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

purpleisafruit

Pedanticness wrote: »

Money well spent by the sounds of it.

We're also at the end of a cul de sac so no cars driving past us. We currently rent a house in the country so living in a village will take some time to get used to

ILikeBoats

All facing same way with same south facing garden sizes.
I think it was a VAT issue or something!
All were sold off plans too and almost sure we bought the first one.
Who knows!

izzyflusky

Cuddlesworth wrote: »

I paid 10k. After the sale, when I asked the estate agent, he said the sale agreed deposit is always higher then the fees owed so it depends on the house price usually.

Do you mean that the EA said your booking deposit depends on the remaining balance of your full house deposit? I'm not sure I'm understanding correctly :S

Cuddlesworth

izzyflusky wrote: »

Do you mean that the EA said your booking deposit depends on the remaining balance of your full house deposit? I'm not sure I'm understanding correctly :S

The seller owes the estate agent money for the sale, usually around 1.5% of the sale price.

The estate agent takes a booking deposit from the buyer(refundable). In my case 10k.

On contract singing and handover of the house, the estate agent takes their fee from the deposit and gives the remainder to the sellers solicitor.

Eg, 10k deposit - 7.5k fees = 2.5k given to solicitor.

So the deposit will always be a sum higher then the sale fees of the property unless the estate agent is stupid.

Its a clever system because the estate agent always gets paid straight away, I'd say its one of the few industry's that doesn't have a bad debt problem.

izzyflusky

Cuddlesworth wrote: »

The seller owes the estate agent money for the sale, usually around 1.5% of the sale price.

The estate agent takes a booking deposit from the buyer(refundable). In my case 10k.

On contract singing and handover of the house, the estate agent takes their fee from the deposit and gives the remainder to the sellers solicitor.

Eg, 10k deposit - 7.5k fees = 2.5k given to solicitor.

So the deposit will always be a sum higher then the sale fees of the property unless the estate agent is stupid.

Its a clever system because the estate agent always gets paid straight away, I'd say its one of the few industry's that doesn't have a bad debt problem.

Thanks. Was not aware of that, I thought it was at the EA discretion but that they would have a standard booking deposit.
I was sale agreed before on a house cheaper than the one I am buying now and the deposit was actually higher. Also when looking at new builds it seemed to depend on the developer also, regardless of house price. Interesting though.

History Queen

I'm back again with what is probably a stupid question but I'm just wpndering how the drawdown of a mortgage works when part of the mortgage is for purchasing a house and part is for renovation eg. €180,000 purchase price and €50,000 renovation. Does it all get drawn down together or do we just draw down the purchase amount and tie up the purchase before drawing down the renovation amount? Also are we likely to have to draw down the renovation part in stages like you would with a new build?

Any help/advice appreciated

TheShow

History Queen wrote: »

I'm back again with what is probably a stupid question but I'm just wpndering how the drawdown of a mortgage works when part of the mortgage is for purchasing a house and part is for renovation eg. €180,000 purchase price and €50,000 renovation. Does it all get drawn down together or do we just draw down the purchase amount and tie up the purchase before drawing down the renovation amount? Also are we likely to have to draw down the renovation part in stages like you would with a new build?

Any help/advice appreciated

Would normally be the initial amount to complete purchase the the balance for renovation in stages against invoices or architects certs If subject to planning.

TheShow

Got keys on Friday! Yay!

MrSkinny

GingerLily wrote: »

It will be in your contract, but yes you will likely be charged. I don't know how hefty the fees would be.

Have a read of this thread:
https://www.askaboutmoney.com/threads/it-may-be-much-cheaper-than-you-think-to-break-out-of-a-fixed-rate-early.204442/

123Katie

Hi,

Are there any disadvantages to applying to banks individually instead of going through a broker?

We are going to apply ourselves to a variety of Banks and see what offers we get; I know it will require more paperwork but any advice greatly appreciated,


Thank you

awec

123Katie wrote: »

Hi,

Are there any disadvantages to applying to banks individually instead of going through a broker?

We are going to apply ourselves to a variety of Banks and see what offers we get; I know it will require more paperwork but any advice greatly appreciated,


Thank you

No disadvantage.

Broker is advantageous if you feel you might have difficulty getting a mortgage, for example poor credit history, non-permanent employment or whatever. Otherwise just go direct.

The paperwork at the application stage is straightforward.

z0oT

I've been reading this thread for a while now and I've learned a lot. My wife and I will be starting down the road of getting our own place in the next few weeks. In the meantime i'm curious of something, apologies if it's been asked before but it's quite a big thread.

For those that have gone through the process, what is typically required of you in terms of documentation when you walk into the Bank for the first time to look for the AIP? What do they usually ask for at that stage? Payslips, P60s, Current/Saving Account Statements?

Mantis Toboggan

z0oT wrote: »

I've been reading this thread for a while now and I've learned a lot. My wife and I will be starting down the road of getting our own place in the next few weeks. In the meantime i'm curious of something, apologies if it's been asked before but it's quite a big thread.

For those that have gone through the process, what is typically required of you in terms of documentation when you walk into the Bank for the first time to look for the AIP? What do they usually ask for at that stage? Payslips, P60s, Current/Saving Account Statements?

All those along with your salary certificate. I went with the bank where my savings are so didn't need to produce any saving statements.

z0oT

Tyson Fury wrote: »

All those along with your salary certificate. I went with the bank where my savings are so didn't need to produce any saving statements.

What do you mean by salary statement?

Is that just a letter from your employer stating your salary, how long you've worked there, whether you're permanent or not etc. ?

izzyflusky

Was anyone else asked for ther CV? I went through a broker and their standard list of documents included that. I just realised nlw that I have never seen it mentioned here haha.

