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

GingerLily

Creamy Goodness wrote: »

Luckily enough to not be in the situation but I don’t see why they can’t. These are bank rules not central bank rules.

A baby isn't a dependent until its born, I'd be surprised if any bank here added on a dependent for a pregnant applicant.

Does anyone actually know if this happens?

tobsey

Brock Turnpike wrote: »

Thanks very much. Based on the rough figures you supplied there, we should be good.

Just to bear in mind, the stress tested rate is probably 2% above the standard variable. For AIB/EBS/Haven this is about 5%. For others though it can be 6%. This can mean about €400 extra per month on a mortgage of €300k.

Ulster told us that if you go for one of the longer term fixed rates you can get a bit of leniancy on the stress test rate, but if we wanted the two year fixed, which is their best rate, we'd be stress tested at 6%.

Natashaw88x

GaGa21 wrote: »

Haven only works with brokers I thought? Can you not contact him/her to ask?

He said it’s still with credit. They’ve requested paper work twice throughout the process. My broker seems as frustrated with it as us!

awec

TheShow wrote: »

how pregnant is your partner, if only a recent occurrence, don't tell the bank.
If she is showing and you have to go to meet the person on the bank then obviously its a factor that they will need to consider.
But if not showing yet, go meet the bank people asap, say nothing and get your approval.

I don't understand why people try to hide it, it makes no sense at all.

Babies cost money. Babies affect your ability to pay a mortgage. Hiding it from the bank is only fooling yourself, it is you who is going to struggle to pay your mortgage if you are not truthful about your financial situation.

coffee_cake

hanaimai wrote: »

It's a new requirement, see point 4 here: https://www.centralbank.ie/news-media/press-releases/mortgage-switching-20-June-2018

I think the full rule says something like if they can't make the decision within 10 days they have to tell the borrower why and how much longer it's going to take. So I suppose technically it could take longer than 2 weeks but they will at least have to engage with you by then.

Ohhh. that's why kbc keep telling me 10 days. I was very sceptical!

jaffa20

I am currently selling and buying a house using the equity as 20% deposit on new house. The bank is fine with this. I've had offer accepted and my own house is sale agreed also.

What i am wondering is how the exchange of contracts will work... Do i need to have the funds from the sale of the house before i can actually sign contract to buy new house? It's because i won't have the 20% deposit before that really. Really confused how the process works in this case.

Bawnmore

Bawnmore wrote: »

Thanks hanaimai - I've gotten on to the bank and waiting on a response. We were hoping to extend out to 35 year on a variable rate and overpay where possible, so affordability (I'm assuming) should be fine. But I'd imagine you're right in that the application will need to go to underwriters again which we'll need to find out.

Just to update on this for anyone interested - the loan offer sent out was for 2 years fixed at 3.6%, but the other options are available to us too. We'll probably run with the much better rate of 3.15% fixed for 3 years. There's also 2% cashback. Waiting to hear if 35 years is possible.

Glen_Quagmire

Do banks look favourably towards applicants who work for Blue Chip companies such as Google, Microsoft, Facebook, Amazon, IBM, Apple etc?

Creamy Goodness

Glen_Quagmire wrote: »

Do banks look favourably towards applicants who work for Blue Chip companies such as Google, Microsoft, Facebook, Amazon, IBM, Apple etc?

Depends on the position more so than who they work for. But yes my bank looked favourably on my role and company whilst it’s not on your list it’s a company of similar ilk.

AppleBottle

Guys,

I have a potentially stupid question ... if you’ve been approved in principal and all docs are with the underwriters for full approval, can you make an offer? It’s with AIB.

Viewed a few over the last few days and want to make an offer on one.

wally79

AppleBottle wrote: »

Guys,

I have a potentially stupid question ... if you’ve been approved in principal and all docs are with the underwriters for full approval, can you make an offer? It’s with AIB.

Viewed a few over the last few days and want to make an offer on one.

Yes

AppleBottle

wally79 wrote: »

Yes

Thank you!

wally79

AppleBottle wrote: »

Thank you!

That was the short answer

I should say. Don’t tell estate agent you don’t have “full” approval

Probably get given out to for saying yes. But if you are confident you will get approval then why miss out

We waited to get the official letter and missed out on one we liked

Lolle06

AppleBottle wrote: »

Guys,

I have a potentially stupid question ... if you’ve been approved in principal and all docs are with the underwriters for full approval, can you make an offer? It’s with AIB.

Viewed a few over the last few days and want to make an offer on one.

Hi,

did you receive the Approval in Principle letter yet? If so, you are good to look for a property and offer on it within 12 month of date of letter.

Only when you found a property and have gone sale agreed, you will need to proof your deposit & legal fees to the bank and AIB then issues the AIB Letter of Loan Offer and mortgage pack.
You can only receive a full mortgage approval, when valuation of property has been carried out and mortgage protection/ home insurance is in place.

