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

deisedude

Have got the loan offer and signed contracts.

We have money in our deposit account for solicitos fees and stamp duty. This muight be a silly question but can we withdraw some of the other money in our deposit account or is that still a no no until drawdown?

niamhzie

deisedude wrote: »

Have got the loan offer and signed contracts.

We have money in our deposit account for solicitos fees and stamp duty. This muight be a silly question but can we withdraw some of the other money in our deposit account or is that still a no no until drawdown?

Honestly I'd avoid if at all possible. I think waaaaay back earlier in this thread someone was asked about big spends from their savings, but in their case it was furniture/appliances for the house so they provided receipts and it was fine in the end.

Might be overly cautious but we personally aren't touching that money until we've keys in our hands

deisedude

niamhzie wrote: »

Honestly I'd avoid if at all possible. I think waaaaay back earlier in this thread someone was asked about big spends from their savings, but in their case it was furniture/appliances for the house so they provided receipts and it was fine in the end.

Might be overly cautious but we personally aren't touching that money until we've keys in our hands

Thanks for the feedback. We still have savings going into the account. Would it be alright if we reduced the level of savings going into the account?

We have been saving quite agressively to get the deposit, much more than the mortgage repayments will be.

We would need some of that money for kitting out the house too. Dont know how we will do it from current accounts as it is

niamhzie

deisedude wrote: »

Thanks for the feedback. We still have savings going into the account. Would it be alright if we reduced the level of savings going into the account?

We have been saving quite agressively to get the deposit, much more than the mortgage repayments will be.

We would need some of that money for kitting out the house too. Dont know how we will do it from current accounts as it is

I'd say chat with your lender on that one, I imagine reducing the amount you save is reasonable, as would be furnishing the house with your savings. Maybe someone else has experience on that one. We're almost completed with our house, plan to withdraw savings for the likes of carpets and furniture ASAP

Interested Observer

deisedude wrote: »

Thanks for the feedback. We still have savings going into the account. Would it be alright if we reduced the level of savings going into the account?

We have been saving quite agressively to get the deposit, much more than the mortgage repayments will be.

We would need some of that money for kitting out the house too. Dont know how we will do it from current accounts as it is

Your savings don't just accumulate into your deposit, they show your capacity to repay the mortgage. I'd be extremely cautious about changing the amount you're saving. I would get confirmation (in writing) from your lender that it's ok to be honest.

swarmberg

Interested Observer wrote: »

Your savings don't just accumulate into your deposit, they show your capacity to repay the mortgage. I'd be extremely cautious about changing the amount you're saving. I would get confirmation (in writing) from your lender that it's ok to be honest.

Would agree with this. I'm waiting on my house to be snag ready but in the meantime I haven't bought any furniture etc and left the deposit intact and the savings the same. Have picked out flooring , furniture etc so once we get the keys we will be ready to roll.

Creamy Goodness

you can often put down deposits on furniture, white goods etc. so that they're held in stock at the PowerCity/DFS/etc. and can be delivered the moment you get the keys all without dipping into your mortgage savings.

Corruptedmorals

Got loan of offer today...so AIB timeline was it was moved on to the underwriters on 27th June and officially received by them on 2nd July. Valuation has a backlog they told me of 8-10 working days.

Uglysoik1

Corruptedmorals wrote: »

Got loan of offer today...so AIB timeline was it was moved on to the underwriters on 27th June and officially received by them on 2nd July. Valuation has a backlog they told me of 8-10 working days.

Did you use the app to upload the required docs?

Corruptedmorals

Uglysoik1 wrote: »

Did you use the app to upload the required docs?

Yes for salary cert change/payslip change and for gift letters. P60s and original certs/payslips were all given in the original approval appointment. Love that app, wish there was one to show progress in the sale in general!

TheShow

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?

In a nutshell no.
the only way would be for them to release equity on their own property and give you the cash. i.e. they would need to top up or take out a mortgage on the property to do this.

If they are retired or approaching retirement they will not get a mortgage, and its doubtful that a lender would approve the facility for the purpose required.

Mushy

Corruptedmorals wrote: »

Got loan of offer today...so AIB timeline was it was moved on to the underwriters on 27th June and officially received by them on 2nd July. Valuation has a backlog they told me of 8-10 working days.

