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

fermanagh_man

Went sale agreed this morning, the stress off waiting on that final decision was hard, especially when there was another bidder who pulled out in the end

mollybird

Saw a house we love tonight. We still don't have our letter in principal but looking to put in an offer. Can the estate agent tell us if anyone has put an offer in how much they put in at all? We should have our letter early next week. We just looking for a small mortage so we are fairly confident we should have no probs.

thanks

Jentle Grenade

Five weeks sale agreed and no sign of contracts despite the fact that the sellers were pushing for a quick sale . Slightly paranoid that they're going to pull out.

fermanagh_man

mollybird wrote: »

Saw a house we love tonight. We still don't have our letter in principal but looking to put in an offer. Can the estate agent tell us if anyone has put an offer in how much they put in at all? We should have our letter early next week. We just looking for a small mortage so we are fairly confident we should have no probs.

thanks

We viewed a few houses that had offers and we were told each time what the current bid was at the viewing , we were also told off offers when we called to enquire

GinaI

Jentle Grenade wrote: »

Five weeks sale agreed and no sign of contracts despite the fact that the sellers were pushing for a quick sale . Slightly paranoid that they're going to pull out.

What reason your bank is giving you, if you don't mind me asking?

Jentle Grenade

GinaI wrote: »

What reason your bank is giving you, if you don't mind me asking?

Nothing to do with the bank, our solicitor is still waiting for the contracts to come from the other side. Apparently holidays is the reason for the delay.

angeldelight

Jentle Grenade wrote: »

Nothing to do with the bank, our solicitor is still waiting for the contracts to come from the other side. Apparently holidays is the reason for the delay.

At this time of the year it does seem a valid excuse. Do you have everything lined up on your side ready to go? We ended up having a delay of over a week once we received contracts as life insurance took longer than we thought

Jentle Grenade

angeldelight wrote: »

At this time of the year it does seem a valid excuse. Do you have everything lined up on your side ready to go? We ended up having a delay of over a week once we received contracts as life insurance took longer than we thought

Yeah its plausible enough. We are ready to go on our end thankfully so it should be a smooth enough process once we sign. We're hoping to move in completely before the end of the summer and there's a few things we want to do before we move in so the delay is just a little frustrating

mollybird

well we put in our offer. will have to wait and see if anyone else puts one in as no offers had been made when i had called. i can see my stomach is going to be in knots over the next few weeks. himself got onto the bank to see if they can put a rush on our AIP but no word yet so id say it will be mon or tue before we hear anything.

Naid23

mollybird wrote: »

well we put in our offer. will have to wait and see if anyone else puts one in as no offers had been made when i had called. i can see my stomach is going to be in knots over the next few weeks. himself got onto the bank to see if they can put a rush on our AIP but no word yet so id say it will be mon or tue before we hear anything.

Best of luck - hope it goes your way Going to see more houses tomorrow myself, last 3 saturdays have been mostly house viewings so alway fun

mollybird

ya we were the same last weekend Naid. it's always fun but ours has turned serious pretty quickly.

Naid23

mollybird wrote: »

ya we were the same last weekend Naid. it's always fun but ours has turned serious pretty quickly.

Yeah im currently in the stage of 'yeah, be great when it happens' and then it actually hits me that we're buying a house! Such grown ups! :D:D

Sleepy

Signing contracts in the morning. Just got to hope nothing comes out in the Title work and that the vendor are ready to move fast

mollybird

Naid23 wrote: »

Yeah im currently in the stage of 'yeah, be great when it happens' and then it actually hits me that we're buying a house! Such grown ups! :D:D

haha tell me bout it. i keep thinking im supposed to be out and about without a care in the world and here i am doing grown up things. :eek::eek:

Naid23

mollybird wrote: »

haha tell me bout it. i keep thinking im supposed to be out and about without a care in the world and here i am doing grown up things. :eek::eek:

Hahaha thats my exact thinking! Too young to be a grown up! Really hope this one works out for you.

Tuesday_Girl

Jentle Grenade wrote: »

Five weeks sale agreed and no sign of contracts despite the fact that the sellers were pushing for a quick sale . Slightly paranoid that they're going to pull out.

I'm the same, 5 weeks since going sale agree and paying a deposit and no sign of a contract yet. Sellers were also eager to move quickly but seems now there is an issue with the contract for their new place so I guess the sale will be stalled until that is resolved.

