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

colly10

Just got a loan pack and am wondering if I need both Life Insurance and Mortgage Protection?

With mortgage protection, if I die, the bank get the money back so why would I also need life insurance?

Creamy Goodness

colly10 wrote: »

Just got a loan pack and am wondering if I need both Life Insurance and Mortgage Protection?

With mortgage protection, if I die, the bank get the money back so why would I also need life insurance?

If you have dependents it's nice for them to have a lump sum to cover them, they'll have a lot to grieve having them worrying about the next pay cheque is one less thing to deal with.

awec

colly10 wrote: »

Just got a loan pack and am wondering if I need both Life Insurance and Mortgage Protection?

With mortgage protection, if I die, the bank get the money back so why would I also need life insurance?

Mortgage protection payout reduces over time, it basically just covers the exact amount outstanding on your mortgage, so if you die, your mortgage is paid off and nothing more. It is bare minimum cover.

Life assurance is a fixed sum, that will be paid when you die. It is there to protect your surviving dependents. The value of the payout doesn't decrease over time, and basically means your surviving dependents don't have to live off a single income (or no income, in the case where your surviving partner doesn't work). It basically means as much as possible your family is not worse off financially as a result of your death.

moonlighting_1

Guys whats the deal with pulling out of a house sale.
I ask because my job turned into a nightmare just around the time I went sale agreed on a house.Great timing.
Company bought over and now everybody stabbing each other in the back trying to hold onto their jobs.

Had planned to stay till I got the keys of new house in my hands but sadly I cant do it anymore.
Payed the 5k deposit, Got the bank loan paperwork sorted. Solicitor is working away in the background.
Is it still possible to pull out of the sale. I need to re-plan my Career.

KingCong

moonlighting_1 wrote: »

Guys whats the deal with pulling out of a house sale.
I ask because my job turned into a nightmare just around the time I went sale agreed on a house.Great timing.
Company bought over and now everybody stabbing each other in the back trying to hold onto their jobs.

Had planned to stay till I got the keys of new house in my hands but sadly I cant do it anymore.
Payed the 5k deposit, Got the bank loan paperwork sorted. Solicitor is working away in the background.
Is it still possible to pull out of the sale. I need to re-plan my Career.

If you have only paid the booking deposit and haven't signed contracts and sent them back you can pull out without any losses (except maybe a bill from solicitor)

moonlighting_1

KingCong wrote: »

If you have only paid the booking deposit and haven't signed contracts and sent them back you can pull out without any losses (except maybe a bill from solicitor)

Thank god, thanks for the info. Got some worrying phone calls to make next week.

woodchuck

We're still trying to decide what bank we might apply to.

Would it be worthwhile going to a broker or mortgage advisor though as opposed to just applying directly to a bank? If anybody has any experience of this, how much it costs, if it's worth the money etc, that would be great, thanks

thomasdylan

woodchuck wrote: »

We're still trying to decide what bank we might apply to.

Would it be worthwhile going to a broker or mortgage advisor though as opposed to just applying directly to a bank? If anybody has any experience of this, how much it costs, if it's worth the money etc, that would be great, thanks

We used a broker. Ours probably wasn't a straightforward application as 35k+ of my income is overtime and I had changed jobs recently. I think if the application is very straightforward or you aren't looking for an exemption there's maybe not as much benefit to just using a broker other than convenience.

The broker didn't cost us anything, they get paid by the bank (1% of the mortgage I think). I found it was pretty easy, they asked for everything they needed and we met face to face twice but most of the communication was via email.

woodchuck

Thanks Thomas!

We anticipate that our application should be straightforward enough, but if there's no fee for a broker and it can make the whole process a little easier, I think it's something we'll serious consider.

Can anyone recommend a good broker in Dublin?

colly10

Hi, we were in with the solicitor and signed our letter of offer along with contract and a stack of other forms.

I've also received a Letter of Offer, DD Mandate and Assignment of Life Policy in the post. I'm wondering if you normally send back what you receive in the post or if everything you sign with the solicitor covers it?

tomister

colly10 wrote: »

Hi, we were in with the solicitor and signed our letter of offer along with contract and a stack of other forms.

I've also received a Letter of Offer, DD Mandate and Assignment of Life Policy in the post. I'm wondering if you normally send back what you receive in the post or if everything you sign with the solicitor covers it?

You need to sign and send back the Letter of Offer and the Assignment of Life to the bank. You will also need to fill out the DD mandate and there should have been an Interest in Fire Policy you also need to sign and send back.

If you’re availing of the HTB sign both Letter of Offer and keep one as you’ll need to upload this along with the counter signed contract.

Kiwi5449

Hi all,

Not exactly mortgage related, but we have recently been approved for a mortgage and went sale agreed on a new build. Estate agent now wants us to start picking finishes - just wondering for anyone else who bought a new build, has anyone gone to the kitchen supplier for the development to make changes to the standard spec provided?

wirelessdude01

Kiwi5449 wrote: »

Hi all,

Not exactly mortgage related, but we have recently been approved for a mortgage and went sale agreed on a new build. Estate agent now wants us to start picking finishes - just wondering for anyone else who bought a new build, has anyone gone to the kitchen supplier for the development to make changes to the standard spec provided?

Of course they have. You've just been given the option to do so. Be grateful that you can. My Mrs has just purchased and this wasn't offered even though she would have loved to upgrade the applied units. Colleague at work was given X as a kitchen allowance and went to the kitchen supplier, picked out what she wanted and payed the difference.

awec

Kiwi5449 wrote: »

Hi all,

Not exactly mortgage related, but we have recently been approved for a mortgage and went sale agreed on a new build. Estate agent now wants us to start picking finishes - just wondering for anyone else who bought a new build, has anyone gone to the kitchen supplier for the development to make changes to the standard spec provided?

