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

Dolbhad

Interested Observer wrote: »

Yes, there's nothing wrong with going with a broker paid by the banks. One thing an applicant might want to check is the broker has the same commission with all the banks, so they've no vested interest in going with one bank over another, but that's it imo.

But no matter how the broker gets paid they have a vested interest in getting you a mortgage. If they take money from the applicant up front but don't do their job very well, they won't be in business for long. I used a broker and it was the best decision I made in this whole process. If I ever move house I'm going straight back to her.

I also used a broker and she was amazing. I was looking for an exemption and she was able to immediately tell me which bank would give me the biggest exemption and which one would be best then based on rates. I’m sure the commission is the same for all brokers which is 1% of mortgage drawdown. She was very upfront with fees. At the time we had a property in mind so I didn’t have time to go to all the banks as I needed an exemption. Maybe next time if I’m not caught on time I might do the banks individually. But I found everything moved quickly. Only thing to note is if you move bank within 3 years there is a clawback on their fee.

awec

Dolbhad wrote: »

I also used a broker and she was amazing. I was looking for an exemption and she was able to immediately tell me which bank would give me the biggest exemption and which one would be best then based on rates. I’m sure the commission is the same for all brokers which is 1% of mortgage drawdown. She was very upfront with fees. At the time we had a property in mind so I didn’t have time to go to all the banks as I needed an exemption. Maybe next time if I’m not caught on time I might do the banks individually. But I found everything moved quickly. Only thing to note is if you move bank within 3 years there is a clawback on their fee.

Are brokers really getting as much as 1%?

deisedude

Blanco100 wrote: »

what happens in relation to letter of offer? we were told its with underwriters since 21st June, what is exactly happening at this stage?

are they only doing relevant checks now? all this info was provided weeks ago in application process. We are borrowing well below our combined salary x 3.5 max approval amount for what its worth.

Probably just a backlog of applications with the bank. We were a few weeks waiting for ours

rd1izb7lvpuksx

Can anyone recommend a mortgage broker for a self-employed company director in the software industry?

Dolbhad

awec wrote: »

Are brokers really getting as much as 1%?

That’s what was on our loan offer with Ulster Bank - it was 1% of the value of the mortgage and broker said that’s stranded. She was up front on fees. So they make a nice fee as our solicitor wasn’t charging 1% of the value of property but a fix rate which was lower than that.

But I think that’s why people lean towards brokers if your self employed or have potentially problems with application form. One bank may not have an issue with something another bank does. If your straight forward case, then go directly to the banks.

I would caution applying online for a mortgage. A friend did that and she had an issue with a qualification on title her solicitor had to put in. When she was trying to put pressure on the bank to review it, it was difficult as she didn’t have one point of contact who could escalate it. Her and her solicitor would need to ring the central place and every time, they were speaking to someone new and had to outline the problem every time. It just wasted time.

cbrbob94 wrote: »

Me and the missus are on ~€60000 basic combined and about €68000 with our bonus.

We had similar combined income and got an exemption. Wasn’t 4.5x but had 3.7x and 4x times. But it’s not just income that’s a factor, what to you work as, what are your savings every month, are you above the stress test, other loans etc all factor into an exemption I felt.

Donny345 wrote: »

Can anyone recommend a mortgage broker for a self-employed company director in the software industry?

Where are you based?

Looly8726

Blanco100 wrote: »

what happens in relation to letter of offer? we were told its with underwriters since 21st June, what is exactly happening at this stage?

are they only doing relevant checks now? all this info was provided weeks ago in application process. We are borrowing well below our combined salary x 3.5 max approval amount for what its worth.

So for us we went in to the bank got AIP with a long list of conditions attached to the end of it. Basically wasn’t worth the paper it was written on as it wasn’t underwritten. We then started the process of underwritten approval and had to submit all the relevant documents and it took about 3 weeks all in all to get underwritten AIP as they kept requesting more information and clarification etc. it was 3 days from the last document being submitted to them to get u/w AIP. Underwritten AIP has only maybe 2 or no conditions at all and very easy ones (ours was to clarify our PPS numbers and solicitors details).
After this we sent them all the details of the property etc. (again!) and within about a week we had the letter of offer.
Are you doing it through the new App? If you call head office and give your reference number they are quite helpful. Someone forgot to send us a message when the u/w AIP was uploaded and we were waiting needlessly for days until I rang them.

dudara

Aiyana Mysterious Apathetic wrote: »

Can anyone recommend a mortgage broker for a self-employed company director in the software industry?