Mantis Toboggan

z0oT wrote: »

What do you mean by salary statement?

Is that just a letter from your employer stating your salary, how long you've worked there, whether you're permanent or not etc. ?

Exactly that.

teaontap

izzyflusky wrote: »

Was anyone else asked for ther CV? I went through a broker and their standard list of documents included that. I just realised nlw that I have never seen it mentioned here haha.

Yep I was asked for my cv due to the length of time in my current job.

Captain Flaps

Tyson Fury wrote: »

All those along with your salary certificate. I went with the bank where my savings are so didn't need to produce any saving statements.

Across banks, I was asked to provide statements for all accounts, statement confirming a loan I had within the last 6 months had been cleared, 3 year's p60s, a salary cert, copy of Irish ID, proof of current address and details of previous job as I'd changed in the last 3 years.

z0oT

Tyson Fury & Captain Flaps - thanks for the info.

With regards to the last 3 years P60s - I'm in my job (which is permanent) since 2011, so I can provide P60s all the way back to then if need be.

However my wife is just in the country since last year and can only furnish a P60 for 2017. She also switched jobs in January but her job is permanent now too.

How will that likely work do you think?

We've no other loans, overdraft, or credit card debt.

awec

We only needed the most recent p60 when we applied. Six months bank statements and pay slips.

Also note that some banks insist you get employers to fill out a salary form that they give you, rather than your employer just giving their own version.

As for your wife changing job, you might be better waiting until she’s out of the probation period (if she has one).

Tipsy McSwagger

Permanent TSB requires,

Photo ID
Utility Bill
Salary Cert
3 months bank statements
P60
2 recent pay slips

z0oT

awec wrote: »

We only needed the most recent p60 when we applied. Six months bank statements and pay slips.

Also note that some banks insist you get employers to fill out a salary form that they give you, rather than your employer just giving their own version.

As for your wife changing job, you might be better waiting until she’s out of the probation period (if she has one).

Thanks - we may very well need to do that and wait until July.

However there's no harm in asking at this early stage I guess.

purpleisafruit

z0oT wrote: »

Thanks - we may very well need to do that and wait until July.

However there's no harm in asking at this early stage I guess.

You can get AIP pending completion of probation. I've done it myself, changed jobs 8 months ago and there were no issues. Just supplied a letter from employer once probationary period was completed

DubJJ

z0oT wrote: »

However my wife is just in the country since last year and can only furnish a P60 for 2017. She also switched jobs in January but her job is permanent now too.

How will that likely work do you think?

We've no other loans, overdraft, or credit card debt.

Has you're wife arrived in Ireland from another EU country? If so there should be no reason to declare that she has only been in the country since last year as there will be no record of her entry or visa application.
If however she is from outside the EU you may find that she will have to be in the country for at least 3 years to provide enough history to be included on a mortgage application.

z0oT

DubJJ wrote: »

If however she is from outside the EU you may find that she will have to be in the country for at least 3 years to provide enough history to be included on a mortgage application.

My wife is non-EU but she has Stamp 4 as my spouse here (I'm Irish).

Where are you getting that part about the 3 years from? I've never heard that before.

I have heard they won't look at you for a mortgage unless you're on Stamp 4 permission (which she has), but I've never heard the 3 year thing.

It certainly never came up when we mentioned a mortgage application to the bank upon opening a joint current account last year.

TheShow

z0oT wrote: »

What do you mean by salary statement?

Is that just a letter from your employer stating your salary, how long you've worked there, whether you're permanent or not etc. ?

A bank or broker will normally provide you with a document to be completed by your employer as a salary certificate.

TheShow

z0oT wrote: »

My wife is non-EU but she has Stamp 4 as my spouse here (I'm Irish).

Where are you getting that part about the 3 years from? I've never heard that before.

I have heard they won't look at you for a mortgage unless you're on Stamp 4 permission (which she has), but I've never heard the 3 year thing.

It certainly never came up when we mentioned a mortgage application to the bank upon opening a joint current account last year.

Stamp 4 should be fine, assuming she hasn’t just landed off the boat.

DubJJ

z0oT wrote: »

My wife is non-EU but she has Stamp 4 as my spouse here (I'm Irish).

Where are you getting that part about the 3 years from? I've never heard that before.

I have heard they won't look at you for a mortgage unless you're on Stamp 4 permission (which she has), but I've never heard the 3 year thing.

It certainly never came up when we mentioned a mortgage application to the bank upon opening a joint current account last year.

It's the lack of credit history that might be the problem, if you're both going to be named on the mortgage and both of your incomes are taken into account they may require 3 years history.
I may be mistaken and I'm sure that a broker would give you the right advice, it may be worth speaking to one before approaching your bank just to make sure the right things are presented to the bank.
When I opened an account I was told I could apply for a mortgage no problem even though I'd been living in other countries for years, when it actually came to applying it was another story.

123Katie

Hi,

Is it possible to apply to all 10 lenders yourself and see what one will give you the best deal.

Also are mortgage rates the same if I was to apply myself or if a broker was to apply on my behalf? Can a broker have a greater chance of getting an exemption,

Thank you

TheShow

123Katie wrote: »

Hi,

Is it possible to apply to all 10 lenders yourself and see what one will give you the best deal.

Also are mortgage rates the same if I was to apply myself or if a broker was to apply on my behalf? Can a broker have a greater chance of getting an exemption,

Thank you

You can apply to as many lenders if you want, but be weary that each application leaves a footprint on your ICB history which could be viewed in a negative manner. Check price comparison websites to see about competing rates etc. If you want to apply to multiple banks, a broker is the best option as you will only need to provide one set of docs.
Rates should be the same either direct or via a broker, and chances of exception should be the same too, but that depends on the circumstances of the exception you’re looking for I guess.