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

loveisdivine

Santy2015 wrote: »

Excellent that's a load of your shoulders now

It sure is and it means we can collect the car tomorrow too

intheclouds

So we were top of the bid pile (and the bids had become smaller and slowed down) for the last week and suddenly someone has come along and beaten our bid by 10k, taking the price to a point where its probably not worth it. Itd be ok AT that price, but above is too high. Then again I dont want to lose it over a few grand. So just sitting on my hands for now.

whiskeyman

intheclouds wrote: »

So we were top of the bid pile (and the bids had become smaller and slowed down) for the last week and suddenly someone has come along and beaten our bid by 10k, taking the price to a point where its probably not worth it. Itd be ok AT that price, but above is too high. Then again I dont want to lose it over a few grand. So just sitting on my hands for now.

bah! That's annoying!
I've been there too... I walked away thinking it was a 'fake' bid, but it did sell.
It must have been someone in who needed time to check their next bid and then try to blow out the competition.

Has it gone above your max figure, or is it just 'not worth it' in your mind now?

intheclouds

whiskeyman wrote: »

bah! That's annoying!
I've been there too... I walked away thinking it was a 'fake' bid, but it did sell.
It must have been someone in who needed time to check their next bid and then try to blow out the competition.

Has it gone above your max figure, or is it just 'not worth it' in your mind now?

No - its not above the max i "can" spend, but its above the max I thought it was worth.

It might be worth offering 2k more - but I feel thats just getting sucked into the game.

Its a tough one because its only 2-3k above what I thought it was worth, but if I bid again Id be taking it to 5k above what I thought it was worth.

Then again - I probably wouldnt be upset over 5k in 10 years.

Tuesday_Girl

intheclouds wrote: »

No - its not above the max i "can" spend, but its above the max I thought it was worth.

It might be worth offering 2k more - but I feel thats just getting sucked into the game.

Its a tough one because its only 2-3k above what I thought it was worth, but if I bid again Id be taking it to 5k above what I thought it was worth.

Then again - I probably wouldnt be upset over 5k in 10 years.

Same happened me last year, I didn't think it was worth more even though i could have gone higher so I let it go. Lived it regret the decision as it took a year before I found another suitable property to bid on and prices had gone up in the meantime. It's a hard one, pay more than you're comfortable paying for a house or drop out and hope something else comes up.

intheclouds

Tuesday_Girl wrote: »

Same happened me last year, I didn't think it was worth more even though i could have gone higher so I let it go. Lived it regret the decision as it took a year before I found another suitable property to bid on and prices had gone up in the meantime. It's a hard one, pay more than you're comfortable paying for a house or drop out and hope something else comes up.

Im trying to weigh up the pros and cons.

Im very early in the process. This is the 1st property we've bid on.

It ticks most boxes but not all - so Id be happy at a good price, but not over the odds.

Good point on prices but there have been a number of price drops in the area recently and the Brexit uncertainty is there also so Im not too worried about ever increasing prices - yet!

Im under no pressure to move so I could wait.

I havent looked at much either - there isnt much locally to look at tbh at the moment so I almost feel like waiting just so I can see some more places.

bleary

Laghan wrote: »

I have to agree, they were on the ball every time so far and the mortgage advisor I am dealing with answers my constant emails instantly every time. Couldn't recommend them enough... also I found out today that I can take up to 6 months off paying the mortgage in the beginning... which is going to help a lot.

I started an online app in may which got stuck on their server for a month .approached branch directly. Had aip from someone else but was told a 5 day turnaround could be achieved so thought it would be better overall. Submitted everything beginning of July, they came back two weeks later looking for one more thing which took two weeks to get. Told to expect the letter Tuesday /Wednesday still not drafted and haven't heard anything since yesterday morning.
Waiting.....

Tuesday_Girl

intheclouds wrote: »

Im trying to weigh up the pros and cons.

Im very early in the process. This is the 1st property we've bid on.

It ticks most boxes but not all - so Id be happy at a good price, but not over the odds.

Good point on prices but there have been a number of price drops in the area recently and the Brexit uncertainty is there also so Im not too worried about ever increasing prices - yet!

Im under no pressure to move so I could wait.

I havent looked at much either - there isnt much locally to look at tbh at the moment so I almost feel like waiting just so I can see some more places.

It was the first place I bid on too, that was also a factor in deciding to let it go and keep looking. In hindsight I would have stuck in there a bit longer but sure I could still have been outbid, who knows. If prices aren't rising and you're not under any pressure to move you're in a good position to drop out if you think you're paying too much for it.

intheclouds

Tuesday_Girl wrote: »

It was the first place I bid on too, that was also a factor in deciding to let it go and keep looking. In hindsight I would have stuck in there a bit longer but sure I could still have been outbid, who knows. If prices aren't rising and you're not under any pressure to move you're in a good position to drop out if you think you're paying too much for it.

Another aspect is that nothing similar has sold in the estate since 2013 - so its hard to know whats too high really!!

I might play along for another few grand and see where it goes.

I have a feeling the latest offer was a slam dunk to put anyone else off - seeing as it was such a high jump.

Arsen5

Hi all, probably being asked before, but will the bank be coming back looking for more statement, credit check etc after they issued letter of offer? (Thinking of applying for small loan through different bank to cover tiling furniture etc before the closure as I'm looking to move in quickly for schools starting soon& also we are renting two places as the family is in different city now).

loveisdivine

Our broker advised us to wait until the bank have released the funds before taking out any finance.

