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

Michael D Not Higgins

guile4582 wrote: »

greedy bump

someones life changing news of sale agreed stole me thunder

40% of your net income is the max a bank's underwriters would allow for mortgage. Keep in mind that's the max and would be brought down depending on number of kids, other loans and commitments, etc.

guile4582

Michael D Not Higgins wrote: »

40% of your net income is the max a bank's underwriters would allow for mortgage. Keep in mind that's the max and would be brought down depending on number of kids, other loans and commitments, etc.

cheers
so the fact I can put away 62% of my income should stand to me well

was looking at a monthly mortgage repayment equal to 25% of my monthly take home

mollybird

hey guys.
hubbie sent a message to AIB online about booking an apt to put in the paper work for our mortgage on thur. said they would get back to us that afternoon and we still haven't heard anything back. Any idea how long it takes to hear back from them at all? i said he should ring them but he bloody won't.

Alkers

Getting absolutely disheartened with things in Dublin at the moment. Another house which we viewed at the weekend which was asking 310k is up at 350k already after one viewing. I think the new mortgage rules have resulted in fierce competition at the sub 400k level as so many people are restricted to this sort of budget. I can see more expensive places reducing in prices but it's hard to see prices going any way but up in this segment of the market.

Simona1986

Simona1986 wrote: »

Getting absolutely disheartened with things in Dublin at the moment. Another house which we viewed at the weekend which was asking 310k is up at 350k already after one viewing. I think the new mortgage rules have resulted in fierce competition at the sub 400k level as so many people are restricted to this sort of budget. I can see more expensive places reducing in prices but it's hard to see prices going any way but up in this segment of the market.

It's similar in other parts of the country form what I can see except the price point is lower. Sub 300k is the area of big movement. Particularly 150 to 250k is the most competitive market in the likes of Cork and Galway for example.

Everything sub 250k appears to be going above asking while I know someone who bought a few months back above 300k and it went about 20k below asking.

Santy2015

Azalea Screeching Padding wrote: »

It's similar in other parts of the country form what I can see except the price point is lower. Sub 300k is the area of big movement. Particularly 150 to 250k is the most competitive market in the likes of Cork and Galway for example.

Everything sub 250k appears to be going above asking while I know someone who bought a few months back above 300k and it went about 20k below asking.

It's happening everywhere, county cork is getting more and more expensive if your 40/50 mins from the city centre then houses there will be in high demand, if we decided to go and buy this time last year we'd have paid 15/20k less

john the one

Eventually closing on Friday which is great news. Only took 8 months to complete the deal after the offer was accepted.

Please be aware that negative equity can seriously impend the sale in that banks need to clear the sale on the vendors part. It's something that the estate agent failed to tell me when I had the offer. And being a FTB I didn't know to ask.

Also, a tenant in the house delayed the sale by 3 months which wasn't great.

My own solicitor was annoyed at me for calling so much and asked for me not to call unless I got a mail or message etc. Started calling twice a day Estate agent stopped taking my calls ages ago.

Closing date is the 20th, mortgage application is up on the 21st, if I had to start again it would take another year as I have bought everything for the house and probably wouldn't get approved with all the outgoings. Carpets, beds, kitchen appliances, solicitor fees, Surveyor, tvs, rugs, couch, units etc.

Now I'm just scared of being a grown up..... And I did it all myself.

geez

Just went sale agreed today! When I pay my booking deposit going to do it by transfer how should I request a receipt or is this automatically sent out? Feeling delighted but lost!!

angeldelight

geez wrote: »

Just went sale agreed today! When I pay my booking deposit going to do it by transfer how should I request a receipt or is this automatically sent out? Feeling delighted but lost!!

Ours got sent automatically, no harm emailing EA and making sure they have your postal address etc for receipt

geez

Thanks angeldelight how is your sale coming along?

angeldelight

geez wrote: »

Thanks angeldelight how is your sale coming along?

So far so good but plenty of time for something to go wrong! Valuation is done, survey will be done on Wednesday. Our broker is gone back to Haven to see if they will change the exemption they gave us to a LTV exemption instead as we didn't need the LTI one so we have our fingers crossed for that

Sono

One thing to note is the valuation only lasts 2 months, bank decided to get it done early in the process without telling us and it held up the sale at the end, was a real kick in the teeth as we had waited long enough and done everything needed and then the banks messed us around all over getting it valued too early in the sale.