SB_Part2

Tuesday_Girl wrote: »

I'm the same, 5 weeks since going sale agree and paying a deposit and no sign of a contract yet. Sellers were also eager to move quickly but seems now there is an issue with the contract for their new place so I guess the sale will be stalled until that is resolved.

Did you pay your booking deposit or your 10% deposit?

Tuesday_Girl

SB_Part2 wrote: »

Did you pay your booking deposit or your 10% deposit?

Just a booking deposit so far

Hazydays123

What's the lowest repayment term that people have managed to secure from their lenders? We're being pushed into borrowing over 20yrs but did some calculations yesterday and realized that we could afford the repayments over 10yrs, even stress tested for increased interest rates.

BOI seem to have a 10yr mortgage as an option on their website but I'm wondering are any of the banks actually receptive to this idea? I imagine they'd make less profit with a shorter term.

Sono

Tuesday_Girl wrote: »

I'm the same, 5 weeks since going sale agree and paying a deposit and no sign of a contract yet. Sellers were also eager to move quickly but seems now there is an issue with the contract for their new place so I guess the sale will be stalled until that is resolved.

We were sale agreed for weeks and nothing seemed to be happening and we hoped it would have been closed sooner, ended up taking 3 months even though we were told they seller wanted a quick sale and there wasn't a chain, hang in there, it's frustrating but worth it!

Michael D Not Higgins

Different mortgages have different terms to allow overpayments. You would need to check the terms of the mortgage to see how much is allowed. The bank would prefer you had a 20 year mortgage that you overpaid rather than a 10 year mortgage that you run into trouble with and have to redo the terms later on.

Hazydays123

Hazydays123 wrote: »

What's the lowest repayment term that people have managed to secure from their lenders? We're being pushed into borrowing over 20yrs but did some calculations yesterday and realized that we could afford the repayments over 10yrs, even stress tested for increased interest rates.

BOI seem to have a 10yr mortgage as an option on their website but I'm wondering are any of the banks actually receptive to this idea? I imagine they'd make less profit with a shorter term.

You are much better go for the longest term possible and overpay on it. That way if anything happens you can always drop back to a much lower repayment.

brownbeard

While I'm sure this may differ depending on the provider, does anyone know if it is the case that there would usually be an upper limit on the amount you can overpay?

Michael D Not Higgins

In some cases like BOI's 2% cashback offer, there's a limit on the overpayments for a set period (BOI is 5 years at 10% overpayment). If you're not within one of these special periods, you can usually overpay as much as you want.

mollybird

we just heard this morning that another couple are interested in the same house and have put in a bigger offer than our one. so we have put in another 5K. Anyone been in this situation. husband will prob just go maybe another 5K but that will be our max which in the end would be 20K more than the asking price :eek::eek:. Nothing massively needs to be done to the house and we would still be within our budget. Really hope the other couple pull out.

SB_Part2

I think most people have been in the same situation. It's not something I'd wish on anyone. I was lucky in that the other bidders backed out. I was over my max but was still happy to keep bidding.

Hazydays123

mollybird wrote: »

we just heard this morning that another couple are interested in the same house and have put in a bigger offer than our one. so we have put in another 5K. Anyone been in this situation. husband will prob just go maybe another 5K but that will be our max which in the end would be 20K more than the asking price :eek::eek:. Nothing massively needs to be done to the house and we would still be within our budget. Really hope the other couple pull out.

Did you get your approval in principle from the bank in the end? Only asking because we've been told we should have it this week but we're on the verge of losing the property we want if we don't put an offer in by tomorrow.
I'd feel weird making an offer before AIP in case it all goes wrong...but maybe that's the done thing?

Also really hope you get your house!

SB_Part2

Hazydays123 wrote: »

Did you get your approval in principle from the bank in the end? Only asking because we've been told we should have it this week but we're on the verge of losing the property we want if we don't put an offer in by tomorrow.
I'd feel weird making an offer before AIP in case it all goes wrong...but maybe that's the done thing?

Also really hope you get your house!

Are you looking for an exception to the 3.5 rule?

Hazydays123

SB_Part2 wrote: »

Are you looking for an exception to the 3.5 rule?

No we're only looking for 2x income.

SB_Part2

If it was me I'd put the offer in. If the estate agent isn't looking for proof of AIP of course!