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

Orla h

Hi, we have AIP with EBS.
We were in with them on the 24th of July to sort our life assurance (all fine)
they received our valuation (self build) on the 9th of August (also all fine figures were what we needed them to be)
they submitted for full loan offer on the 12th....
can anyone confirm how long this process took for them with EBS to receive the loan offer or confirmation of it?.......i know its a crap time of year but rough idea please :-)
Thanks

Mrnew

Uglysoik1 wrote: »

Congrats! what's your timeline here?

Viewed house 18th of July, Discussed what would take the house off the market, paid above asking price to take house off the market
Sale agreed the 20th of July
Contracts given to my solicitor the 3rd of August
Closing date 23rd

Sellers and myself wanted a quick sale so everything went smoothly no issues any time I needed to get a surveyor ect in to view.

Blanco100

Finding it very hard to get things in order in terms of mortgage.

Obviously 1st received approval in principle, we went sale agreed and then got loan offer (pack is with our solicitor).

Engineers report showed few issues which need to be ironed out, so its not a guarantee to purchase in my eyes yet, we need confirmation on one key issue (which may involve us spending a chunk on new chimney down the line).

however bank are chasing us to sort out mortgage protection and home insurance and valuation, but I wont do this until we get ok from engineers in terms of outstanding issues. Dont want to take out the mandatory insurance until we are 100% certain we will proceed.

Is this correct course of action or should we have the insurance in place anyway first?

TheShow

Orla h wrote: »

Hi, we have AIP with EBS.
We were in with them on the 24th of July to sort our life assurance (all fine)
they received our valuation (self build) on the 9th of August (also all fine figures were what we needed them to be)
they submitted for full loan offer on the 12th....
can anyone confirm how long this process took for them with EBS to receive the loan offer or confirmation of it?.......i know its a crap time of year but rough idea please :-)
Thanks

took about two weeks to get loan offer from them (last year). Payout was slow also as there was a guy that kept asking for stuff that was already supplied or not needed.

drunkmonkey

If the chimney is not fit for purpose get an estimate and ask for a discount on the purchase price to offset the repair. If it doesn't need immediate repair it's something you may end up claiming on your house insurance down the road depending on the cost to fix. What has the engineer said is wrong with it?
Get all your other things in place.

tigger123

Blanco100 wrote: »

Finding it very hard to get things in order in terms of mortgage.

Obviously 1st received approval in principle, we went sale agreed and then got loan offer (pack is with our solicitor).

Engineers report showed few issues which need to be ironed out, so its not a guarantee to purchase in my eyes yet, we need confirmation on one key issue (which may involve us spending a chunk on new chimney down the line).

however bank are chasing us to sort out mortgage protection and home insurance and valuation, but I wont do this until we get ok from engineers in terms of outstanding issues. Dont want to take out the mandatory insurance until we are 100% certain we will proceed.

Is this correct course of action or should we have the insurance in place anyway first?

The house insurance and life insurance wont cost you anything until the funds are drawndown and you actually own the house. So go ahead with them, it will save you time later.

Plus, even if you don't go ahead with this house you're still going to need the life assurance in place for another house. You can pause it until you're ready to buy, whatever the property.

bigslick

After much lurking on this thread we have just gone sale agreed :D Still a long road ahead of us but good to get first step.

Am planning to get a building survey done as house is second-hand and in need on renovation and modernisation, but the estate agent has asked for a booking deposit of a fair amount. Have heard of this for new builds, but is this normal for second hand properties? Am planning to get back to them and say will transfer deposit after survey is completed and report is received, as if there are some major issues we wouldnt move ahead. Is this fair to do?

drunkmonkey

The deposit is fully refundable, 5k? They might not let you into the house without putting down the deposit.

bigslick

drunkmonkey wrote: »

The deposit is fully refundable, 5k? They might not let you into the house without putting down the deposit.

7.5k, which seems high. Would have thought fact we are paying for a survey to be done would show our serious intent. Guess just cautious handing over that amount and if purchase doesnt go ahead having to chase to get that amount back quick sharp!

drunkmonkey

It's standard, maybe they'll take less did you ask, it's refundable so wouldn't worry about it. You'll have a fair idea after having a good look at the house if there's anything pointing to something seriously wrong.
Go with the surveyor if you can, you'll be able to bounce any niggles or things you've spotted off him/her to ease your mind.

