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

Santy2015

Got issued contracts by the developer last Thursday. It's giving 14 days to sign and exchange remaining deposit, my solicitor said not to worry and wait till our letter of offer is in her hands first. Annoying that he gave such short notice. Solicitor said there'll be leeway and so on. I know for a fact that once we sign and agree a closing date, that that date won't be the date

loveisdivine

Hopefully meeting with the broker in the next few days. I know we're only at the start and there's a long way to go before we're in our own home but boy it can't come quick enough! Our current living situation isn't exactly ideal and it's starting to take its toll.

At least once we start the process we will feel like we're actually moving forward.

greenorchard

We met with a broker recently & applied last week. Fingers crossed we get approval, I'm just back in work recently after unpaid maternity leave so they may come back asking us to apply again when I'm back in work longer.

We're really ready to find our own home now after saving hard for a long time!

Judge Trudy

We're trying to save save save at the minute. My brother is selling a new build for €150,000 when it's completed later in the year and we're hoping to buy that. I'll be going on maternity leave in August and I'm doubtful about getting another contract until the middle of next year. My partner is self employed and is obviously relying on other people to pay him which can be extremely slow at times. We're hoping to have €50,000 saved by the the middle of next year and hoping to apply for a mortgage by then. All going well, I'll be back at work by then but it won't be permanent which is counting against us. We'll also have two children by the time we're applying so I'm not counting my chickens yet even though it's a relatively small mortgage we're looking for

mollybird

Anyone know how much you should budget for a solicitor? we trying to put a budget together to see how much to ask from the bank and need to know how much they charge for buying a house and possibly throwing in a will.

hawkeye_bmr

mollybird wrote: »

Anyone know how much you should budget for a solicitor? we trying to put a budget together to see how much to ask from the bank and need to know how much they charge for buying a house and possibly throwing in a will.

Around €1200 - €1500, thats what we are paying ours. Thankfully Ulster have an offer of paying for legal fees after the mortgage is drawn down.

Probably have to wait a few weeks for them to give that money back to us, think it states within 2 months of completed sale.

Michael D Not Higgins

mollybird wrote: »

Anyone know how much you should budget for a solicitor? we trying to put a budget together to see how much to ask from the bank and need to know how much they charge for buying a house and possibly throwing in a will.

Keep in mind you have other expenses too like a survey. The rule of thumb is to allow 5k for all these expenses on top of your deposit.

Utah

Do new builds require a survey?

SarahMollie

Utah wrote: »

Do new builds require a survey?

I think a survey is only a mortgage requirement if the house is something like 40 years old (probably depends on the lender a bit too), but I would always get one regardless.

Its buyer beware out there so I'd always want to have my eyes opened to any potential properties. New builds are not immune, and actually wouldnt it be great to get any issues sorted before the builder totally fecks off. Before sale is when they're most motivated to help you.

Utah

SarahMollie wrote: »

I think a survey is only a mortgage requirement if the house is something like 40 years old (probably depends on the lender a bit too), but I would always get one regardless.

Its buyer beware out there so I'd always want to have my eyes opened to any potential properties. New builds are not immune, and actually wouldnt it be great to get any issues sorted before the builder totally fecks off. Before sale is when they're most motivated to help you.

Thanks Sarah. I was talking with an advisor there and he said if you got an engineer to do the snag list with you, it would double up as a survey in a way and all issues could be sorted before the builders heads off!

SarahMollie

Utah wrote: »

Thanks Sarah. I was talking with an advisor there and he said if you got an engineer to do the snag list with you, it would double up as a survey in a way and all issues could be sorted before the builders heads off!

That sounds like the best of both worlds, I would definitely do that. I know its a few hundred euro but its money well spent in the context of the biggest purchase of your life most likely!

Utah

SarahMollie wrote: »

That sounds like the best of both worlds, I would definitely do that. I know its a few hundred euro but its money well spent in the context of the biggest purchase of your life most likely!

Yeah exactly. Thanks!

We went to look at show houses in a new development last weekend, they have 3 bed semi-detached houses and 4 bed detached.
We had hopes the 3 beds would be decent as they are reasonably priced and as lovely as the build was, the storage space was pretty non-existent and the kitchen was tiny so we were disappointed.
We said we'd go look at the 4 bed detached even though it's a good bit out of our price range. It was unbelievable. We fell in love with it. But we couldn't afford it no matter what way we looked at it.

