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

Naid23

Just got approved for our mortgage today. Just waiting on the details to be sent through to see if we are able to get the 10% exemption - Fingers crossed! :D

Santy2015

Naid23 wrote: »

Just got approved for our mortgage today. Just waiting on the details to be sent through to see if we are able to get the 10% exemption - Fingers crossed! :D

That's great we're just waiting on a closing date from the developer. We can go shopping then for the white goods and so on.

Naid23

Santy2015 wrote: »

That's great we're just waiting on a closing date from the developer. We can go shopping then for the white goods and so on.

Thank you. Feels very real now!

Sleepy

Ulster Bank have come back to us looking for a copy of the Survey as their valuer indicated that the property was over 100 years old. The history I can find says the house is actually only about 90 years old so I wouldn't have thought it was necessary.

The surveyors report had listed about 13k worth of recommendations, none of which are absolutely critical to prevent the house falling down in the foreseeable future but some which are big enough jobs (injection of a damp-proof membrane, some repairs to the chimney, servicing/replacing the gas boiler etc.).

Some of the jobs we'll be doing straight-away, some of which we believe we can do ourselves for far less than his estimates and some of which will go on the long finger until we can afford to do them. We'll have some savings left for renovations after all the buying costs are met but not enough to do everything in the surveyors recommendations right away. Anyone know if that's likely to cause any issues?

Santy2015

We've all the major stuff sorted in terms of home insurance mortgage protection and contracts signed. I've a seperate life policy for the past 3 years. My OH was in for a meeting about 6 weeks ago looking at getting a life policy for herself, does she need it straight away or can we wait? We have the mortgage protection so that would cover us in that respect.

The Mulk

Sleepy wrote: »

Ulster Bank have come back to us looking for a copy of the Survey as their valuer indicated that the property was over 100 years old. The history I can find says the house is actually only about 90 years old so I wouldn't have thought it was necessary.

The surveyors report had listed about 13k worth of recommendations, none of which are absolutely critical to prevent the house falling down in the foreseeable future but some which are big enough jobs (injection of a damp-proof membrane, some repairs to the chimney, servicing/replacing the gas boiler etc.).

Some of the jobs we'll be doing straight-away, some of which we believe we can do ourselves for far less than his estimates and some of which will go on the long finger until we can afford to do them. We'll have some savings left for renovations after all the buying costs are met but not enough to do everything in the surveyors recommendations right away. Anyone know if that's likely to cause any issues?

Have you got a quote for Home Insurance, I read somewhere that people with houses over 100 years had trouble getting quotes.

xebec

Santy2015 wrote: »

We've all the major stuff sorted in terms of home insurance mortgage protection and contracts signed. I've a seperate life policy for the past 3 years. My OH was in for a meeting about 6 weeks ago looking at getting a life policy for herself, does she need it straight away or can we wait? We have the mortgage protection so that would cover us in that respect.

How do you have home insurance sorted if you don't have a closing date? My understanding was that quotes are only valid for 30 days but I guess that depends on the insurer.

Mortgage protection I assume you have all the paperwork in place and are again waiting for the closing date?

Your OH is not required to have a life policy, mortgage protection is the only requirement of the bank. An additional life policy is none of their business and is purely a decision of your OH/you.

Santy2015

xebec wrote: »

How do you have home insurance sorted if you don't have a closing date? My understanding was that quotes are only valid for 30 days but I guess that depends on the insurer.

Mortgage protection I assume you have all the paperwork in place and are again waiting for the closing date?

Your OH is not required to have a life policy, mortgage protection is the only requirement of the bank. An additional life policy is none of their business and is purely a decision of your OH/you.

We've the quotes sorted and we are just waiting on the closing date, it's one phone call to get it all moving as they've our details. Thanks for the reply. We are starting as we mean to go on, it was in our best interests to get all that stuff sorted well before closing date. Our mortgage protection is already being paid as its not with the bank, its minimum anyway less then a tenner a month and our home insurance is with the bank so they'll activate once we draw down the mortgage.

SB_Part2

xebec wrote: »

How do you have home insurance sorted if you don't have a closing date? My understanding was that quotes are only valid for 30 days but I guess that depends on the insurer.

Mortgage protection I assume you have all the paperwork in place and are again waiting for the closing date?

Your OH is not required to have a life policy, mortgage protection is the only requirement of the bank. An additional life policy is none of their business and is purely a decision of your OH/you.

My home insurance and mortgage protection went through without a closing date so I don't think the closing date is a requirement anymore.

