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

Misssally

Theodora78 wrote: »

Ptsb ..we applied on Monday 3rd Sept and got our approval letter on Thursday 6th of Sept , in only 3 days!!
After 2 weeks we went sale agread, they arranged the valuation report in 2 days and the loan offer in 12 working days after sale agread.

We went sale agreed mid June, got loan pack from Ptsb start of August (they had all info from AIP so nothing additional requested) sale fell through & we sale agreed on another house & it took another 3.5 weeks for loan pack again with no additional requests. System issues apparently 🙄

Creamy Goodness

mtoutlemonde wrote: »

What can you apply for if it's a new build?

The help to buy scheme.
https://www.revenue.ie/en/property/help-to-buy-incentive/index.aspx

mtoutlemonde

Creamy Goodness wrote: »

The help to buy scheme.
https://www.revenue.ie/en/property/help-to-buy-incentive/index.aspx

I have applied for that - I thought there was something I was missing. Thank you.

Gael23

What’s the procedure for getting an exemption from the 3.5 times salary limit? I believe I can afford a higher payment based on my current rent and saving.

Creamy Goodness

Gael23 wrote: »

What’s the procedure for getting an exemption from the 3.5 times salary limit? I believe I can afford a higher payment based on my current rent and saving.

Every bank is different. You have to ask them.

mycro2013

If you are earning over 50k as a single applicant or 75k as a couple the bank can increase the factor above x 3.5

el Fenomeno

Finally got our keys yesterday.

No flooring, no furniture, not a bit of cutlery or anything of that sort in yet - just an empty shell.

But we sat on the floor eating Four Star Pizza last night to celebrate. Great feeling.

Thanks to everyone who has offered help, advice and information in this thread. A massive resource for anyone going through the process.

scheister

el Fenomeno wrote: »

Finally got our keys yesterday.

No flooring, no furniture, not a bit of cutlery or anything of that sort in yet - just an empty shell.

But we sat on the floor eating Four Star Pizza last night to celebrate. Great feeling.

Thanks to everyone who has offered help, advice and information in this thread. A massive resource for anyone going through the process.

I would imagine something similar when i finally get the keys.
My sister and husband did the same with there first house had take away on the concrete floor and slept in a sleeping bag simple as it was now there house. A friend refused recently to move into her house until there was wifi. How times change

limnam

scheister wrote: »

A friend refused recently to move into her house until there was wifi. How times change

Was one of the first calls I made walking in the door

Woshy

Padre_Pio wrote: »

They should count it if you can sell your shares.

Thanks- something to look into I guess. I'm not sure of the details yet.

charlietheminxx

I got my keys yesterday as well. Best feeling in the world, it's surreal

We had so many delays on the way and thought we weren't going to be able to draw down before our mortgage offer expired (thanks to all who offered advice at the time) but we made it by the skin of our teeth. For anyone who is at the stressy tearing-their-hair-out stage at the moment, hang in there, you'll get there.

Paul Tergat

Buying a new build house - should I get a survey done before signing contracts? I know a snag is to come down the line post signing contracts. Thanks

awec

Paul Tergat wrote: »

Buying a new build house - should I get a survey done before signing contracts? I know a snag is to come down the line post signing contracts. Thanks

No point.

Paul Tergat

awec wrote: »

No point.

out of interest, why?

Creamy Goodness

They're expensive, why do it twice as it'll cost you double.

awec

Paul Tergat wrote: »

out of interest, why?

No need for a survey on a new build. House will be subject to building controls, which means it's inspected by a certified person while it's being built and that person has to sign off on it and issue a certificate of compliance (which goes to your solicitor I believe).

Just a snag is the normal procedure for new builds. Spend your money on a good snagger instead and don't waste it on a survey.

Paul Tergat

Creamy Goodness wrote: »

They're expensive, why do it twice as it'll cost you double.

awec wrote: »

No need for a survey on a new build. House will be subject to building controls, which means it's inspected by a certified person while it's being built and that person has to sign off on it and issue a certificate of compliance (which goes to your solicitor I believe).

Just a snag is the normal procedure for new builds. Spend your money on a good snagger instead and don't waste it on a survey.

Thanks lads, figured as much but solicitor was being a pain and had it in as a recommendation and didnt like being challenged on it.

Paul Tergat

Another question if that's ok - when is it best to take out the mortgage protection and home insurance? Want to make sure the timing of having to get these don't slow mortgage drawdown too long but as yet dont' know of completion date. Is it best to do this during the snag so they run alongside each other - also gives time to assign the mortgage protection to bank

awec

Paul Tergat wrote: »

Another question if that's ok - when is it best to take out the mortgage protection and home insurance? Want to make sure the timing of having to get these don't slow mortgage drawdown too long but as yet dont' know of completion date. Is it best to do this during the snag so they run alongside each other - also gives time to assign the mortgage protection to bank

About a month before you are set to close IMO. You'll probably want both before you snag, since the time from snagging -> close can be quite short if your builder is looking to get your cash.

