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

SB_Part2

Just back from the solicitors. Contracts signed. Hopefully we should have the keys in 4 weeks.

hawkeye_bmr

First draft of contracts received, solicitor said there was a few small issues that he want to resolve, so waiting to get the update version through.

Have zero space left for storage now in my parents house, but seem to have everything we need for moving in. Just need the keys!

El_Dangeroso

SB_Part2 wrote: »

Just back from the solicitors. Contracts signed. Hopefully we should have the keys in 4 weeks.

Congrats! May I ask how long it took from sale agreed?

angeldelight

Naid23 wrote: »

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?

They'd given us the LTV excemption already, so the broker went back to them last Thursday and we heard this morning

SB_Part2

El_Dangeroso wrote: »

Congrats! May I ask how long it took from sale agreed?

I went sale agreed at the start of April. This process would have been a lot shorter if KBC hadn't messed me around. I had to go get approval etc from another bank.

Alkers

Naid23 wrote: »

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?

Just ask the estate agent how many interested parties there are.

kala85

Typically How long are people finding that it takes from the date of application to the date of approval.

geez

kala85 wrote:

Typically How long are people finding that it takes from the date of application to the date of approval.

It took us two weeks from application to approval in principle with boi

L1011

Naid23 wrote: »

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

Possibly. They may also lie, though.

sadie1502

Our offer was accepted so today so the estate agent is putting it to the bank so could take 1 to 2 weeks to hear back. Does that mean they can't accept any other offers ?

Sono

If your offer was accepted then you are at the sale agreed stage, they can't accept another bid but there is nothing to stop them changing their mind and then re listing the ad and looking for more money later down the line, it sucks but the seller is well within their rights to do that up to the point contracts are signed.

Someone else asked about how long of a wait for approval upon applying for a mortgage we were waiting 1 week and we applied with BOI

Sono

sadie1502 wrote: »

Our offer was accepted so today so the estate agent is putting it to the bank so could take 1 to 2 weeks to hear back. Does that mean they can't accept any other offers ?

Sorry I also see you say the agent is going to the bank, have you not got approval yet?

Our property did not go sale agreed until we paid the €7k holding deposit

angeldelight

It took us 3 weeks from application to approval

Naid23

L1011 wrote: »

Possibly. They may also lie, though.

Second viewing last night and there is apparently 3 bids on the house that has already pushed the price up 10k.

We are waiting on the approval letter to be sent on - should be early next week. Will EA's accept an offer without proof of AIP or is it standard practice to have to supply this?

Sono

We had a bid accepted on a house and the EA didn't look for anything from us initially other than the holding deposit.

Naid23

Sono wrote: »

We had a bid accepted on a house and the EA didn't look for anything from us initially other than the holding deposit.

Hoping they wont ask for anything for a while. There seems to be a couple of bids on this house (Well according to EA :rolleyes:) so might drag out long enough that we have the approval there if were asked for it.

PhoenixParker

Naid23 wrote: »

Hoping they wont ask for anything for a while. There seems to be a couple of bids on this house (Well according to EA :rolleyes:) so might drag out long enough that we have the approval there if were asked for it.

If you don't bid you're definitely not in the running.

If you do bid, they may ask which puts you back in the same position as if you don't bid but no worse off.

If you do bid and they don't ask, then you're in the running.

Provided you're reasonably certain of getting the approval* go ahead and bid, you've nothing to lose.

*within CB limits, steady jobs you've been in for a while, good savings history

geez

geez wrote: »

It took us two weeks from application to approval in principle with boi

Im getting slightly confused with terminology around approval and approval in principal etc.

I thought approval in principal is what you get immediately after having a quick chat with the bank and giving your basic details (salary, how much you want to borrow, how much you have for the the deposit etc) and that when you submit all your documents then that is what takes a few weeks and gives you full approval?

Naid23

PhoenixParker wrote: »

If you don't bid you're definitely not in the running.

If you do bid, they may ask which puts you back in the same position as if you don't bid but no worse off.

If you do bid and they don't ask, then you're in the running.

Provided you're reasonably certain of getting the approval* go ahead and bid, you've nothing to lose.

*within CB limits, steady jobs you've been in for a while, good savings history

Thanks for that. We are submitting a bid today - nothing really to lose by putting a bid in and like you said it may work out grand.

Everything is in order - no extraordinary circumstances to consider by the bank so straight forward enough.

SarahMollie

Azalea Screeching Padding wrote: »

Im getting slightly confused with terminology around approval and approval in principal etc.

I thought approval in principal is what you get immediately after having a quick chat with the bank and giving your basic details (salary, how much you want to borrow, how much you have for the the deposit etc) and that when you submit all your documents then that is what takes a few weeks and gives you full approval?

I think it can depend on the bank, but its usually more than a chat. I only ever applied to BOI and I bank with them anyway, so for me it was simple, but if they're not your regular bank, they might want proof of earnings to get started, and a look at your accounts to get started. They'll send you out a basic letter a few days later and they'll ask you to follow up wiht any missing paperwork (P60, salary cert, proof of funds for the deposit, gift letter if you're getting a parental gift).

AIP is basically saying Nox can borrow €100k in principle - house hunting time.

Once you're sale agreed, you go back to the bank and they'll ask for more info, and your solicitors details. They'll also instruct you to get a valuation completed by one of their approved valuers in order to proceed.