Yes, we went to the kitchen supplier and changed the kitchen completely and paid the difference.

Kiwi5449

Thanks for the replies!

Estate agent didn’t give much insight just told us who the supplier was so will give them a call 👌ðŸ¼

A Neurotic

Quick question: do we need to have a letter of offer in place from the bank before signing contracts on a new build?

twiddleypop

I went to view a house about a month a go to rent. The landlord has since decided to sell. It won't be on the market for a few months as he plans on renovating before putting it up for sale .

Meanwhile, I've been approved for a mortgage and was thinking of making an offer on the house as it is.. It would save him the hassle of renovating and advertising but I would be making a lower offer than maybe he would get otherwise as I would renovate myself.

The place ticks all the boxes for me and I just don't see what could possibly go wrong. Even if the inevitable market crash happens, my mortgage will still be lower than the rent and I would plan on subletting the spare room. I would see myself there for 10 years+. It's in Dublin.

My question is, how would this work in practice? Make the offer informally and then get solicitors involved (assuming he accepts of course!) ?

It's an old house and banks will require a surveyors report-would it be worth getting a report of my own before involving solicitors?

awec

A Neurotic wrote: »

Quick question: do we need to have a letter of offer in place from the bank before signing contracts on a new build?

Yes.

No solicitor would let you sign contracts without having a mortgage in place. That would be insane.

Fia11

Getting real sick of our broker. He has assured us that he gets paid the same fee no matter which bank we go with, but he is obsessed with KBC and is being obstructive regarding going with any other bank. I find it really hard to believe that there's no incentive for him to send us there.

He's now become very uncommunicative, and the bank can't talk to us directly as the application was started with a broker. I would love to just ditch the broker.

GingerLily

Fia11 wrote: »

Getting real sick of our broker. He has assured us that he gets paid the same fee no matter which bank we go with, but he is obsessed with KBC and is being obstructive regarding going with any other bank. I find it really hard to believe that there's no incentive for him to send us there.

He's now become very uncommunicative, and the bank can't talk to us directly as the application was started with a broker. I would love to just ditch the broker.

I had an excellent experience going to banks directly, both AIB and PTSB. We had a straight forward application so didn't see the need for a broker.

I'm personally quite suspicious of using them.

Sorry you're having problems with yours

tomister

GingerLily wrote: »

I had an excellent experience going to banks directly, both AIB and PTSB. We had a straight forward application so didn't see the need for a broker.

I'm personally quite suspicious of using them.

Sorry you're having problems with yours

Dealt directly with the bank also and it was extremely smooth for both the application and now the process of getting everything in line for drawdown.

I would recommend going through a branch rather than an online application as it felt more personal and I can contact them if there's any questions

Best of luck with the mortgage process!

stevek93

tomister wrote: »

Dealt directly with the bank also and it was extremely smooth for both the application and now the process of getting everything in line for drawdown.

I would recommend going through a branch rather than an online application as it felt more personal and I can contact them if there's any questions

Best of luck with the mortgage process!

My broker has been fantastic they went with my own bank, I cam ask them anything and they reply almost instantly.

stevek93

Waiting on vendors solicitors now how long await? We are sale agreed and loan approved but cannot sign loan before vendors solictors letters arrive is this normal? Thanks

Fia11

Thanks all for the responses and advice. If I had to do this again I would go straight to the banks.

All will come right in the end I'm sure.

whatever76

Very close to fully closing but just to make aware there are still a few days in it after Contracts are locked and loaded and Solicitor request draw down to bank ( people may have known this already , just naive thinking it be fast !) - further scans\reviews of all documents will be carried out by bank ( BOI) and they maybe back with some questions and clarifications if everything not lined up .From time solicitor sends off the request give it at least another 7 working days from when bank releases the money to your solicitor . ( assuming no extra clarifciations from bank needed which could delay things another few days)

Also for 2nd hand houses that are not complte do uppers - this is prob obvious but lesson learned for me be very clear and understand if/what contents are part of the deal and agree with EA & Sellers before it gets too late at the legal end of things - DONT ASSUME ANYTHING with contents if you half hoping some stuff be left that be handy for moving in at first while you figure out wht you want to get yourself as stuff left not to taste but will tie you over - be very clear and get that clarfied before legal proceedings so you know where you stand and what you need to plan for when moving - may not be as turn key as you thought !!

SteelyDanJalapeno

Is it possible to pay our solicitor and stamp duty with our cashback on draw down? Expecting about 6k if approved

heebusjeebus

SteelyDanJalapeno wrote: »

Is it possible to pay our solicitor and stamp duty with our cashback on draw down? Expecting about 6k if approved

Probably not the stamp duty but you could ask the solicitor to hold off on their fees. Don't expect the cash back until a month after drawdown.

Creamy Goodness

I don’t think any solicitor worth their salt is going to allow you to defer payment.

awec

Solicitor will want both payments before they transfer your money to the developer/vendor.

Dolbhad

SteelyDanJalapeno wrote: »

Is it possible to pay our solicitor and stamp duty with our cashback on draw down? Expecting about 6k if approved

Not a chance - they won’t risk not being paid! Also they have to confirm to bank before drawdown they have funds from you for stamp duty and registration fees to register house in your name and mortgage on property.