TheShow

Paul Tergat wrote: »

Buying a new build house - should I get a survey done before signing contracts? I know a snag is to come down the line post signing contracts. Thanks

New house, why would you need a survey?

Paul Tergat

TheShow wrote: »

New house, why would you need a survey?

solicitor trying to spook me i think.

tomister

Paul Tergat wrote: »

Another question if that's ok - when is it best to take out the mortgage protection and home insurance? Want to make sure the timing of having to get these don't slow mortgage drawdown too long but as yet dont' know of completion date. Is it best to do this during the snag so they run alongside each other - also gives time to assign the mortgage protection to bank

My bank has suggested to get the ball rolling about 6 weeks prior to the planned drawdown. If you've any concerns on the mortgage protection (life assurance) due to health issues I would suggest getting the ball rolling earlier as some companies will request information from your doctor.

whatever76

agree - just get the ball rolling and actually shop around for prices as you have the time and just have it lined up and ready to go when you draw down - I am near closing I hope and you be surprised how long it actually takes to draw down especially if you have some contract/legal stuff to agree to but i have all the requirements in place so not to cause further delays once these are sorted . You don't pay out for anything anyway until draw down so just have it ready .

BTW - not sure if its different across different providers but be prepared for personal questions for getting mortgage protection … I was taken back a bit TBH at some of the questions as they are pretty personal but has to be done !

woodchuck

I have a question if anyone can help...

We're looking at mortgage comparisons on www.ccpc.ie with a view to picking which bank to apply to for a mortgage, but we're confused about the "Potential ongoing monthly repayments" column (APRC?). The difference between the monthly repayments and the potential ongoing monthly repayments vary wildly within the same fixed term for different banks (~440euro difference for one bank compared to only ~60euro difference for another bank).

Should we just go with the bank that has the best initial interest rate and monthly repayments for the fixed term we have in mind, or do we need to put any stock in the potential ongoing monthly repayments? Presumably we can switch mortgage providers after the fixed term, so I don't know if we need to pay any attention to this number...

G_R

woodchuck wrote: »

I have a question if anyone can help...

We're looking at mortgage comparisons on www.ccpc.ie with a view to picking which bank to apply to for a mortgage, but we're confused about the "Potential ongoing monthly repayments" column (APRC?). The difference between the monthly repayments and the potential ongoing monthly repayments vary wildly within the same fixed term for different banks (~440euro difference for one bank compared to only ~60euro difference for another bank).

Should we just go with the bank that has the best initial interest rate and monthly repayments for the fixed term we have in mind, or do we need to put any stock in the potential ongoing monthly repayments? Presumably we can switch mortgage providers after the fixed term, so I don't know if we need to pay any attention to this number...

You can switch providers, but you can also switch rates within the same bank.

The APRC will be calculated based on that banks Standard Variable Rate after the fixed period. It's a pretty meaningless calculation to be honest, when there are so many variables at play.

For example, most banks will allow you to re-fix after a fixed period (some will insist on a new valuation which may cost you 100-150), which will (usually) be substantially less than their SVR.

I wouldn't give it much heed unless you plan on fixing for a period then not changing (which would be madness) and even then, its reliant on the SVR not changing to be accurate.

woodchuck

Great, thanks G_R! It sounds like we shouldn't get hung up on that number at this stage of the process then.

We were thinking of asking for a 5 year fixed rate, but it looks like up to 10 years is possible. Obviously it's a bit of a gamble no matter what you do, but I wonder would the 10 year fixed rate be worth considering to avoid the hassle (and legal fees etc) of changing providers after 5 years? I imagine the time will fly in!

r93kaey5p2izun

woodchuck wrote: »

Great, thanks G_R! It sounds like we shouldn't get hung up on that number at this stage of the process then.

We were thinking of asking for a 5 year fixed rate, but it looks like up to 10 years is possible. Obviously it's a bit of a gamble no matter what you do, but I wonder would the 10 year fixed rate be worth considering to avoid the hassle (and legal fees etc) of changing providers after 5 years? I imagine the time will fly in!

Have you considered whether the LTV will have dropped into a lower category during the term too? I'm completely risk averse and wanted to fix for 10 years because stability is so important to me. My broker advised against because my LTV will be in a different category well before then according to him, so I would be in a "cheaper" category. He advised I fix for 4 or 5 but I think I'll go for 7. It's a tough decision!

Paul Tergat

Thanks all. In terms of the timing though, I have quotes from companies but when do I actually take out the policies? For example, if the new build is going to be completed (pre-snag) in mid November, should I just take it out now? Can I even do this when I don't yet own the property?

Bez Bing

How easy or hard is it to switch rates within the same bank after a fixed rate expires? Is it as simple as an email/call to your advisor pick the new rate or is more complicated than that?

KingCong

Bez Bing wrote: »

How easy or hard is it to switch rates within the same bank after a fixed rate expires? Is it as simple as an email/call to your advisor pick the new rate or is more complicated than that?

Very easy, call them and they'll likely send out a form with the various rate options, fill it in and send it back.