If it's in need of a serious revamp budget accordingly.

r93kaey5p2izun

I went sale agreed last Thursday. I have transferred the 5k deposit and finally managed to sort a solicitor, so details passed to estate agent. My broker is on holidays and I'm worried this will hold things up. I want to get moving on organising mortgage protection as I know I'm going to have problems. My gp is already pulling together everything for a report. I warned my broker my medical history is difficult but he said we would get it organised once I went sale agreed. I just want to get that part out of the way now.

Corruptedmorals

bigslick wrote: »

7.5k, which seems high. Would have thought fact we are paying for a survey to be done would show our serious intent. Guess just cautious handing over that amount and if purchase doesnt go ahead having to chase to get that amount back quick sharp!

Well everybody does the deposit and survey so survey alone isn't enough and isn't showing the same level of financial commitment...even though it is refundable and a survey is a sunken cost in sales that fall through. The estate agent might not be too willing to allow access without the deposit. From reading up before we went looking, the deposit appears to be cement sale agreed and pauses the house from further viewings etc.

We went sale agreed on a Friday evening and travelled to the only AIB fully open near us on the Saturday morning to be the quickest possible as the sellers had messed us around a bit so determined to show commitment.

Kiwi5449

Hi everyone, great thread but didn’t quite find the answer to my question so hoping for some advice..

We have AIP and are very interested in a new build and close to paying the 5k booking deposit. My question is, with new builds once you go sale agreed (pay the booking deposit) to you draw down the mortgage as soon as contracts are signed by all parties (us and developers) or is draw down when the property is ready? Estate agents has said the property won’t be finished until Feb 2020. Our concern is we have been approved for Help To Buy and if draw down isn’t until Feb 2020 and the scheme isn’t continued in the budget...

Any advice would be much appreciated!

Natashaw88x

Kiwi5449 wrote: »

Hi everyone, great thread but didn’t quite find the answer to my question so hoping for some advice..

We have AIP and are very interested in a new build and close to paying the 5k booking deposit. My question is, with new builds once you go sale agreed (pay the booking deposit) to you draw down the mortgage as soon as contracts are signed by all parties (us and developers) or is draw down when the property is ready? Estate agents has said the property won’t be finished until Feb 2020. Our concern is we have been approved for Help To Buy and if draw down isn’t until Feb 2020 and the scheme isn’t continued in the budget...

Any advice would be much appreciated!

Hi,

We’ve also bought a new build. Should be ready end of this year. But loads have bought houses that won’t be ready till 2020. As soon as we signed contracts the builders asked us for or HTB details. They then claimed the refund. So no need to worry the builder will claim it before end of the year. Also you drawdown mortgage when your house is complete.

Kiwi5449

Natashaw88x wrote: »

Hi,

We’ve also bought a new build. Should be ready end of this year. But loads have bought houses that won’t be ready till 2020. As soon as we signed contracts the builders asked us for or HTB details. They then claimed the refund. So no need to worry the builder will claim it before end of the year. Also you drawdown mortgage when your house is complete.

Thanks for the reply, that’s good to know about the HTB and when draw down happens for new builds!

mloc123

Quick question for people that know the process, what is the minimum term that a bank wants you in a new job before they will approve a mortgage? I know somebody, continuous employment for years but moved job 7 months ago, probation completed now but thinks that you need to be in for 1yr at least to apply?

TheShow

mloc123 wrote: »

Quick question for people that know the process, what is the minimum term that a bank wants you in a new job before they will approve a mortgage? I know somebody, continuous employment for years but moved job 7 months ago, probation completed now but thinks that you need to be in for 1yr at least to apply?

Once in full time employment with all probation completed as outlined above, there shouldn't be an issue.

Prospector1989

TheShow wrote: »

Once in full time employment with all probation completed as outlined above, there shouldn't be an issue.

Can confirm this. Have a friend who is in the job 4 months (6 months probation) and already talking to the broker. Banks seem happy to progress but won't allow drawdown until completion of probation.

red_bairn

Prospector1989 wrote: »

Can confirm this. Have a friend who is in the job 4 months (6 months probation) and already talking to the broker. Banks seem happy to progress but won't allow drawdown until completion of probation.

Same here, our broker confirmed the same: No drawdown until the probation is complete.

