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

angeldelight

Same for us once we got full approval they didn't ask for anything else

SB_Part2

68 lost souls wrote: »

Quick question re:savings. We are mortgage approved from all the banks. I have a savings account which I use normally use to pay for car related expenses like tax and insurance. I normally put €200 a month into it and then would withdraw whatever amount is needed every 6 months. I have 6 months regular savings in it now and have an unexpected car expense due to a service require more parts. I might be bale to struggle through without drawing from the account but will maybe need to not pay in for the next two months. Am I better not paying in at all or paying in a reduced amount?

We are more than likely to be putting a deposit on a new build next month and close in March.

Or am I better off withdrawing the money I need now to pay for the parts and continue saving then as normal?

From what I understood 68 lost souls doesn't have full approval.

Utah

mirrorwall14 wrote: »

We've been told by the bank that we are done too. No more statements or anything needed. Hopefully that proves true!

Same!

Sebastian Dangerfield

Despite some outflows from our savings, we got approval from PTSB with a 10% deposit first time. Problem now is finding a house...

We spotted one in an area we like a couple of weeks back at €10k below the asking price. Finally got a bid in on Monday, and its rocketed to €42k over the asking price since then. It's gone up €20k today alone.

That's me done, hope every search is not like this.

mirrorwall14

SB_Part2 wrote: »

From what I understood 68 lost souls doesn't have full approval.

Ah that explains it. Then if possible try not to withdraw but be prepared to explain if you have to

Jentle Grenade

Sebastian Dangerfield wrote: »

Despite some outflows from our savings, we got approval from PTSB with a 10% deposit first time. Problem now is finding a house...

We spotted one in an area we like a couple of weeks back at 10k below the asking price. Finally got a bid in on Monday, and its rocketed to 42k over the asking price since then. It's gone up 20k today alone.

That's me done, hope every search is not like this.

Is this in Cork by any chance? Friends of mine bidding on a house this week and it's now currently 50k over asking! Detached 3 bed in a newish estate.

Sebastian Dangerfield

Jentle Grenade wrote: »

Is this in Cork by any chance? Friends of mine bidding on a house this week and it's now currently 50k over asking! Detached 3 bed in a newish estate.

No, North County Dublin.

Its madness, someone in work was telling me today they bought a house via sealed bids after the bidding started getting out of hand. We never learn!

68 lost souls

SB_Part2 wrote: »

From what I understood 68 lost souls doesn't have full approval.

Yep, approval in principal rather than full approval.

Does any one know if I reduce my savings for a 2-3 months would the new amount be what is counted towards our repayment capacity?

So lets say I've been saving 200 a month for 6 then 100 a month for 3 months and back to 200 a month from then until we look to draw down. Would my capacity to repay be based off the 100 rather than 200?

SB_Part2

It would be the 100 they'd look at because that's the one thats consistent.

hawkeye_bmr

All sorted, signed deeds today, contracts where done at the start of the week and managed to get the keys last Friday!

Been in over the weekend and every evening, cleaning, ripping out old carpets, painting...

Planning on getting the lounge and main bedroom painted, then doing everything when the time is right..

Laghan

Do people sometimes bid on 2 houses at the same time? We have spotted 2 lovely little houses that meet our requirements. House 1 is our favorite but it's only been up for sale for the last week and a half. The EA are having open viewings, so far it's had only one with another due on it next week. There are no offers yet.
House 2 is another option for us, same asking price but an offer currently of 10k under the asking price. It's been on the market for about 8 weeks. There's a tenant in this house which has made it awkward for viewings (I had been trying to arrange a viewing for about 4 weeks now and only got to see it yesterday).
Although house 1 is our preference, we're afraid we might get outbid on it as the asking price is very near our budget. We were thinking of putting a bid in on house 2, however I suspect the sale of that house will go ahead sooner than the other. I'm afraid that we will go sale agreed on house 2 without having a chance to bid for house 1. Has anyone had any experience with this?
Also, what is usually the situation with tenants? I asked the EA and he said the agreement is that the tenant would be gone before signing the contracts. What is usually the procedure here? Would the tenant be given X amount of days to leave?

