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

Frank Castle

IJS84 wrote: »

What about the legal fees for switching banks?

More of an administration fee, usually covered by the bank you are switching to. (switching inside a fixed term is different).
Again shop around for the best deal.
The point of switching is to save money, so take the time to make the right decision.

ILikeBoats

In fairness - you need to reapply for the mortgage to switch banks. It's a massive pain in the hoop.
Get all your documentation together again. Switch mortgage protection/get new mortgage protection. Get your solicitor involved.

hanaimai

IJS84 wrote: »

What about the legal fees for switching banks?

Most banks have offers that would cover the legal fees at the moment e.g. Ulster Bank give you 1500, KBC 3000, BoI and EBS have the cashback etc.

hanaimai

ILikeBoats wrote: »

In fairness - you need to reapply for the mortgage to switch banks. It's a massive pain in the hoop.
Get all your documentation together again. Switch mortgage protection/get new mortgage protection. Get your solicitor involved.

If you arranged your mortgage protection independently of the bank then all you have to do is assign the policy to the new lender, which is fairly straightforward. Admittedly it is more complicated if you arranged your protection through the bank, as usually the policy can't be transferred to a new bank.

Glen_Quagmire

hanaimai wrote:

If you arranged your mortgage protection independently of the bank then all you have to do is assign the policy to the new lender, which is fairly straightforward. Admittedly it is more complicated if you arranged your protection through the bank, as usually the policy can't be transferred to a new bank.

Will keep that in mind as I was going to just get it with the bank.

Best to get it elsewhere if changing banks in the future

Sunrise_Sunset

https://www.rte.ie/news/business/2019/0218/1031231-consumer-market-monitor/?fbclid=IwAR2hDdDOFW2LvSFhiamKvb2EY4OE-2NTvqxaopmNl9BsCg4-Xs2XAspvOmM

Eric Cartman

Im looking to mortgage a property that is not liveable , its 160k asking so all works out without exemptions and craic and 105 is not hard to come by , but the building at present isnt technically a residential house and would need a fair whack of work. How would I be best to finance this.

Eric Cartman

Eric Cartman wrote: »

Im looking to mortgage a property that is not liveable , its 160k asking so all works out without exemptions and craic and 105 is not hard to come by , but the building at present isnt technically a residential house and would need a fair whack of work. How would I be best to finance this.

EBS will mortgage a house like this.
Looked into it recently myself but unfortunately the figures didnt add up

AndreaSoly

Hi,
I am sorry, it's not going to be answer for your question but I would like to know what happens if we pay the 10% deposit on a new built house (expected to be completed in July) and once it's built the lender (bank) says that they won't lend the money for this house because they see issues with the structure etc. Can I reqquest back the 10% deposit I paid?
Thanks!
Andrea

Graham

Mod Note

AndreaSoly,welcome to Boards. I have moved your post to a more relevant thread.

wally79

AndreaSoly wrote: »

Hi,
I am sorry, it's not going to be answer for your question but I would like to know what happens if we pay the 10% deposit on a new built house (expected to be completed in July) and once it's built the lender (bank) says that they won't lend the money for this house because they see issues with the structure etc. Can I reqquest back the 10% deposit I paid?
Thanks!
Andrea

You need to make sure you have a “subject to loan” clause in the contract

If you have a good solicitor they can spot things like this

A lot of developers are not including this clause and it would mean your deposit would be at risk if the bank would not give you the mortgage

Glen_Quagmire

Do people typically take on the snagging themselves if they know a bit about building or is it wise to pay someone to do it?

awec

Glen_Quagmire wrote: »

Do people typically take on the snagging themselves if they know a bit about building or is it wise to pay someone to do it?

I would pay someone to do it. Knowing "a bit" about building doesn't sound like someone qualified to identify all potential issues in all areas of a newly built property.

Glenbhoy

Glen_Quagmire wrote: »

Brilliant, I didn't know it was extended. My mortgage is for 90% so I am in the bracket for cashback

Yes, no difference there, loan to value only impacts mortgage rates offered, typically lower rates for up to 80% etc to reflect the lower exposure the bank has.

Frank Castle

Glen_Quagmire wrote: »

Do people typically take on the snagging themselves if they know a bit about building or is it wise to pay someone to do it?

Depends on what you define as a 'bit'. I did my own, but then I knew what to look out for and how to snagg.

There is plenty of advice out there on how to snagg yourself, but if you are unsure at all then get someone else to do it.
Especially if it is not a new build house, there is a lot more to be wary of when buying an older house.

lillycakes2

We have got a quote for a self build 225,000. we can borrow up to 275,000. how much do ye recommend we borrow with this quote, kitchen not included or furniture obviously ? anyone any advice ?