I’ll PM you a recommendation.

Blanco100

Looly8726 wrote: »

So for us we went in to the bank got AIP with a long list of conditions attached to the end of it. Basically wasn’t worth the paper it was written on as it wasn’t underwritten. We then started the process of underwritten approval and had to submit all the relevant documents and it took about 3 weeks all in all to get underwritten AIP as they kept requesting more information and clarification etc. it was 3 days from the last document being submitted to them to get u/w AIP. Underwritten AIP has only maybe 2 or no conditions at all and very easy ones (ours was to clarify our PPS numbers and solicitors details).
After this we sent them all the details of the property etc. (again!) and within about a week we had the letter of offer.
Are you doing it through the new App? If you call head office and give your reference number they are quite helpful. Someone forgot to send us a message when the u/w AIP was uploaded and we were waiting needlessly for days until I rang them.

yeah we are using the app. we have provided all of our docs after AIP.

Bank statements, p60s, savings proof you name it. It was confirmed our standard docs were in order, we were asked about what term and rate (fixed or variable) we wanted.

Once we confirmed that they asked if we wished to move to letter of offer stage. We said yes, and now its with under writers apparently, just wondering whats next seems like We provided every piece of documentation to be honest was pretty comprehensive

Compak

Blanco100 wrote: »

yeah we are using the app. we have provided all of our docs after AIP.

Bank statements, p60s, savings proof you name it. It was confirmed our standard docs were in order, we were asked about what term and rate (fixed or variable) we wanted.

Once we confirmed that they asked if we wished to move to letter of offer stage. We said yes, and now its with under writers apparently, just wondering whats next seems like We provided every piece of documentation to be honest was pretty comprehensive

What's the app people are using?

Same boat here. Guessing we are experiencing the effects of people being on holiday/ holiday mode.

Corruptedmorals

The AIB mortgage app, I think. For uploading all documents and messaging them directly. It is brilliant I have to say and they send a text through any time they have a request or an update in the app. Ours is not with the underwriters a week yet so being patient here but they did send a message on Monday to clarify that they have all they need and that the letter will issue 'very shortly' so I'm happy enough with that.

123Vicki

At snagging stage now and trying to get quotes and someone booked. What would the rough price be for a 4 bed new build? Also does anyone have recommendations? Property is in Meath 15 mins from Blanchardstown. Thanks 😀

niamhzie

123Vicki wrote: »

At snagging stage now and trying to get quotes and someone booked. What would the rough price be for a 4 bed new build? Also does anyone have recommendations? Property is in Meath 15 mins from Blanchardstown. Thanks ��

We paid 170 to snag a 3 bed. I presume it would be less than 200 for a 4 bed? We were meant to get an acquaintance to do it but I think he was away at the time, our builders were quite last minute with giving their availability but we needed the process to keep moving so went ringing everyone we could find on Google! Pm me if you want this guy's details, he was a really nice man to deal with, sent a thorough snag list w photos

123Vicki

niamhzie wrote: »

We paid 170 to snag a 3 bed. I presume it would be less than 200 for a 4 bed? We were meant to get an acquaintance to do it but I think he was away at the time, our builders were quite last minute with giving their availability but we needed the process to keep moving so went ringing everyone we could find on Google! Pm me if you want this guy's details, he was a really nice man to deal with, sent a thorough snag list w photos

Yes please if you could PM that would be great thanks

RVN10

Getting a bit worried I’m just over a week away from my 6 month offer , my new house is literally just finished and we are awaiting for. Homebond to issue the final cert to complete drawdown. I’m starting to freak out because the bank won’t review final documents until the last one is in and they saying this takes 5 working days.

Has anyone been in this situation I’m really feeling the stress of it all nor to be honest and we really can’t afford to miss the expiry Saturday week

tobsey

RVN10 wrote: »

Getting a bit worried I’m just over a week away from my 6 month offer , my new house is literally just finished and we are awaiting for. Homebond to issue the final cert to complete drawdown. I’m starting to freak out because the bank won’t review final documents until the last one is in and they saying this takes 5 working days.

