do I need to reapply? Concious as the approval also has a 3.5 x salary exemption. Feeling anxious handing over the full deposit on signing.

You will just get an extension when it running out, need to supply bank with some statements again, think its more so just to prove that you still have income. Similar is happening to me. The exception will remain too.

chrismon

Hi all.
We have most of our deposit saved over the past 15 months, few quid to deposit and we have our goal.
We are looking to apply for a mortgage at the minute.
Do ye recommend a broker or doing it all ourselves (every euro counts at this stage).
Is there anything to look out for when researching mortgaged apart from the usual fixed/variable rates etc.

syndrome777

Bargain_Hound wrote: »

Received mortgage approved today. Delighted. New build which is not due for completion for another 6-7 months. Approval lasts 6 months, due to sign contracts next week.

What happens if sale does not close until just after 6 months? Do I need to reapply? Concious as the approval also has a 3.5 x salary exemption. Feeling anxious handing over the full deposit on signing.

I had income exception, and when my AIP expired and we replied, the exemption limit was higher (banks do that a few times a year) and we could not get the exemption.
Check with your bank about that.
I was with AIB and was wormed initially that we will be reassessed with the "new" exemption limit when are AIP expires
this was last year when AIB only had AIP for 6 months, now they have for 12, so if you are not with them, maybe it would be wise to go and get you AIP from them as well.

elainers

Bargain_Hound wrote: »

Received mortgage approved today. Delighted. New build which is not due for completion for another 6-7 months. Approval lasts 6 months, due to sign contracts next week.

What happens if sale does not close until just after 6 months? Do I need to reapply? Concious as the approval also has a 3.5 x salary exemption. Feeling anxious handing over the full deposit on signing.

Try get a loan offer clause in your contract so at least you'll get your deposit back if you don't get approval at drawdown. Not ideal as you wouldn't get the house but better than losing your deposit. Also could you save over the next six months to close the gap and not require an exemption?