Cheers for that, I must give them a call. Snagging ours Saturday week, I was told the valuation process takes like 7 days from calling to it being approved and visible on app

swarmberg

Got word my house is ready for snagging in North Co Dublin. Anyone able to recommend a snagger / surveyor for the job?

Also how long after snagging would you expect a deal to close and have the keys? I'm aiming for end of August / early September. Is that too optimistic? 2 weeks builders holidays in between aswell.

amcalester

swarmberg wrote: »

Got word my house is ready for snagging in North Co Dublin. Anyone able to recommend a snagger / surveyor for the job?

Also how long after snagging would you expect a deal to close and have the keys? I'm aiming for end of August / early September. Is that too optimistic? 2 weeks builders holidays in between aswell.

Depends on what turns up during snagging.

I had my house snagged on a Wednesday and got keys on the Friday. My builder was very fastidious though (from talking to some of the subbies he was wrecking their heads with his fussiness) so there was very little on the snag list.

Orla h

Hi first time poster so hope ye dont mind me asking....we are first time buyers, building our own house (full planning and site in our name), we applied for mortgage through EBS (local office) for €275,000.
after an initial chat a few weeks back i dropped everything in on the 1st of July and the guy dealing with it had a couple of small queries and Igot an email on the 5th of July saying that "your case is submitted".
received a phone call on the 12th of July saying that "they" had come back with €261,000 (which is perfectly fine as we have a deposit and put in for a bit more than we needed in any event). he said he would confirm by email. he also rang my husband and my husband asked are we okay to start getting ready for the build and he said yes that if the site was what we said it was etc that we have got our mortgage.
got email this morning saying that that "as discussed the most EBS are willing to consider is €261,000" "In relation to the next steps, we need to get your Life Assurance, House Insurance and the exact loan figure required confirmed before we submit final application". does this mean we havent really been approved? anyone get anything like this and get turned down after?
id appreciate any feedback.

charlietheminxx

It sounds like you have been given "approval in principle" but not full mortgage approval, i.e. it has not yet been signed off by the underwriters. Give them a ring to see what else they need from you to get full approval. Obviously you can't have home insurance etc. in place yet so I'm not sure what that's about!

Orla h

thats what i was thinking but when he said it was "submitted" and "they" came back...i presumed it must have gone to underwriters......the stress of this and im only starting out! ill be grey :-) thanks for reply!

charlietheminxx

I'm telling you, I have a lot of white hairs from the last 6 months so you have my sympathy... and that's without managing a self-build!
Best of luck with it, hope it all goes well

Looly8726

Orla h wrote: »

Hi first time poster so hope ye dont mind me asking....we are first time buyers, building our own house (full planning and site in our name), we applied for mortgage through EBS (local office) for €275,000.
after an initial chat a few weeks back i dropped everything in on the 1st of July and the guy dealing with it had a couple of small queries and Igot an email on the 5th of July saying that "your case is submitted".
received a phone call on the 12th of July saying that "they" had come back with €261,000 (which is perfectly fine as we have a deposit and put in for a bit more than we needed in any event). he said he would confirm by email. he also rang my husband and my husband asked are we okay to start getting ready for the build and he said yes that if the site was what we said it was etc that we have got our mortgage.
got email this morning saying that that "as discussed the most EBS are willing to consider is €261,000" "In relation to the next steps, we need to get your Life Assurance, House Insurance and the exact loan figure required confirmed before we submit final application". does this mean we havent really been approved? anyone get anything like this and get turned down after?
id appreciate any feedback.

This sounds like underwritten approval in principle. You need to get insurances and final figures required before they progress it to loan offer/draw down. Non underwritten approval has a list of conditions as long as your arm but this sounds straightforward enough tbh.

Canyon86

Hi All

Im hoping somebody to answer my question for me, this may be a stupid question but im totally new to the overall process

I have been approved in principal for a mortgage, I have 70% of my deposit saved

Can I start talking/Meeting Auctioneers looking at potential properties?

Or Am I better off saving the full deposit

Thanks
Canyon:cool:

deisedude

Canyon86 wrote: »

Hi All

Im hoping somebody to answer my question for me, this may be a stupid question but im totally new to the overall process

I have been approved in principal for a mortgage, I have 70% of my deposit saved

Can I start talking/Meeting Auctioneers looking at potential properties?