Full Approval is saying that Nox can borrow €100k for the specific purpose of purchasing a property at *specific address*.

SB_Part2

Azalea Screeching Padding wrote: »

Im getting slightly confused with terminology around approval and approval in principal etc.

I thought approval in principal is what you get immediately after having a quick chat with the bank and giving your basic details (salary, how much you want to borrow, how much you have for the the deposit etc) and that when you submit all your documents then that is what takes a few weeks and gives you full approval?

I got caught out with this. I thought I had AIP from KBC but all I had was the over the phone approval.

They will give you "approval" over the phone but it's not worth anything. To get approval in principle you'll need to give statements etc. Some will require a salary certificate before giving you AIP. I found BOI the best for this. I emailed them my my statements etc and they had the letter out within a week.

When you go sale agreed on a property then you need to go back to the bank and they'll require more documentation before they'll give you a mortgage offer letter. This can take a few weeks depending on the bank. That is essentially your "full approval".

loveisdivine

SB_Part2 wrote: »

When you go sale agreed on a property then you need to go back to the bank and they'll require more documentation before they'll give you a mortgage offer letter. This can take a few weeks depending on the bank. That is essentially your "full approval".

What sort of additional documentation will they require at the sale agreed stage?

geez

We have gone sale agreed and have told the bank we have found a property. We are just getting a few documents sorted to send bank aswell. Solicitor has been informed. Is getting an engineer at this point too early?

Jet Black

loveisdivine wrote: »

What sort of additional documentation will they require at the sale agreed stage?

Salary cert, house insurance docs, life assurance docs, direct debit details.

Jet Black

geez wrote: »

We have gone sale agreed and have told the bank we have found a property. We are just getting a few documents sorted to send bank aswell. Solicitor has been informed. Is getting an engineer at this point too early?

Once I went sale agreed the EA asked did I want to arrange a survey. I contacted someone who gave me a price and got it done. Best to contact both and ask them to arrange a time and date between them. I stupidity was arranging a date with one and the other couldn't do it.

SarahMollie

SarahMollie wrote: »

I think it can depend on the bank, but its usually more than a chat. I only ever applied to BOI and I bank with them anyway, so for me it was simple, but if they're not your regular bank, they might want proof of earnings to get started, and a look at your accounts to get started. They'll send you out a basic letter a few days later and they'll ask you to follow up wiht any missing paperwork (P60, salary cert, proof of funds for the deposit, gift letter if you're getting a parental gift).

AIP is basically saying Nox can borrow €100k in principle - house hunting time.

Once you're sale agreed, you go back to the bank and they'll ask for more info, and your solicitors details. They'll also instruct you to get a valuation completed by one of their approved valuers in order to proceed.

Full Approval is saying that Nox can borrow €100k for the specific purpose of purchasing a property at *specific address*.

Yeah it's a bit confusing as people use different terminology, go through slightly different processes et. It's KBC I'm trying at the moment. I went in for a talk and worked out how much I could borrow etc, asked about exemptions and then was given a list of what I needed to make an application. I spend a few weeks gathering up all the stuff and went back in and handed over everything and am now waiting to hear back. Aside from emails back and forth I was given no documentation or letters saying I was applying etc.

SB_Part2 wrote: »

I got caught out with this. I thought I had AIP from KBC but all I had was the over the phone approval.

They will give you "approval" over the phone but it's not worth anything. To get approval in principle you'll need to give statements etc. Some will require a salary certificate before giving you AIP. I found BOI the best for this. I emailed them my my statements etc and they had the letter out within a week.
.

I went in rather than using the phone (bar an odd email all my dealings have been in person, including handing in all the documentation) and I sort of assumed what I got after the initial chat was AIP, didnt really matter anyway as I wasn't going to do anything before handing in documents and getting what I thought was full approval (if I get it as I may not due for one or two reason its very much 50:50 I would say).

SB_Part2

loveisdivine wrote: »

What sort of additional documentation will they require at the sale agreed stage?

I had to give a hard copies of everything I had already given them so bank statements, savings statements, p60, credit card statements, payslips and utility bill.

Then additionally they wanted salary cert, life policy documentation, valuation documents (they arranged that), house insurance, gift letter, my passport.

SB_Part2

SB_Part2 wrote: »

I had to give a hard copies of everything I had already given them so bank statements, savings statements, p60, credit card statements, payslips and utility bill.

Then additionally they wanted salary cert, life policy documentation, valuation documents (they arranged that), house insurance, gift letter, my passport.

Who was this with? (sorry you probably have said it before but I missed it)

I'd find it very difficult to get some of those in hard copy particularity the payslips are they are only available to be printed hard copies don't exist.

Also what's this salary cert people are mentioning?

Santy2015

Azalea Screeching Padding wrote: »

Who was this with? (sorry you probably have said it before but I missed it)

I'd find it very difficult to get some of those in hard copy particularity the payslips are they are only available to be printed hard copies don't exist.

Also what's this salary cert people are mentioning?

A salary cert is what your employer fills out to confirm that you earn X amount and they stamp it then with the company stamp.

Santy2015

Santy2015 wrote: »

A salary cert is what your employer fills out to confirm that you earn X amount and they stamp it then with the company stamp.

Ah ok, I've already got this so as part of the application process I had to get a form filled out by HR with these details.