Has anyone been in this situation I’m really feeling the stress of it all nor to be honest and we really can’t afford to miss the expiry Saturday week

Has there been a change in your circumstances? If not then it should be a very simple process to extend the approval

RVN10

its More the length of time it could take that worries me more so , as the bank will require new documents etc

TheSheriff

Would anyone on here have any experience of getting a mortgage for two when one party is a civil servant on a fixed term contract ? Any experiences of something similar appreciated - or if anyone knows of any good brokers who have knowledge of this please pm!

Phileas Frog

Any idea how long it takes to get a booking deposit back after pulling out?

Dolbhad

Phileas Frog wrote: »

Any idea how long it takes to get a booking deposit back after pulling out?

Should be within a few days. Sometimes auctioneers will wait until the solicitor confirms they have received the contracts and documents but you in reality should not be waiting more than a week.

Dolbhad

TheSheriff wrote: »

Would anyone on here have any experience of getting a mortgage for two when one party is a civil servant on a fixed term contract ? Any experiences of something similar appreciated - or if anyone knows of any good brokers who have knowledge of this please pm!

Not personally but I’ve seen on boards over the years if the fixed term as been rolled over a few times it’s not an issue. If your on your own first fix term contract (regardless of the role) it could be an issue for the bank. You might state where you are so if people know brokers in the area they could PM you.

og2k7

Phileas Frog wrote: »

Any idea how long it takes to get a booking deposit back after pulling out?

When we pulled out it took well over 2 weeks

D*ckheads sent a cheque to our solicitor (up to 5 days to clear) and then issued another one, this time in my name

Dolbhad

og2k7 wrote: »

When we pulled out it took well over 2 weeks

D*ckheads sent a cheque to our solicitor (up to 5 days to clear) and then issued another one, this time in my name

Good point. I had our cheque made out payable to us but maybe pass on bank details to auctioneer and ask for EFT

og2k7

Dolbhad wrote: »

Good point. I had our cheque made out payable to us but maybe pass on bank details to auctioneer and ask for EFT

Good luck

I asked them to send it to my acc and they flat out refused. The whole process was a complete s-show

Phileas Frog

The gowls haven't even acknowledged my withdrawal email from just under 2 weeks ago. I paid the booking deposit coming up to 3 months ago - on a new build - solicitors never received contracts nor a sale notice. Wholly unsatisfied with this estate agent.

On the other hand, I found another place to buy through a different agent - also a new build - got a sales notice about 20 mins after paying the booking deposit and contracts were received under a week later.

DOC2015

Just wondering if a parent could use their house as collateral for the deposit or part of a deposit for their child's mortgage?

Interested Observer

DOC2015 wrote: »

Just wondering if a parent could use their house as collateral for the deposit or part of a deposit for their child's mortgage?

How would that work? The deposit needs to be cash.

DOC2015

Not sure tbh, a friend had suggested it to me before. My guess is some sort of equity release setup. Sounds messy to be fair

og2k7

Phileas Frog wrote: »

The gowls haven't even acknowledged my withdrawal email from just under 2 weeks ago. I paid the booking deposit coming up to 3 months ago - on a new build - solicitors never received contracts nor a sale notice. Wholly unsatisfied with this estate agent.

On the other hand, I found another place to buy through a different agent - also a new build - got a sales notice about 20 mins after paying the booking deposit and contracts were received under a week later.

So quite typical: make sure the withdrawal email comes from your solicitor (as in binding etc) just to avoid the situation they say they have countersigned the contracts and you could loose your 10% (heard some stories about it too)

Phileas Frog

og2k7 wrote: »

So quite typical: make sure the withdrawal email comes from your solicitor (as in binding etc) just to avoid the situation they say they have countersigned the contracts and you could loose your 10% (heard some stories about it too)

This is the booking deposit, they never issued contracts after 3 months

scheister

DOC2015 wrote: »

Just wondering if a parent could use their house as collateral for the deposit or part of a deposit for their child's mortgage?

DOC2015 wrote: »

Not sure tbh, a friend had suggested it to me before. My guess is some sort of equity release setup. Sounds messy to be fair

My sister was suggesting this to my mother, what my sister was thinking is that i get my inheritance from the family home now to help me get on the ladder.

it is very messy, during the boom you had lender who would do equity release on the house but there was monthly payments with it and caused hassle if the price growth on house was not at least equal to the interest rate.