Naid23

hawkeye_bmr wrote: »

All sorted, signed deeds today, contracts where done at the start of the week and managed to get the keys last Friday!

Been in over the weekend and every evening, cleaning, ripping out old carpets, painting...

Planning on getting the lounge and main bedroom painted, then doing everything when the time is right..

Delighted for you. :-)

Santy2015

hawkeye_bmr wrote: »

All sorted, signed deeds today, contracts where done at the start of the week and managed to get the keys last Friday!

Been in over the weekend and every evening, cleaning, ripping out old carpets, painting...

Planning on getting the lounge and main bedroom painted, then doing everything when the time is right..

Excellent onwards you go. We should be in Saturday week.

mirrorwall14

hawkeye_bmr wrote: »

All sorted, signed deeds today, contracts where done at the start of the week and managed to get the keys last Friday!

Been in over the weekend and every evening, cleaning, ripping out old carpets, painting...

Planning on getting the lounge and main bedroom painted, then doing everything when the time is right..

Wahoo congrats!!

Santy that's great,fingers crossed all goes to plan this week.

The bank valuation requires a structural survey which we've done ourselves anyways but don't get the report til next week. Bit of a pain in the neck since our solicitor was looking for our loan pack today but it can't be issued now until the structural report goes to the bank. Grr

Naid23

More viewings this weekend. Pulled out of last house bid which sucked cause we didnt see ourselves in that house. Awh well we'll find the right one - that one obviously wasnt meant for us!

whiskeyman

Laghan wrote: »

Do people sometimes bid on 2 houses at the same time?

I'd bid on as many houses as I'd want to buy if I was put in that situation.
Even when (if and hopefully...) I go sale agreed, I'll still bid on suitable properties as you can never be sure until contracts are signed.

How many are yee bidding are very focused on a specific area, or are you taking into account many areas when looking?

Utah

Guys,

At what stage of a new build can a valuation be conducted by the bank?

Laghan

whiskeyman wrote: »

I'd bid on as many houses as I'd want to buy if I was put in that situation.
Even when (if and hopefully...) I go sale agreed, I'll still bid on suitable properties as you can never be sure until contracts are signed.

How many are yee bidding are very focused on a specific area, or are you taking into account many areas when looking?

Yeah, that’s probably a wise way of looking at it actually. I put in an offer on house 2 this morning. I have another viewing of house 1 on Monday, I didn’t want to come across too eager so will wait until after then to make an offer. I suppose I was worried that our house 2 offer might be accepted and I will have to make a decision to just go with it or wait and be in the running for house 1. I suppose things could get moving very fast with house 1 anyway, we suspect there might be lots of interest in it.
I’m a little cautious of there being a tenant in house 2, the house was very messy when I went to see it. I’ve heard lots of horror stories of dodgy tenants refusing to leave, if I could imagine a profile of such a person – filthy and messy would be top of the list of character flaws!!! I’ll get on to my solicitor and find out the facts regarding the tenant, I presume the contracts won’t be signed until they leave?
There’s only 1 other party bidding on house 2 so far. We are looking at a few different areas which are mostly being driven by budget (OH is in college so had to get mortgage on my own). These type of houses are rare and their price tags are rising rapidly. We’re eager to snap up anything that is suitable, we’re not looking for our dream home, just somewhere we can live for the next few years! We have another viewing after lunch today on another property which could totally throw a spanner in the works. I never thought about how much time buying a house takes up, it’s taking over my life at the moment.

loveisdivine

Last minute delays are starting to get frustrating.

Got an email from the solicitor yesterday saying they had spoken to the lender and the lender had told them that hadn't received certain paperwork. Broker assures me the lender received paperwork on Wednesday. Another email from solicitor just now saying they've spoken to lender again this afternoon and they are saying they definitely haven't received anything!

Very frustrating, someone's clearly got it wrong but no one knows who!

mirrorwall14

loveisdivine wrote: »

Last minute delays are starting to get frustrating.