Irish_rat

Anyone looking at the potential variable rate drop? My sanction is for 3 year fixed kind of thinking of reapplying!

loveisdivine

It really worries me the way houses are going for so much over the asking. We want to put a bid in on the place we like but would be going for 20k under the asking, there's no current offers and it's been on the market for 3 months. I just know that the second we make an offer it will probably shoot up and we will be priced out.

There's so little in our price range as it is

Rew

loveisdivine wrote: »

It really worries me the way houses are going for so much over the asking. We want to put a bid in on the place we like but would be going for 20k under the asking, there's no current offers and it's been on the market for 3 months. I just know that the second we make an offer it will probably shoot up and we will be priced out.

There's so little in our price range as it is

Put in the offer you have nothing to lose, if you are out bid then you are out bid.

whiskeyman

Simona1986 wrote: »

Getting absolutely disheartened with things in Dublin at the moment. Another house which we viewed at the weekend which was asking 310k is up at 350k already after one viewing. I think the new mortgage rules have resulted in fierce competition at the sub 400k level as so many people are restricted to this sort of budget. I can see more expensive places reducing in prices but it's hard to see prices going any way but up in this segment of the market.

Definitely seems to be getting worse as there's simply very little stock coming onto the market and it's probably making potential buyers panic a little?
Anything with a 'walk in' quality will get snapped up... those that need a bit of work will be left handing as buyers are using all their savings on deposits.

Sleepy

Waiting anxiously for the go-ahead from Ulster Bank.

Half the house is decorated in our heads and I've been reading up / watching youtube videos on a lot of the DIY I intend on doing

Santy2015

Sleepy wrote: »

Waiting anxiously for the go-ahead from Ulster Bank.

Half the house is decorated in our heads and I've been reading up / watching youtube videos on a lot of the DIY I intend on doing

We're signing our loan offer today, contracts signed with builder. So hopefully 6/7 weeks from now we'll have keys! Scary s**t!!

angeldelight

loveisdivine wrote: »

It really worries me the way houses are going for so much over the asking. We want to put a bid in on the place we like but would be going for 20k under the asking, there's no current offers and it's been on the market for 3 months. I just know that the second we make an offer it will probably shoot up and we will be priced out.

There's so little in our price range as it is

Our first offer was 30k under asking, we're sale agreed at 15k under, absolutely no harm making the offer that you want to, you never know

Sleepy

My first offer was 26k under and we went agreed 10k under.

loveisdivine

Well it's great to hear a few from the other side of the coin

Sleepy

Snagged some kitchen units on the free section of Adverts.ie which almost perfectly match up to the utility room in our new place. Will let me re-direct some funds to more important rooms!

angeldelight

We got the LTV exemption so only need 10% deposit, absolutely over the moon!

Utah

angeldelight wrote: »

We got the LTV exemption so only need 10% deposit, absolutely over the moon!

Well done! Hoping for this too!

Konata

Once you get mortgage approval how long is it valid for? If you don't find a house in that time period do you have to start the process from scratch again?

Naid23

angeldelight wrote: »

We got the LTV exemption so only need 10% deposit, absolutely over the moon!

Congrats Applied for the same on monday. Would make a huge difference if we got it. So fingers crossed.

How long where you waiting before you found out?

SarahMollie

Konata wrote: »

Once you get mortgage approval how long is it valid for? If you don't find a house in that time period do you have to start the process from scratch again?

It was 6 months for me I think. I'd it renewed that many times I actually forget. Generally it was no hassle to renew, just resubit salary certs/payslips and if the new P60 was available they'd ask for that too.

I had to reapply at one point because I'd just gotten sick of the whole thing so took a break from looking for about 9 months, and changed jobs in this period. Again, they had my details still on file, so reapplying wasnt too onerous, just salary cert from my new employer, pay slip, and proof that I'd passed my probation.

This was all with BOI.

I do my day to day banking with them anyway so that probably helped lower the burden.

Flatzie_poo

Konata wrote: »

Once you get mortgage approval how long is it valid for? If you don't find a house in that time period do you have to start the process from scratch again?

Depends on the bank you're approved by.

Some banks approve for six months, some for a year.

Yeah, if you're approval lapses, you need to apply again with fresh info.

Mine was with AIB, approval for 6 months.

IvoryTower

I suppose after 6 months you'd probably be going back with a bigger deposit so its not too bad really?

Naid23

Second viewing on a house this evening - apparently there is a bid of 10k over the asking price. Place has only been up a few days!

Would an estate agent tell you if it was just an overbid or if there an multiple bids?