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

Interested Observer

Glen_Quagmire wrote: »

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

Should only be a couple of days.

Creamy Goodness

It’s as fast as any normal bank transfers. It’s getting the humans to do it is the problem

Interested Observer

Glen_Quagmire wrote: »

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

Should only be a couple of days.

Prospector1989

Glen_Quagmire wrote: »

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

In the same position ourselves. Solicitor contacted the bank on Friday, however our mortgage protection wasn't confirmed until Monday. Hopefully as others have stated it's a quick enough process and we will hear something today or tomorrow.

Good luck!

Lux23

We went for a meeting with a Ulster Bank Mortgage Advisor last Tuesday, and they said they would get the Approval in Principle letter to us in a day or two. Its now 5/6 working days, would the day or two be just a phrase or how long should it normally take? My partner's wage is up and down with bonuses etc. so that might be slowing it down? Should I be worried?

deisedude

Lux23 wrote: »

We went for a meeting with a Ulster Bank Mortgage Advisor last Tuesday, and they said they would get the Approval in Principle letter to us in a day or two. Its now 5/6 working days, would the day or two be just a phrase or how long should it normally take? My partner's wage is up and down with bonuses etc. so that might be slowing it down? Should I be worried?

Depends if it is underwritten or not. If its not underwritten then 1-2 days is right. If it is underwritten it could take 5-6 days

Prospector1989

deisedude wrote: »

Depends if it is underwritten or not. If its not underwritten then 1-2 days is right. If it is underwritten it could take 5-6 days

This. Found underwriting extremely slow with UB. We would get back to them with any extra information within an hour, but we'd be put back to the bottom of the pile and be waiting 2 weeks at times to hear back.

Lux23

deisedude wrote: »

Depends if it is underwritten or not. If its not underwritten then 1-2 days is right. If it is underwritten it could take 5-6 days

They said they would do a full credit check, is that the same thing as underwritten?

Bluefoam

Lux23 wrote: »

They said they would do a full credit check, is that the same thing as underwritten?

Usually if they require a full credit check they leave it to you to provide, they don't want to be stung with the €16 fee... But a check can take about a week, so I wouldn't fret too much unless you have some skeletons in the closet (wardrobe).

Dolbhad

deisedude wrote: »

Depends if it is underwritten or not. If its not underwritten then 1-2 days is right. If it is underwritten it could take 5-6 days

We had AIP with another back but had loan offer issued but UB. Our AIP was with AIB which was 24 hours. However than was the exception rather than norm. Took 3.5 weeks to have loan offer issued by UB. Broker said UB are the slowest to issue AIP and loan offfers but are quicker on the other side

Prospector1989

Bluefoam wrote: »

Usually if they require a full credit check they leave it to you to provide, they don't want to be stung with the €16 fee... But a check can take about a week, so I wouldn't fret too much unless you have some skeletons in the closet (wardrobe).

This is free. Bank did a credit check on us. I also requested one for my own records

Lux23

Bluefoam wrote: »

Usually if they require a full credit check they leave it to you to provide, they don't want to be stung with the €16 fee... But a check can take about a week, so I wouldn't fret too much unless you have some skeletons in the closet (wardrobe).

I have missed loan payments from 2014 when I was out of work, but a clean ever since then. I will just have to wait and see. The loan was closed in 2015, so its probably still on the report.

TheShow

niamhzie wrote: »

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?

Sounds like Irish life, I had a similar situation.
Agreed on a time for her to call me. She rang ten mins later than the agreed time so I refused the call and arranged cover via a broker almost instantly over the phone.

hanaimai

Lux23 wrote: »

I have missed loan payments from 2014 when I was out of work, but a clean ever since then. I will just have to wait and see. The loan was closed in 2015, so its probably still on the report.

Did the mortgage advisor know about the missed loan payments? If not, that probably is what's holding it up. That said, a week or so wouldn't be out of the ordinary for underwritten AIP regardless.

Lux23

Nope. I wasn't sure whether to tell him or not. In hindsight, I probably should have.

Dolbhad

Lux23 wrote: »

Nope. I wasn't sure whether to tell him or not. In hindsight, I probably should have.

My partner had missed some car payments but was a years ago. We told the broker but broker said if it didn’t come up on the credit check it’s too old and won’t be an issue for the bank.

Lux23

Dolbhad wrote: »

My partner had missed some car payments but was a years ago. We told the broker but broker said if it didn’t come up on the credit check it’s too old and won’t be an issue for the bank.

I think mine are just over 5 years ago, but the loan was only closed 4 years ago. It might still be a problem. I shall have to wait and see.

rthosemytoes

deisedude wrote: »

Depends if it is underwritten or not. If its not underwritten then 1-2 days is right. If it is underwritten it could take 5-6 days

Excuse my ignorance, but whats the difference?

Phileas Frog

rthosemytoes wrote: »

Excuse my ignorance, but whats the difference?