Good luck!

GingerLily

Lolle06 wrote: »

Hi,

did you receive the Approval in Principle letter yet? If so, you are good to look for a property and offer on it within 12 month of date of letter.

Only when you found a property and have gone sale agreed, you will need to proof your deposit & legal fees to the bank and AIB then issues the AIB Letter of Loan Offer and mortgage pack.
You can only receive a full mortgage approval, when valuation of property has been carried out and mortgage protection/ home insurance is in place.

Good luck!

This! I told the EA that I had full credit approval but needed to supply the property details for a full approval pack.

AppleBottle

Thanks guys

We were told we should hear in the next few days from the underwriters.

We do have the approval letter and I know I mentioned this before but we are very hopeful there will be no issues based on discussions with the bank manager.

I won’t be ringing the estate agent until early next week as we want a few more days to think about and who knows, might even have heard back from AIB by then.

TheShow

Glen_Quagmire wrote: »

Do banks look favourably towards applicants who work for Blue Chip companies such as Google, Microsoft, Facebook, Amazon, IBM, Apple etc?

Treated the same as anyone working anywhere else.

TheShow

AppleBottle wrote: »

Guys,

I have a potentially stupid question ... if you’ve been approved in principal and all docs are with the underwriters for full approval, can you make an offer? It’s with AIB.

Viewed a few over the last few days and want to make an offer on one.

Yes.

Glen_Quagmire

I would have thought these type companies would be in a similar category to teachers, guards, civil servants etc

But as a previous poster said, it probably has more to do with your role and not just the company itself.

Anyway just curious

Creamy Goodness

More your role. If you’re a contractor or self-employed or on probation are the three biggest things banks care about. Not to say those don’t get mortgages it’s just the banks ask for more information than they would a full time employee with no probation.

Glen_Quagmire

Folks, for a house of 350k, excluding the 35k deposit for a FTB, how much should be put aside for legal fees, house insurance, stamp duty, survey etc? What other costs are there to look after?

myshirt

Glen_Quagmire wrote: »

Folks, for a house of 350k, excluding the 35k deposit for a FTB, how much should be put aside for legal fees, house insurance, stamp duty, survey etc? What other costs are there to look after?

7 to 8 grand.

Mantis Toboggan

Glen_Quagmire wrote: »

Folks, for a house of 350k, excluding the 35k deposit for a FTB, how much should be put aside for legal fees, house insurance, stamp duty, survey etc? What other costs are there to look after?

Well stamp duty is 1% of the house price. Legal fees around 2500, house insurance around 300 but depends on what you want to insure. Mortgage protection around 300 for basic cover. Snagging around 200, not sure how much for survey possibly more.

Glen_Quagmire

Would have thought legal fees would be a lot less than 2500?

What does this cover?

ELM327

Glen_Quagmire wrote: »

Would have thought legal fees would be a lot less than 2500?

What does this cover?

Nothing really but it's a necessary ripoff thanks to the closed shop conveyancy process here and other common law countries.

jaffa20

Glen_Quagmire wrote: »

Would have thought legal fees would be a lot less than 2500?

What does this cover?

ELM327 wrote: »

Nothing really but it's a necessary ripoff thanks to the closed shop conveyancy process here and other common law countries.

In comparison to estate agent fees when selling, i think Solicitor fees are not all that bad. A lot of solicitors will only charge around 900euro professional fee.

Glen_Quagmire

jaffa20 wrote:

In comparison to estate agent fees when selling, i think Solicitor fees are not all that bad. A lot of solicitors will only charge around 900euro professional fee.

That's what I mean. I've read solicitors fees are under 1000, so wondering what the 2500 was referring to. What else is required after solicitors fees are paid?

Sarn

When we rang around solicitors, the professional fees were from €1600 ex vat and up. There was also another €1600 or so on land registry fees, searches, Local property tax, miscellaneous costs. On top of that was the 1% stamp duty.

kippy

Glen_Quagmire wrote: »

That's what I mean. I've read solicitors fees are under 1000, so wondering what the 2500 was referring to. What else is required after solicitors fees are paid?

The solicitor has a professional fee (sometimes around the 900 euro mentioned, have seen a range of 600-1700 myself) then a number of fees they incur that are then passed onto you. Off the top of my head, search fees, registration of deeds and a few other bits and pieces. Can work out between 2 and 3k once fully completed.
See further breakdown of these here:
http://www.moneyguideireland.com/legal-fees-and-charges-when-buying-a-house.html
The stamp duty sometimes also makes up part of the final bill for the solicitor as they usually pay this on your behalf.

AppleBottle

Our solicitor is €1,350 + VAT for the professional fee. With all the registration and outlays, it’s €2,700.

I asked around and one paid €1,200 while another paid €1,400. All depends!