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

TomasMacR

Santy2015 wrote: »

Hi, me and my fiancée are currently saving up to buy our first home. I would like a few ideas as to what we should have saved to cover all costs with buying a house deposit, stamp duty etc.. I understand that we can get a mortgage of €130000/€140000 as herself has a car loan at present. We are saving €250 a week at the moment. We have about €7000 saved so far. Any help would be greatly appreciated.
Thanks

Did you ever get your house OP?

Interested Observer

McGinty2016 wrote: »

Hi All, just gone Sale Agreed on a house last week (all thanks to killers1 getting us LTI exemption).
Anyway, just wondering what the process is from now....
We've transferred booking deposit to EA and got email yesterday confirming whats included in sale. We've notified him of our Solicitor as well. Still waiting to hear back from him on access for a surveyor and haven't heard from the bank yet about their valuer (killers1 sent details of the property to the bank last week).
FTB so no idea how slow the whole process takes but EA already proven difficult to get in touch with and had to be pushed to get the confirmation email over.
Seller is sale agreed on another property so i'm hoping things will move quickly.....

I've just come through the process myself.

Get a surveyor, start looking into home insurance and mortgage protection, and be prepared to wait around for stuff to happen, a lot. It'll feel like things are getting delayed for no reason at all but it'll be another couple of months before you're in most likely. So you have to have some patience.

Kauto0709

Hi there, first post on here. So I have my mortgage approval in principle and have found a house I'd love to buy. There had been no offers on the house yet so I put in an offer below the asking price via e-mail as requested by the estate agent. He just replied saying he had my bid and had logged it. So what now....does he just wait to see if he gets a better offer? Should he get back to me with a yay or nay within a certain time period or is it just an endless waiting game? I presume he will tell me if he gets a higher offer? I'm very new to all this so feeling a bit out of my depth. TIA.

Interested Observer

Kauto0709 wrote: »

Hi there, first post on here. So I have my mortgage approval in principle and have found a house I'd love to buy. There had been no offers on the house yet so I put in an offer below the asking price via e-mail as requested by the estate agent. He just replied saying he had my bid and had logged it. So what now....does he just wait to see if he gets a better offer? Should he get back to me with a yay or nay within a certain time period or is it just an endless waiting game? I presume he will tell me if he gets a higher offer? I'm very new to all this so feeling a bit out of my depth. TIA.

It's up to the vendor to accept the bid or not, and I would say its unlikely if its the first bid and below asking. The EA should let you know if you've been outbid. But yeah you're basically just waiting, it takes as long as it takes for a seller to accept an offer.

hairyprincess

Is a child no longer classed as a dependent once they are eighteen or is it a bit more nuanced than that?

Prospector1989

Prospector1989 wrote: »

Letter of Offer/Loan Pack arrived with the solicitor today. (She's out of the office today unfortunately).
We're sorting Mortgage Protection and House Insurance as we speak.
We're already living in the house we're buying.

Just wondering what should we expect in term of the process over the next few days.
Will we be asked for any more documents etc?

After a slight delay in confirming our Mortgage Protection (tests required), our solicitor has informed us that she has requested the funds from the bank (Ulster Bank).

She's optimistic we should be done by late this week/early next.

What are people's experiences with this stage of the process?

Mickiemcfist

hairyprincess wrote: »

Is a child no longer classed as a dependent once they are eighteen or is it a bit more nuanced than that?

I think it's while they're in full time education

tobsey

Mickiemcfist wrote: »

I think it's while they're in full time education

Or until the age of 21, whichever comes first.

dirkmeister

Hi folks.

We are currently bidding on a house that the offers are piling in for.

The EA asked us to send on our next bid along with our AIP letter.

Should we redact the amount we have AIP for? I’m confused slightly. I don’t know do I want to EA to know how much we have to play with.

Any help greatly appreciated.

awec

Yes redact it.

Veledan22

dirkmeister wrote: »

Hi folks.

We are currently bidding on a house that the offers are piling in for.

The EA asked us to send on our next bid along with our AIP letter.

Should we redact the amount we have AIP for? I’m confused slightly. I don’t know do I want to EA to know how much we have to play with.

Any help greatly appreciated.

I redacted it from mine for that very reason. You’re undermining your negotiating position if they know your budget.

Evenstevens

Yes I would never tell an EA what my budget is.

dirkmeister

Thanks a million everyone.

We have made a counter offer and emailed on our AIP letter.

Fingers crossed!

Paul_Mc1988

I redacted also but i hasn't really helped on the house im currently bidding on. Bidding has gone from 360K to 410K in a week

Natashaw88x

Glen_Quagmire wrote: »

We bought off the plans so we had no physical house to valuate. My understanding was the house was to be valuated near completion so I am assuming this is done at the same time the house is made available for snagging but unsure?

Our house was only foundations when we had it valued. We will need to get a new valuation before draw down.

Thargor

I just got a raise at work, unexpected, it's pretty significant but the first pay cheque at the new level won't appear until the end of May. I was planning to speak to AIB, BoI and EBS this week about a mortgage. Should I hold off until I have a few payslips at the new level or will one be enough? Paid monthly.

Related question, I'll get another raise next Christmas, if I get approval this Summer for 3.5 my current wages will it be much work to increase it after the next raise? Will I have to reapply all over again?

TheShow

Thargor wrote: »

I just got a raise at work, unexpected, it's pretty significant but the first pay cheque at the new level won't appear until the end of May. I was planning to speak to AIB, BoI and EBS this week about a mortgage. Should I hold off until I have a few payslips at the new level or will one be enough? Paid monthly.