Then yesterday, the development sent out an email saying they were going to build 4 bed SEMI detached. They layout would be almost identical to the 4 bed we looked at only not detached. I asked how "almost identical". They said the bay window wouldn't be on the semi-d. That's it. 70k difference for a bay window. I don't understand how that makes sense but it is a very happy medium between the 3 bed and 4 bed detached. We did the maths and should be very doable!

shamrock55

Instead of going to a bank and saying oh we've seen a house for 250000 can you give us a mortgage,can you go to your bank with all your details and say right based on everything we have given you what amount WILL you give us,then just look for a house based on that amount

PhoenixParker

Utah wrote: »

Yeah exactly. Thanks!

We went to look at show houses in a new development last weekend, they have 3 bed semi-detached houses and 4 bed detached.
We had hopes the 3 beds would be decent as they are reasonably priced and as lovely as the build was, the storage space was pretty non-existent and the kitchen was tiny so we were disappointed.
We said we'd go look at the 4 bed detached even though it's a good bit out of our price range. It was unbelievable. We fell in love with it. But we couldn't afford it no matter what way we looked at it.

Then yesterday, the development sent out an email saying they were going to build 4 bed SEMI detached. They layout would be almost identical to the 4 bed we looked at only not detached. I asked how "almost identical". They said the bay window wouldn't be on the semi-d. That's it. 70k difference for a bay window. I don't understand how that makes sense but it is a very happy medium between the 3 bed and 4 bed detached. We did the maths and should be very doable!

Sounds to me like you need to look up the planning permission and dig through it with a fine tooth comb.
There may be other house styles coming up that will suit your needs even better again.

Parchment

shamrock55 wrote: »

Instead of going to a bank and saying oh we've seen a house for 250000 can you give us a mortgage,can you go to your bank with all your details and say right based on everything we have given you what amount WILL you give us,then just look for a house based on that amount

Surely thats what most people do though?! You wouldn't expect to be able to get a mortgage application through in enough time to bid on a house you found!

Ask for the maximum they can offer you. Obviously you dont have to use it all!

Utah

PhoenixParker wrote: »

Sounds to me like you need to look up the planning permission and dig through it with a fine tooth comb.
There may be other house styles coming up that will suit your needs even better again.

Is it easy to do that? Look up planning permission?

SarahMollie

Utah wrote: »

Is it easy to do that? Look up planning permission?

AFAIK you can look it up on the local authority website. Might have to pay €20 or something for access, but could be money well spent.

Utah

SarahMollie wrote: »

AFAIK you can look it up on the local authority website. Might have to pay €20 or something for access, but could be money well spent.

I found it. There's lots of applications for the development in question. Will read them later

PhoenixParker

SarahMollie wrote: »

AFAIK you can look it up on the local authority website. Might have to pay €20 or something for access, but could be money well spent.

It's free on every council website I've looked at and all the planning documents are online. Some sites are easier to navigate than others. The name of the builder is usually the best way I've found to narrow down to the correct planning permission.

It's an essential step for anyone planning to buy a house anywhere. You don't want to sign contracts to discover there's a planning application in for a ten storey building right behind your sunny south facing back garden.

It's particularly important for new builds but should be done for all house purchases. For a new build look at the overall size of the development, the range of houses and house types, the analyses done on the area - flood maps, school provision, road connections, public transport needs, community needs . . . Pay attention to the conditions attached, the plans for council adoption of the scheme. Basically read it with a fine tooth comb before signing contracts. Also bear in mind that the planning may be amended at any stage or the development may remain incomplete, but in general it's your best guide.

Also look in the published planning documents for references to the area and if there is one read the Local Area Plan for the area. Make sure the overall plan for the area is consistent with what you want.

Read those thoroughly and compare them to what the council is actually granting permission for. They should match up, if they don't be wary.

For instance this is the development plan for Dublin City:
http://www.dublincity.ie/sites/default/files/content//Planning/DublinCityDevelopmentPlan/Documents/DevelopmentPlanWrittenStatementUpdate.pdf

(Ctrl F for the name of the area you're interested in)

For where I'm buying, that's supplemented by the local area plan

http://www.dublincity.ie/ashtown-pelletstown-local-area-plan

JohnoVC

In people's experiences If I was to submit a mortgage application tomorrow how long on average would I be looking at waiting to hear back?