ArtyC

I applied to Ebs for a mortgage. Left my paperwork in Friday the 20th. On edge here. When can I expect a reply?

angeldelight

Irish life are driving me crazy. They want us to get a nurse review before issuing us with life insurance but the nurse has been meant to call us since last Thursday and still hasn't and there's no way for us to contact them

Utah

angeldelight wrote: »

Irish life are driving me crazy. They want us to get a nurse review before issuing us with life insurance but the nurse has been meant to call us since last Thursday and still hasn't and there's no way for us to contact them

Is this a standard thing with life assurance?

angeldelight

Utah wrote: »

Is this a standard thing with life assurance?

It depends on your answers to the family and personal medical history questions, they may decide they want to review before offering cover

Parchment

Have put 3 bids in on a house (countering other bids) - the last one was put in last Wednesday - have not heard back from the Estate Agent. Would you call? im a bit surprised as they are one of the more professional outfits in the city.

Michael D Not Higgins

Parchment wrote: »

Have put 3 bids in on a house (countering other bids) - the last one was put in last Wednesday - have not heard back from the Estate Agent. Would you call? im a bit surprised as they are one of the more professional outfits in the city.

Could be for a number of reasons, e.g. the underbidder is on holiday and hasn't gotten back to the estate agent yet. Give them a call and find out, say you're bidding on another house too and you need to make a decision soon. That puts pressure on the agent and doesn't leave you looking too keen.

newbie2

Hi all,

Paid off my original mortgage a couple of years ago and am now thinking of upsizing my family home. Reading the thread has got me a little worried about applying for a new mortgage ( I originally got a mortgage in 1998) - different times. Back then I was single, young and had no children. Now I'm older (39) have 3 kids and a wife who doesn't work.

I have a steady income working in the same place for 20 years (permanent employee - semi-state) and have decided that I can comfortably afford a mortgage over 20 years of €100k. This is well inside 3X my salary. This will leave my family wanting for nothing and we'll still have money - should i need it for surprise expenes. I have €110k in savings, have been saving €700 pm for 18 months or so and will hopefully get in the region of €300k for my existing home. I have a crystal clear credit record and no other loans (apart from CC's which I clear monthly).

From your collective experience, am I to expect any issues with any application I make?

Cheers

Parchment

Michael D Not Higgins wrote: »

Could be for a number of reasons, e.g. the underbidder is on holiday and hasn't gotten back to the estate agent yet. Give them a call and find out, say you're bidding on another house too and you need to make a decision soon. That puts pressure on the agent and doesn't leave you looking too keen.

Yeah that was the line that i was going to use. Its a pain though!

Thanks for the reply.

SB_Part2

newbie2 wrote: »

Hi all,

Paid off my original mortgage a couple of years ago and am now thinking of upsizing my family home. Reading the thread has got me a little worried about applying for a new mortgage ( I originally got a mortgage in 1998) - different times. Back then I was single, young and had no children. Now I'm older (39) have 3 kids and a wife who doesn't work.

I have a steady income working in the same place for 20 years (permanent employee - semi-state) and have decided that I can comfortably afford a mortgage over 20 years of €100k. This is well inside 3X my salary. This will leave my family wanting for nothing and we'll still have money - should i need it for surprise expenes. I have €110k in savings, have been saving €700 pm for 18 months or so and will hopefully get in the region of €300k for my existing home. I have a crystal clear credit record and no other loans (apart from CC's which I clear monthly).

From your collective experience, am I to expect any issues with any application I make?

Cheers

Are you planning on selling your current property? Do you have a deposit?

newbie2

SB_Part2 wrote: »

Are you planning on selling your current property? Do you have a deposit?

Yeas planning on selling for €300k, have €110k savings to use as either equity or deposit

newbie2

Got word from the bank, approved in principal letter in my hand. No exemption on salary multiplier which I sort of expected so budget will be a bit tight but at least the search can start properly now

newbie2 wrote: »

From your collective experience, am I to expect any issues with any application I make?

Cheers

Can't see you having any issue whatsoever, you would be an extremely strong candidate.

Tasden

Azalea Screeching Padding wrote: »

Got word from the bank, approved in principal letter in my hand. No exemption on salary multiplier which I sort of expected so budget will be a bit tight but at least the search can start properly now

Delighted for you! so exciting!