Related question, I'll get another raise next Christmas, if I get approval this Summer for 3.5 my current wages will it be much work to increase it after the next raise? Will I have to reapply all over again?

Salary cert and 1 payslip at the increased amount will cover it off.

could be bothersome to increase, particularly if you are close to closing.

Prospector1989

Thargor wrote: »

I just got a raise at work, unexpected, it's pretty significant but the first pay cheque at the new level won't appear until the end of May. I was planning to speak to AIB, BoI and EBS this week about a mortgage. Should I hold off until I have a few payslips at the new level or will one be enough? Paid monthly.

Related question, I'll get another raise next Christmas, if I get approval this Summer for 3.5 my current wages will it be much work to increase it after the next raise? Will I have to reapply all over again?

We got an offer off a bank, in the meantime I got a raise, bank improved the offer after I got them an updated salary cert. They didn't request any further payslips.

Izzie99

Thargor wrote: »

I just got a raise at work, unexpected, it's pretty significant but the first pay cheque at the new level won't appear until the end of May. I was planning to speak to AIB, BoI and EBS this week about a mortgage. Should I hold off until I have a few payslips at the new level or will one be enough? Paid monthly.

Related question, I'll get another raise next Christmas, if I get approval this Summer for 3.5 my current wages will it be much work to increase it after the next raise? Will I have to reapply all over again?

Depends on the bank, I needed an updated salary cert and also two months payslips

Creamy Goodness

TheShow wrote: »

Salary cert and 1 payslip at the increased amount will cover it off.

could be bothersome to increase, particularly if you are close to closing.

I had similar with AIB, salary increased but they suggested I didn't get re-assessed as they had changed the discretionary income rules from the time I got AIP and I may not qualify for the same amount (original AIP had an LTI exception). In the end I didn't need it.

niamhzie

Getting a quote for mortgage cover.... The agent needs to book a 30 min Skype call with me to go through all the details, they only work business hours and she's not impressed that I'm trying to fit it into my lunch hour.

All the mortgage providers are big into promoting their flexibility, late hours, Saturdays etc. I wonder if the ancillary providers (solicitors, insurers, etc) will ever follow suit?

Phileas Frog

How long does it usually take for an EA to issue a sales advice letter after the booking deposit is paid?

Dolbhad

Phileas Frog wrote: »

How long does it usually take for an EA to issue a sales advice letter after the booking deposit is paid?

Usually as soon as they have all the details ie your solicitor details and sellers solicitor details I’d expect you should have it within a day or two provided sellers have appointed solicitors

whatever76

folks - advice on mortgage protection ; got a quotes online with Lion.ie and Royal London came back as cheapest(- any gottchas going with Royal liver ?

My mortgage is with BOI - New ireland is 2 euro dearer so not sure if am best keeping to same bank more or less ?

thx!

Dolbhad

whatever76 wrote: »

folks - advice on mortgage protection ; got a quotes online with Lion.ie and Royal London came back as cheapest(- any gottchas going with Royal liver ?

My mortgage is with BOI - New ireland is 2 euro dearer so not sure if am best keeping to same bank more or less ?

thx!

It would be easier and quicker to go with same bank as documents tend to be all done internally but then €2 a month over the lifetime of the policy can add up. I had gotten a broker for a mortgage and used them for life insurance. Had looked around other places but had found I was getting bad advice that was costing me more for the policy - our sale never went through so didn’t activate the policy but go with whatever suits you best.

0gac3yjefb5sv7

Dolbhad wrote: »

Usually as soon as they have all the details ie your solicitor details and sellers solicitor details I’d expect you should have it within a day or two provided sellers have appointed solicitors

Is that the next step after booking deposit? Paid booking deposit and gave details of solicitor about 10 days ago ..

hanaimai

whatever76 wrote: »

folks - advice on mortgage protection ; got a quotes online with Lion.ie and Royal London came back as cheapest(- any gottchas going with Royal liver ?

My mortgage is with BOI - New ireland is 2 euro dearer so not sure if am best keeping to same bank more or less ?

thx!

Note that if you go with the insurance provider linked to your bank you may run into issues if you ever want to switch mortgage in the future. Your policy would be linked to the original lender and may not be transferable to a new lender, meaning you'd have to take out a new policy which might be more difficult in the future if you have health problems etc. The safest bet is to arrange your own cover and this can be easily assigned to a new lender if you wish in the future.

Glen_Quagmire

How long does it typically take to draw down the mortgage once your solicitor contacts the bank to release the funds?

Dolbhad

Pheonix10 wrote: »

Is that the next step after booking deposit? Paid booking deposit and gave details of solicitor about 10 days ago ..

Once you have gone sale agreed you need to pass on solicitors details and details of the property to your bank and have a chat with them about getting the loan offer issued to the solicitor. They bank will need to send a valuer out. You should also get an engineer to inspect the property if it’s a second hand property. Your solicitor will need to get contracts and legal documents from sellers solicitor - that depends on how organised the sellers are so that’s a check in with solicitor and if they don’t have contracts get on to auctioneer to have them put pressure on sellers.

Dolbhad

Glen_Quagmire wrote: »

How long does it typically take to draw down the mortgage once your solicitor contacts the bank to release the funds?

I think that’s a depends on the bank and are busy they are but if everything is in order, it should only take a few days. Banks are slow moving. Solicitor has to post it in, then gets scanned on their system and then someone looks at it to check it off. Our solicitor said always about a 3 day lag from when they send somerthing in to when it’s check off by bank.