SB_Part2

Yeh it's a grey area. Some banks ask for updated statements. I presume the majority of them would ask for updated statements if there's a significant amount of time between the letter offer and drawdown.

greenorchard

We have home & life insurance sorted. Will be signing contracts in the next few days, hopefully things will move quickly from now on! We'd love to be in there next month

loveisdivine

The waiting game is driving me crazy! Basically if our solicitor receives the money early enough today, they can forward it to the vendors solicitor and as long as they receive the money before close of business we can collect the keys tonight.

No word from the solicitor yet though so not looking good.

whiskeyman

Afraid we may need to push it again to get this current house we're looking it.
It may mean increasing drawdown amount we can avail of by 10k, and increase the mortgage repayment slightly a month.
So hard to do future figures.
It may be worth it as prices definitely are going up in areas we're looking and our financial status may be in a better position in a few years also, but it's oh so hard to call.

Has anyone recently backed out and then regretted it?
Do you have a rationale to push it that bit more?
Or do you just ensure you write the 'max' figure down and never go past it?

Craazysteve

I've been following this thread with great interest for a long time. Excited to have gone sale agreed on a place, does anyone have any recommendations for a good Building Surveyor they've used? (Dublin area) Please PM me with details if so!

Sebastian Dangerfield

whiskeyman wrote: »

Afraid we may need to push it again to get this current house we're looking it.
It may mean increasing drawdown amount we can avail of by 10k, and increase the mortgage repayment slightly a month.
So hard to do future figures.
It may be worth it as prices definitely are going up in areas we're looking and our financial status may be in a better position in a few years also, but it's oh so hard to call.

Has anyone recently backed out and then regretted it?
Do you have a rationale to push it that bit more?
Or do you just ensure you write the 'max' figure down and never go past it?

We recently looked at a house that we both loved, and set a max price of how far we'd go. That max price was pretty simplistic - it was the asking price plus 7-8%, without any checks on how accurate the asking price was. The bidding soon spiralled past our limit, and we considered stepping aside.

However we did some research on the houses in the area and came to the conclusion that the house was deliverately undervalued in the first place to draw interest - something the broker speculated, and the agent confirmed without us asking. On that basis we kept going and are sale agreed for asking price +15%.

loveisdivine

money still hasn't hit solicitors account so it's not looking good for collecting keys today. Which sucks because it means we lose another weekend of decorating etc and means it'll be longer before we actually move in.

mirrorwall14

loveisdivine wrote: »

money still hasn't hit solicitors account so it's not looking good for collecting keys today. Which sucks because it means we lose another weekend of decorating etc and means it'll be longer before we actually move in.

Oh I have every sympathy that would drive me absolutely insane!!

We're done again now I think and back to waiting. Survey and Valuation gone off to the bank with the required docs.

intheclouds

Can anyone recommend me a surveyor - D24 area.

PM me please. Thanks!

Santy2015

Moving the rest of my stuff up to the new house soon, work tomorrow and then we both move in tomorrow evening. It looks like I'll need to act a bit more grown up come 4.30 tomorrow 😎ðŸ˜

Irish_rat

Santy2015 wrote: »

Moving the rest of my stuff up to the new house soon, work tomorrow and then we both move in tomorrow evening. It looks like I'll need to act a bit more grown up come 4.30 tomorrow 😎ðŸ˜

Congrats, enjoy tomorrow evening

Nothing beats the first night in the new house!

degzs

greenorchard wrote: »

We have home & life insurance sorted. Will be signing contracts in the next few days, hopefully things will move quickly from now on! We'd love to be in there next month

We are in the same position hope to be signing the contacts next week but have not got the life and home insurance as we were going to wait until we got a signing date.

What date did you use for the home & life insurance?

Tasden

Santy2015 wrote: »

Moving the rest of my stuff up to the new house soon, work tomorrow and then we both move in tomorrow evening. It looks like I'll need to act a bit more grown up come 4.30 tomorrow 😎ðŸ˜

Hope all is going as planned! So exciting for you guys!

Larry SR

Signing up for this thread, a lot of reading to do.

Aim to buy my first place next year. Ideally a 2 bed city centre apartment.

Santy2015

First night down in the house. I slept like a baby off out now to do our first big food shop. A takeaway was had last night with wine and beer

intheclouds

Santy2015 wrote: »

First night down in the house. I slept like a baby off out now to do our first big food shop. A takeaway was had last night with wine and beer

Fantastic!!

Now you got to figure out which cupboards you keep what in! Exciting times!

ArtyC

Santy2015 wrote: »

First night down in the house. I slept like a baby off out now to do our first big food shop. A takeaway was had last night with wine and beer

Congrats. I'm envious! Got told to tidy up a few things for 6 months. Watching this thread it can't come soon enough

intheclouds

ArtyC wrote: »

Congrats. I'm envious! Got told to tidy up a few things for 6 months. Watching this thread it can't come soon enough

It's just a game isn't it? You gotta play by their rules.

Tasden

Santy2015 wrote: »

First night down in the house. I slept like a baby off out now to do our first big food shop. A takeaway was had last night with wine and beer

Brilliant
Enjoy every second of this exciting time!