GingerLily

The bank will factor in an overspend anyway of 10-20%, so you're probably going to need the full mortgage amount!

Monife

lillycakes2 wrote: »

We have got a quote for a self build 225,000. we can borrow up to 275,000. how much do ye recommend we borrow with this quote, kitchen not included or furniture obviously ? anyone any advice ?

I'm looking to self-build too. If you have any tips or advice on the process, it would be much appreciated.

Prospector1989

Question guys, we've been approved for a mortgage with PTSB to buy the place we're living in. The bank have a valuer coming out on Thursday.
I'm just wondering what's the next step. I'm assuming they will be in touch with regards house insurance, mortgage protection etc? Should we be looking into this now? Is there anything people can recommend we do to expedite the process after this.

I understand these things will obviously take time, I just don't want any delays to be on our heads.

Cheers
P

amcalester

Prospector1989 wrote: »

Question guys, we've been approved for a mortgage with PTSB to buy the place we're living in. The bank have a valuer coming out on Thursday.
I'm just wondering what's the next step. I'm assuming they will be in touch with regards house insurance, mortgage protection etc? Should we be looking into this now? Is there anything people can recommend we do to expedite the process after this.

I understand these things will obviously take time, I just don't want any delays to be on our heads.

Cheers
P

Sort out your mortgage protection, as this is could be an issue if you have any medical issues.

House insurance can be sorted with a phone call.

Other than that keep on top of the bank and make sure that they have everything they need. Get PTSB to list everything that’s outstanding in an email so you can cross them off.

But remember, doesn’t matter what you do something will delay things.

Prospector1989

amcalester wrote: »

Sort out your mortgage protection, as this is could be an issue if you have any medical issues.

House insurance can be sorted with a phone call.

Other than that keep on top of the bank and make sure that they have everything they need. Get PTSB to list everything that’s outstanding in an email so you can cross them off.

But remember, doesn’t matter what you do something will delay things.

Thanks amcalester.
Yeah we know there will inevitably be some delays just want to minimise any delays from our side.
Appreciate the advice!
P

Phillip k

Hi I'm just wondering would I be better to get a loan from credit union as myself and partner are going to build or own home in kildare on a part of land my family own .

TedsRevengeP

Hi guys,

We're using the Help to Buy scheme and have our mortgage paperwork together. We were about to proceed with a broker but somebody has told us if we use a broker there are disadvantages. For instance, with EBS if you go through a broker you lose access to the 3% cashback.

Does anybody know if this is true? We thought there was no disadvantage to using a broker.

Thanks

ILikeBoats

We used a broker and PTSB gave us our 2% cashback, sorry can't comment on EBS

Prospector1989

ILikeBoats wrote: »

We used a broker and PTSB gave us our 2% cashback, sorry can't comment on EBS

We're going through a broker at the moment as well and he confirmed we'll be receiving 2% from PTSB provided our offer doesn't fall through. Would be surprised if any banks excluded such an offer for going through a broker.

NearlyForty

Can I ask.. On approval of your mortgage by a bank, what type of income are ye on in general? Are many of ye (as couples) earning over the 80k mark? We earn around the 75k a year between us (with kids but no childcare or loans) and I’m worried that no bank will look at us

Samuel T. Cogley

NearlyForty wrote: »

Can I ask.. On approval of your mortgage by a bank, what type of income are ye on in general? Are many of ye (as couples) earning over the 80k mark? We earn around the 75k a year between us (with kids but no childcare or loans) and I’m worried that no bank will look at us

Why wouldn't they? The only issue you'll have is the 3.5 rule but depending on where you are that may not be an issue. And the deposit of course.

Prospector1989

NearlyForty wrote: »

Can I ask.. On approval of your mortgage by a bank, what type of income are ye on in general? Are many of ye (as couples) earning over the 80k mark? We earn around the 75k a year between us (with kids but no childcare or loans) and I’m worried that no bank will look at us

Up until last week (I just got a promotion), we were on less than that, and were being offered an exemption of 4 times our salary
No kids but the salary wasn't an issue for the bank anyway.

Samuel T. Cogley

Prospector1989 wrote: »

Up until last week (I just got a promotion), we were on less than that, and were being offered an exemption of 4 times our salary
No kids but the salary wasn't an issue for the bank anyway.

Congrats.

spoonerhead

Prospector1989 wrote: »

We're going through a broker at the moment as well and he confirmed we'll be receiving 2% from PTSB provided our offer doesn't fall through. Would be surprised if any banks excluded such an offer for going through a broker.

If you also open a permanent tsb explore account, you’ll receive 2% cash back on each Repayment up until 2027