Got an email from the solicitor yesterday saying they had spoken to the lender and the lender had told them that hadn't received certain paperwork. Broker assures me the lender received paperwork on Wednesday. Another email from solicitor just now saying they've spoken to lender again this afternoon and they are saying they definitely haven't received anything!

Very frustrating, someone's clearly got it wrong but no one knows who!

Worst nightmare. I'd be so annoyed

loveisdivine

Broker still adamant the lender has it but says she will check with them on Monday! Why not check now?

On a side note, does anyone know if the bank does any last minute credit checks when they are issuing the mortgage cheque?

lainey316

Utah wrote: »

Guys,

At what stage of a new build can a valuation be conducted by the bank?

EBS told us that they would do an initial valuation based on site and plans early on, but final valuation could not be done until building completed.

beanian

loveisdivine wrote: »

On a side note, does anyone know if the bank does any last minute credit checks when they are issuing the mortgage cheque?

I suspect not but I would work under the assumption they do!
We want to apply for a loan as soon as we have drawn down(which is today). Until the solicitor confirms he has received the funds i'm not going to risk applying,just in case! I'd be livid with myself if that was the reason a mortgage fell through!

loveisdivine

beanian wrote: »

I suspect not but I would work under the assumption they do!
We want to apply for a loan as soon as we have drawn down(which is today). Until the solicitor confirms he has received the funds i'm not going to risk applying,just in case! I'd be livid with myself if that was the reason a mortgage fell through!

Do they actually issue a physical cheque, or is it like a bank transfer?

I'm buying a second hand car and financing a small portion of it, mostly so we can keep some extra actual cash aside for any unplanned surprises with the house. I've not taken out the finance but I've been approved and it's only just occurred to me that the lender might find out and it all goes pear shaped! Kicking myself now. I've told the car people to hold off til next week when I'll give them the go ahead.

But now I'm gonna be worrying all weekend that I've screwed us over without realising it

hawkeye_bmr

We didnt see any of our mortgage money so, I assume its a cheque made out to your solicitor who then transfers it to the sellers solicitor.

loveisdivine

I thought cheques take like 7 days to clear or something, which would mean you'd be getting the keys before the cheque has officially cleared. Maybe because it's from a bank they don't worry about that sort of thing.

beanian

loveisdivine wrote: »

I thought cheques take like 7 days to clear or something, which would mean you'd be getting the keys before the cheque has officially cleared. Maybe because it's from a bank they don't worry about that sort of thing.

Most banks do EFT (electronic funds transfer) these days. My broker only mentioned 1 bank who still insist on cheques(cant remember which).
Pepper transferred funds today, i'd expect them in my Solicitors account on Monday, Tuesday at the absolute latest

intheclouds

This whole nonsense of bidding is just annoying.

It should just be law that if you are the first to offer the asking price - its yours.

This to-ing and fro-ing with no end in sight is grinding my gears. That and the fact the the estate agent is still showing the house to newcomers despite 3 different sets of people placing bids.

Urgh.

Got the mortgage approval yesterday anyway. Was a bit cheeky bidding without it but sure....

Sebastian Dangerfield

intheclouds wrote: »

This whole nonsense of bidding is just annoying.

Couldn't agree more. I was certain we had a house sorted yesterday at much more than the asking price (though it seems it was listed low on purpose to draw interest). The bidding has gone up 5+ times a day every day this week. The agent called to basically tell me the house was ours and he'd be in touch to confirm, only to come back today to say another offer has come in.

That's supply and demand for you though!

mirrorwall14

Thats very tough Sebastian and intheclouds.

Well we've had a reasonably productive week I guess. Bank valuation was done on Tuesday and the report has gone to the bank. Our survey was the previous Friday and we expect the report Monday to also go to the bank then. Our solicitor seems to be really on the ball and has already been speaking to the sellers solicitor re contracts. She is now waiting on those and the loan pack from the bank. That can't be issued until the Survey report goes to them so we hope to have that next week. Then we wait on the sellers solicitor