Dupont

We have to look at house insurance now and life insurance. For house insurance I think they were asking about value of contents. What would be a typical value of the contents of a 4 bed bungalow with just 2 people living. Also is any one going for mortgage protection. Yes if I injure myself at work I won’t have any income other than social welfare sick pay maybe. Does this still count as income therefore the insurance won’t pay out

hanaimai

Dupont wrote: »

We have to look at house insurance now and life insurance. For house insurance I think they were asking about value of contents. What would be a typical value of the contents of a 4 bed bungalow with just 2 people living. Also is any one going for mortgage protection. Yes if I injure myself at work I won’t have any income other than social welfare sick pay maybe. Does this still count as income therefore the insurance won’t pay out

Mortgage protection is life insurance i.e. it only pays out when you die. It's a lump sum payment to the bank for the amount of mortgage outstanding. It's also mandatary for the mortgage unless you can't get insurance cover due to existing or previous illnesses and then it's at the discretion of the bank whether they waive the requirement or not.

Blanco100

hanaimai wrote: »

Mortgage protection is life insurance i.e. it only pays out when you die. It's a lump sum payment to the bank for the amount of mortgage outstanding. It's also mandatary for the mortgage unless you can't get insurance cover due to existing or previous illnesses and then it's at the discretion of the bank whether they waive the requirement or not.

We were told mortgage protection must be paid monthly its not like car insurance where premium can be paid in one go on yearly basis.

50 quid a month for next 30 years sounds exciting 😂

We havent arranged it yet but imagine thats what it costs thereabouts

hanaimai

Blanco100 wrote: »

We were told mortgage protection must be paid monthly its not like car insurance where premium can be paid in one go on yearly basis.

50 quid a month for next 30 years sounds exciting ��

We havent arranged it yet but imagine thats what it costs thereabouts

I pay mine yearly. It's about 250 for 2 people and my portion is loaded due to an old medical condition.

The reference to a lump sum in my previous post was the payout if you die by the insurance company to the bank, just in case that caused confusion.

TheShow

Blanco100 wrote: »

We were told mortgage protection must be paid monthly its not like car insurance where premium can be paid in one go on yearly basis.

50 quid a month for next 30 years sounds exciting ��

We havent arranged it yet but imagine thats what it costs thereabouts

I'm pretty sure you can pay it monthly or annually.

r93kaey5p2izun

When is normal for getting a survey of the house done once sale agreed? Waiting on bank to do valuation and issue loan offer at the moment. This is a probate sale, probate is not yet granted and I know to expect long delays with this. Should I arrange a survey asap or should I be waiting for some other step to complete first? I'm clueless.

TheShow

Survey asap before you get past the point of no return. Don't sign any contracts/pay any further deposit until you have survey results and you are satisfied with them.

Interested Observer

Amber Round Eyelid wrote: »

When is normal for getting a survey of the house done once sale agreed? Waiting on bank to do valuation and issue loan offer at the moment. This is a probate sale, probate is not yet granted and I know to expect long delays with this. Should I arrange a survey asap or should I be waiting for some other step to complete first? I'm clueless.

Immediately. If the surveyor finds some defect you'll want to withdraw.

Blanco100

Interested Observer wrote: »

Immediately. If the surveyor finds some defect you'll want to withdraw.

how common is it for surveyors to find defects worthy of withdrawal?

Id imagine most 2nd hand dwellings especially in dublin are snapped up regardless?

Having an issue ourselves currently, surveyor found issue to chimney, recommended it may need to be demolished in time but stopped short of saying it absolutely, seller is now organising her own report.

no mention of how much job would cost or how long before job would need to be done etc..

its a balancing act really, chimney is shared stack with neighbour

TheShow

Blanco100 wrote: »

how common is it for surveyors to find defects worthy of withdrawal?

Id imagine most 2nd hand dwellings especially in dublin are snapped up regardless?

Common enough. It boils down to how much you want the house. How much it costs to rectify the position and if you can renegotiate the price of the house down given the findings.

Sunrise_Sunset

Blanco100 wrote: »

how common is it for surveyors to find defects worthy of withdrawal?

Id imagine most 2nd hand dwellings especially in dublin are snapped up regardless?

Having an issue ourselves currently, surveyor found issue to chimney, recommended it may need to be demolished in time but stopped short of saying it absolutely, seller is now organising her own report.

no mention of how much job would cost or how long before job would need to be done etc..

its a balancing act really, chimney is shared stack with neighbour

We had issues with the place we're selling, to do with our attic conversion. It has been an extremely stressful situation, and touch and go a few times as to whether the sale was going through. The buyer didn't get a survey and the issues were only brought to light a few weeks in. The buyer still wanted to proceed. We have spent a few thousand getting these issues fixed. It has been worth it though.