StiffOldMan

angeldelight wrote: »

Irish life are driving me crazy. They want us to get a nurse review before issuing us with life insurance but the nurse has been meant to call us since last Thursday and still hasn't and there's no way for us to contact them

As frustrating as it is, I'd say its easier then waiting for a GP medical report. Our mortgage protection company wanted a GP report for my wife and it took us 4 weeks of ringing up the GP twice a day. Torture. Apparently 3 weeks is the norm :O

Santy2015 wrote: »

Our mortgage protection is already being paid as its not with the bank, its minimum anyway less then a tenner a month

Just make sure the mortgage protection term is more than the mortgage itself as you're right now paying mortgage protection on a mortgage that is not in place. For instance in the scenario that you have a 30 year mortgage and a 30 year mortgage protection policy in place a month before you actually pull down the mortgage, it would leave you 1 month short on the mortgage protection. Banks don't like to see this and I was warned beforehand by the bank to increase my mortgage protection term by a few months to cover negotiations in buying the house. In fact I've just setup a 36 year mortgage protection term on a 35 year mortgage. If you're protection is short when the mortgage is about to be pulled down it could cause problems/delays

mollybird

Azalea Screeching Padding wrote: »

Got word from the bank, approved in principal letter in my hand. No exemption on salary multiplier which I sort of expected so budget will be a bit tight but at least the search can start properly now

nox that's brilliant. Congrats!! do you mind me asking how long were you waiting for the approval in principal from when you handed everything in?

we finally have our first chat with the bank in the morning for going for a mortgage and think im a fair bit nervous. think we have all the paper work. have my salary cert, all payslips, my paper work for my credit union loan and have the husband's payslips bar his salary cert. we are going with AIB and both our ac's are with them.

Tasden

mollybird wrote: »

nox that's brilliant. Congrats!! do you mind me asking how long were you waiting for the approval in principal from when you handed everything in?

we finally have our first chat with the bank in the morning for going for a mortgage and think im a fair bit nervous. think we have all the paper work. have my salary cert, all payslips, my paper work for my credit union loan and have the husband's payslips bar his salary cert. we are going with AIB and both our ac's are with them.

Good luck! I'm living vicariously through all you guys :pac:

DM addict

Tasden wrote: »

Good luck! I'm living vicariously through all you guys :pac:

Yeah, me too.

mollybird

mollybird wrote: »

nox that's brilliant. Congrats!! do you mind me asking how long were you waiting for the approval in principal from when you handed everything in?

It took about 3 weeks, though there was some delay caused by a back log of applications so it should be a little quicker than that normally I believe.

mirrorwall14

StiffOldMan wrote: »

As frustrating as it is, I'd say its easier then waiting for a GP medical report. Our mortgage protection company wanted a GP report for my wife and it took us 4 weeks of ringing up the GP twice a day. Torture. Apparently 3 weeks is the norm :O




Just make sure the mortgage protection term is more than the mortgage itself as you're right now paying mortgage protection on a mortgage that is not in place. For instance in the scenario that you have a 30 year mortgage and a 30 year mortgage protection policy in place a month before you actually pull down the mortgage, it would leave you 1 month short on the mortgage protection. Banks don't like to see this and I was warned beforehand by the bank to increase my mortgage protection term by a few months to cover negotiations in buying the house. In fact I've just setup a 36 year mortgage protection term on a 35 year mortgage. If you're protection is short when the mortgage is about to be pulled down it could cause problems/delays

Could be worse. OH was rejected and banks won't allow him to be counted in salary multiple unless he gets accepted. He has the bigger salary. We've had to wait a year and are now applying again after some changes

Santy2015

StiffOldMan wrote: »

As frustrating as it is, I'd say its easier then waiting for a GP medical report. Our mortgage protection company wanted a GP report for my wife and it took us 4 weeks of ringing up the GP twice a day. Torture. Apparently 3 weeks is the norm :O




Just make sure the mortgage protection term is more than the mortgage itself as you're right now paying mortgage protection on a mortgage that is not in place. For instance in the scenario that you have a 30 year mortgage and a 30 year mortgage protection policy in place a month before you actually pull down the mortgage, it would leave you 1 month short on the mortgage protection. Banks don't like to see this and I was warned beforehand by the bank to increase my mortgage protection term by a few months to cover negotiations in buying the house. In fact I've just setup a 36 year mortgage protection term on a 35 year mortgage. If you're protection is short when the mortgage is about to be pulled down it could cause problems/delays

Yes we got it for 6 months extra. Should be okay with that

lawred2

SB_Part2 wrote: »

Are you planning on selling your current property? Do you have a deposit?

Your are a sure bet. You will have no issues.

That is if you can't find the right house of course

whiskeyman

ArtyC wrote: »

I applied to Ebs for a mortgage. Left my paperwork in Friday the 20th. On edge here. When can I expect a reply?

They they give any indication?
I think most places usually say between 4-6 weeks.

Parchment wrote: »

Have put 3 bids in on a house (countering other bids) - the last one was put in last Wednesday - have not heard back from the Estate Agent. Would you call? im a bit surprised as they are one of the more professional outfits in the city.

That's bad form.
No harm in calling, and perhaps mention you're bidding elsewhere so need to be kept in the loop.