Or Am I better off saving the full deposit

Thanks
Canyon:cool:

Do you qualify for the Help to Buy? If so, that should cover the rest of your deposit

No harm in looking at a few houses anyway to see whats out there for your budget

Canyon86

deisedude wrote: »

Do you qualify for the Help to Buy? If so, that should cover the rest of your deposit

No harm in looking at a few houses anyway to see whats out there for your budget

I havent looked in to the Help to Buy Scheme yet myself but i defo will.

Thanks for your reply, I ll keep a look out

Bigmac1euro

Canyon86 wrote: »

I havent looked in to the Help to Buy Scheme yet myself but i defo will.

Thanks for your reply, I ll keep a look out

The Help to buy scheme only applies to new builds.

TheShow

Canyon86 wrote: »

Hi All

Im hoping somebody to answer my question for me, this may be a stupid question but im totally new to the overall process

I have been approved in principal for a mortgage, I have 70% of my deposit saved

Can I start talking/Meeting Auctioneers looking at potential properties?

Or Am I better off saving the full deposit

Thanks
Canyon:cool:

absolutely, go for it., but you will need to have 10% of the property cost deposit paid on signing contracts. will it take you lang to save the balance?

Sunrise_Sunset

Hi Folks,
We have 2 months left on our mortgage approval.
We are sale agreed and signing contracts and the loan offer later this week. We were told they're aiming for a closing date of end of August.
I'm just wondering at what stage do we draw down the mortgage? When we sign the loan offer?
Do I need to have a word with my solicitor that our approval runs out in 2 months just to let him know we really need to have things wrapped up by then? Or how does it work?
Thanks.

awec

Sunrise_Sunset wrote: »

Hi Folks,
We have 2 months left on our mortgage approval.
We are sale agreed and signing contracts and the loan offer later this week. We were told they're aiming for a closing date of end of August.
I'm just wondering at what stage do we draw down the mortgage? When we sign the loan offer?
Do I need to have a word with my solicitor that our approval runs out in 2 months just to let him know we really need to have things wrapped up by then? Or how does it work?
Thanks.

Mortgage is drawn down at the very end, right before you get the keys. It's pretty much the final step.

You should talk to the developer, and tell them your mortgage application expires in 2 months so they need to give you a realistic date, and tell you now if they think the August date has any chance of slipping. You're 6 weeks from the end of August, so at this stage they should be nearing the final touches and be able to give you a reasonably accurate timeline.

Sunrise_Sunset

awec wrote: »

Mortgage is drawn down at the very end, right before you get the keys. It's pretty much the final step.

You should talk to the developer, and tell them your mortgage application expires in 2 months so they need to give you a realistic date, and tell you now if they think the August date has any chance of slipping. You're 6 weeks from the end of August, so at this stage they should be nearing the final touches and be able to give you a reasonably accurate timeline.

Thanks, I'll say it to the solicitor this week.
We're buying a second hand house, not from a developer. But the chain isn't that long. The vendors of the house we're buying are buying a new house and the solicitor told me it is ready to move into. And then the people buying our apartment are FTB's. So there's only 3 of us in the chain.

BadSanta

Sunrise_Sunset wrote: »

Thanks, I'll say it to the solicitor this week.
We're buying a second hand house, not from a developer. But the chain isn't that long. The vendors of the house we're buying are buying a new house and the solicitor told me it is ready to move into. And then the people buying our apartment are FTB's. So there's only 3 of us in the chain.

Hi it's all up to the efforts of your solicitors and the sellers solicitors. some made it 5 weeks but most are 9 weeks. I guess on your 2 months they need no time wasting.

Sunrise_Sunset

BadSanta wrote: »

Hi it's all up to the efforts of your solicitors and the sellers solicitors. some made it 5 weeks but most are 9 weeks. I guess on your 2 months they need no time wasting.

9 weeks from the time that contracts are signed?
Apologies, I don't remember from the first time around.

BadSanta

Sunrise_Sunset wrote: »

9 weeks from the time that contracts are signed?
Apologies, I don't remember from the first time around.

5 to 9 weeks. sorry that's start from booking. so minus those days you did from booking to contract signing.