If it's not underwritten, it's not worth the paper it's written on.

awec

rthosemytoes wrote: »

Excuse my ignorance, but whats the difference?

Underwritten basically means the relatively senior people in the bank who have the power to give you huge sums of money for your mortgage have signed off on your application.

The people who make these decisions don't tend to meet every day, so it can sometimes take a week or two to hear back.

Vicxas

Howdy folks.

We've been given our approval for our mortgage but I'm a little confused on when we select a solicitor. When do they need to be paid?

awec

Vicxas wrote: »

Howdy folks.

We've been given our approval for our mortgage but I'm a little confused on when we select a solicitor. When do they need to be paid?

You don't need to select a solicitor until you actually find a house. I would wait anyway and pick one in the same general area as your new house, it can be beneficial IMO to have a solicitor that's familiar with your development and has had dealings with your developer in the past.

You pay them at the very end of the process, when you're getting the keys.

Vicxas

awec wrote: »

You don't need to select a solicitor until you actually find a house. I would wait anyway and pick one in the same general area as your new house, it can be beneficial IMO to have a solicitor that's familiar with your development and has had dealings with your developer in the past.

You pay them at the very end of the process, when you're getting the keys.

Aye they're the solicitors that have dealt with the developers and realtor.

Would they wait until the 2% cashback has been deposited into our account or is that a bit unrealistic

Creamy Goodness

Vicxas wrote: »

Would they wait until the 2% cashback has been deposited into our account or is that a bit unrealistic

Would you wait? The solicitor definitely will not. The bank will want to see money in your accounts to pay the solicitor.

awec

Vicxas wrote: »

Aye they're the solicitors that have dealt with the developers and realtor.

Would they wait until the 2% cashback has been deposited into our account or is that a bit unrealistic

Not sure if each solicitor does it differently but payment is part of the terms of closing with ours, so you wouldn't be able to wait on the cashback.

Glen_Quagmire

Is it typical to pay the valuator before they complete the valuation?

We are arranging our house to be valuated and the valuator has already issued us a fee note but won't be completing the valuation until next week or the week after

rthosemytoes

awec wrote: »

Underwritten basically means the relatively senior people in the bank who have the power to give you huge sums of money for your mortgage have signed off on your application.

The people who make these decisions don't tend to meet every day, so it can sometimes take a week or two to hear back.

Thanks! So if it's not underwritten and you get AIP in just a couple of days, then can this be revoked once it is underwritten even after you may have gone sale agreed? I know AIB are telling people they can get approval that quickly, so is it likely those approvals are not underwritten?

Creamy Goodness

rthosemytoes wrote: »

Thanks! So if it's not underwritten and you get AIP in just a couple of days, then can this be revoked once it is underwritten even after you may have gone sale agreed? I know AIB are telling people they can get approval that quickly, so is it likely those approvals are not underwritten?

don't go sale agreed without an underwritten AIP, I'd be super surprised if the seller's solicitor would even let you. The AIP that you get in 1-2 days is basically just a print out confirming what the online calculators say.

AIP when it's being underwritten can be revoked, can be amended, basically when buying a house it's squeaky bum time until you get the physical keys in your hands.

Mushy

Been a fun 5-6 weeks. Saw house (new build), booking deposit down, then juggling mortgage application and Revenue for HTB. Got informed this week that letter of offer will be issued by AIB once some details confirmed (term, rates, address). Solicitor had contracts since last week.

Looking good for July/August move date, don't think much can delay it. Saw house today, kitchen was measured out before we arrived, so it's that, final electrics, painting....and all the bank/solicitor stuff to finalise

Dolbhad

Vicxas wrote: »

Howdy folks.

We've been given our approval for our mortgage but I'm a little confused on when we select a solicitor. When do they need to be paid?

I didn’t know what fees would be so when I got AIP I rang some solicitors. The one I have said they couldn’t give me a exact quote but said once I find the house email it though. They were able to take me through the steps and since I was looking at second hand property, the things to look out for and auctioneer. That alone was worth its weight in gold.

Also if you have a local solicitor who has bought and sold houses or if in a new build, they have dealt with the builder so they do have an idea of any issues or delays that are possible. We then looked at a new build and could deal me the engineers who were looking at houses there who would be familiar with it.

I think like everything you get good and bad solicitors - so recommendations are key. Ask family and friends. Do try talk to the solicitor beforehand on phone to get an idea. If their too busy for new business, may be too busy to deal with your file!

Our solicitor looked for a Deposit at the start and rest was to be made when requesting funds from bank to close. We decided not to go ahead with the new build but legal work was done so solicitor just took some of the deposit to reflect work then and paid us the rest back.

AIB give us AIP in around 24 hours. It did go to underwriter apparently cause the queried something. But I had originally met with the bank beforehand to figure out and they did the online thing and told me what documents I need to support it so maybe that’s why it was so quick.