Also after receiving an approval for a mortgage if I made an offer on a property how long on average would it take until I get the keys?

mirrorwall14

For approval in principal? Three days from production of all documents in our case. Met with EBS on Wednesday. Supplied all documentation bar one statement on Thursday. Added remaining document on Monday. AIP Tuesday.

However we had done our research and were applying well within the central bank rules with good savings records and well organised accounts

JohnoVC

Can you make offers on properties with approval in principal then?

Santy2015

JohnoVC wrote: »

Can you make offers on properties with approval in principal then?

Yeah that's what we did. If and hopefully your offer is accepted then you give details and go for your letter of offer

athtrasna

JohnoVC wrote: »

In people's experiences If I was to submit a mortgage application tomorrow how long on average would I be looking at waiting to hear back?

Also after receiving an approval for a mortgage if I made an offer on a property how long on average would it take until I get the keys?

1. Depends on the back, your circumstances, who's on holiday, how long is a piece of string.

2. See 1. The answer could be two weeks to two years and counting.

Sono

Reckon you should have approval within 2 weeks and the second part really is hard to say, if there is a chain it could take forever, if no chain then typically about 3 months.

MarkAnthony

Mortgage application can be around 6 weeks, sometimes a little quicker sometime a little longer. It really depends on how quickly you can get them paperwork and how busy they are. Some banks can give a very quick 'approval in principle' but bear in mind this is not a firm offer.

As for getting the keys, there is no way of knowing. A minimum of three months I'd say and expect plenty of messing about. It can close sooner but it's rare that a sale will go through from start to finish without some issue or another.

mollybird

so i finally got in touch with 3 solicitors and 2 have gotten back with me asking for the price of the house we are looking at. they give their quote from the price of the house. thought we could get an estimate from them so we would know how much extra to budget for. since we are no where near picking the house yet it's a that bit harder to put a figure in the budget coloumn for a solicitor. anyone have any rough estimates how much we should put in?

god 6 weeks seems like a long time all right to be hearing back about your approval from the bank. im going to be putting my details in also but i only work part time. OH works full time in a very good job so hope it won't be my lack of earnings that will put them off.

Utah

mollybird wrote: »

so i finally got in touch with 3 solicitors and 2 have gotten back with me asking for the price of the house we are looking at. they give their quote from the price of the house. thought we could get an estimate from them so we would know how much extra to budget for. since we are no where near picking the house yet it's a that bit harder to put a figure in the budget coloumn for a solicitor. anyone have any rough estimates how much we should put in?

god 6 weeks seems like a long time all right to be hearing back about your approval from the bank. im going to be putting my details in also but i only work part time. OH works full time in a very good job so hope it won't be my lack of earnings that will put them off.

I don't understand what the price of the house has to do with their cost? Does more work go into more expensive houses?

matrim

mollybird wrote: »

so i finally got in touch with 3 solicitors and 2 have gotten back with me asking for the price of the house we are looking at. they give their quote from the price of the house. thought we could get an estimate from them so we would know how much extra to budget for. since we are no where near picking the house yet it's a that bit harder to put a figure in the budget coloumn for a solicitor. anyone have any rough estimates how much we should put in?

god 6 weeks seems like a long time all right to be hearing back about your approval from the bank. im going to be putting my details in also but i only work part time. OH works full time in a very good job so hope it won't be my lack of earnings that will put them off.

Surely you have a rough budget for the house you are looking for. Just give them that.

We were quoted

our professional fee for carrying out the work involved would be €1,400.00 plus vat. In addition to our fee you will also have associated outlay with a purchase of a property which will normally include the following:-



Registration fees – registration of your ownership with the land registry €700.00

Registration of your mortgage with land registry €175.00

Searches €150.00

Stamp Duty 1% of the purchase price eg

As far as I'm aware the only cost that depends on house price was the stamp duty.

Or survey will also cost about 500

REFLINE1

Looks like there is some sort of " Help to Buy scheme" in the pipework with the new govt. Will be interesting to see what that entails.