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

Hasmunch

Moody_mona wrote: »

Hi guys, been following here for a while, intending to apply for a mortgage soon. We have a healthy deposit and I have a permanent job. I'm asking about my boyfriend's job - he's in the private sector and has been working for five years. He wants to move jobs - does he have to be in a new job for a certain length of time for mortgage approval?

Depends on his contract, most jobs have a probation period (usually 6 months).
If this was the case he would need to have this completed before applying for the mortgage.

whiskeyman

Hasmunch wrote: »

Depends on his contract, most jobs have a probation period (usually 6 months).
If this was the case he would need to have this completed before applying for the mortgage.

That said, you could get your application in now - that AIP will last for 6 months once approved. In that time, he may already secure another job and start working.
You may as well go for approval asap just to see if you're missing anything / see how much you will be approved for.

Moody_mona

^ that was my next question! Thank you both for your replies.

intheclouds

Anyone know how much a booking deposit is~?

Sebastian Dangerfield

intheclouds wrote: »

Anyone know how much a booking deposit is~?

Depends. Mine was €10k, but the EA seemed to pick the figure out of the sky.

Utah

intheclouds wrote: »

Anyone know how much a booking deposit is~?

Mine was 5.
Heard 5 being mentioned a few times.

zedhead

intheclouds wrote: »

Anyone know how much a booking deposit is~?

Mine was €6,000 - but i think it really depends on the EA as I know others have had more/less

Bargain_Hound

Question! We are first time buyers, both employed.
I have been saving for 20 months now and have €23k. Looking at properties around 175-180k. Are we way off our required deposit? I cant help but feel we are in dream land. Its been a long 20 months saving.

Michael D Not Higgins

Bargain_Hound wrote: »

Question! We are first time buyers, both employed.
I have been saving for 20 months now and have €23k. Looking at properties around 175-180k. Are we way off our required deposit? I cant help but feel we are in dream land. Its been a long 20 months saving.

Deposits for first time buyers up to 220k are 10% so in your case 17.5-18k. You'd need stamp duty and legal fees on top of that which comes to a few thousand so you're already there in terms of the minimum saved.

You will also need to satisfy the income multiple of 3.5 (which shouldn't be a problem if you're saving over 1k a month).

ash xxx

I've been a lurker on this board for a while now. I have to say I think we have been quite lucky in how our experience with our house has gone so far. We started saving properly at the start of the year and started tentatively looking at houses in June to see what was out there for what we wanted to borrow. We hadn't planned to go to the banks for AIP until the start of September, but then we found our dream house.

So we ended up applying for AIP with 3 banks and received approval from all within 2 weeks. We had put in a few bids on the house, with no one counter-bidding, and then after 3 weeks, they accepted our offer of just under the asking. Its now been 2 weeks since Sale Agreed and we will have our full loan approval by the end of this week. The sellers are not in a chain so we are hoping we will be in by October. It's our first house, and we are just so excited. Overall, a good experience for us so far! Now to the life insurance!!

Naid23

Going to see 3 houses in the space of an hour tomorrow evening.
All really nice houses so hopefully theres a winner among them. :rolleyes:

whiskeyman

Naid23 wrote: »

Going to see 3 houses in the space of an hour tomorrow evening.
All really nice houses so hopefully theres a winner among them. :rolleyes:

Best of Luck Naid!
When we missed out last week, the EA did admit stock was very low at the moment and hoped more would come on stream once the summer break is over.
Here's hoping!

I'm finding absolutely nothing suitable, to be honest even searching 50k above my budget there is very little. Most places are in poor condition needing a lot of modernisation, one if two places popped up over the summer but I was away a bit over the summer so the timing wasn't great so ended up viewing nothing yet.

intheclouds

Azalea Screeching Padding wrote: »

I'm finding absolutely nothing suitable, to be honest even searching 50k above my budget there is very little. Most places are in poor condition needing a lot of modernisation, one if two places popped up over the summer but I was away a bit over the summer so the timing wasn't great so ended up viewing nothing yet.

An EA said to us in July that July and August are the quietest months with people away and not wanting get properties into viewing condition with kids off school etc...

Naid23

whiskeyman wrote: »

Best of Luck Naid!
When we missed out last week, the EA did admit stock was very low at the moment and hoped more would come on stream once the summer break is over.
Here's hoping!

Cheers for that - hopefully theres one here for us. Would be great to be in a house by christmas. thats our goal at the moment.

intheclouds wrote: »

An EA said to us in July that July and August are the quietest months with people away and not wanting get properties into viewing condition with kids off school etc...

Never thought of that but it does make perfect sense.

intheclouds

intheclouds wrote: »

An EA said to us in July that July and August are the quietest months with people away and not wanting get properties into viewing condition with kids off school etc...

Thing is there are a lot of houses advertised just very few good ones (well ones that would interest me anyway).

Hopefully some more nicer stuff pops up over the next month or so.

intheclouds

Azalea Screeching Padding wrote: »

Thing is there are a lot of houses advertised just very few good ones (well ones that would interest me anyway).

Hopefully some more nicer stuff pops up over the next month or so.

Thats always gonna be the way though.

Of about 26 advertised in my area theres only about 6-8 in my price range, and some of those are sale agreed, and the others I viewed are in tatters leaving only about 2 that Id genuinely be interested in, 1 of which was taken off the market the day after I viewed it!

Dr.Rieux

Long time lurker on the thread. We just collected our keys

I'll post how the process was for us in the next day or two.

intheclouds

intheclouds wrote: »

Thats always gonna be the way though.

Of about 26 advertised in my area theres only about 6-8 in my price range, and some of those are sale agreed, and the others I viewed are in tatters leaving only about 2 that Id genuinely be interested in, 1 of which was taken off the market the day after I viewed it!

There are about 200 properties in my price range in areas I would be willing to live and hardly any of them at the moment would interest me. One of the places would very much interest me, nice two bed city centre apartment but only one parking space is a total deal breaker. Others while decent are just not in areas I would ideally like to live unless the house was exceptional.

Back when there was much less stuff on the market there was a much higher percentage of good places. I think people were renovating before selling etc but now people will throw up any old crap for sale.

I'm approved on my own and thinking at this stage I might just go back in for joint approval so I can considerably up the budget.

apeking

How long are you guys waiting before putting in counter bids? Hard to know if agents are putting in phantom bids.

Bidding started 30k below asking and is still 18k below asking.

3 bidders with one fallen away.
any advice?

mirrorwall14

Another week passing by. Solicitor says their solicitor still doesn't have the deeds from their bank so at least another week to contracts. Meh.

We were due to hear about the loan offer yesterday or today so hopefully that goes better than the contracts

whiskeyman

apeking wrote: »

How long are you guys waiting before putting in counter bids? Hard to know if agents are putting in phantom bids.

Bidding started 30k below asking and is still 18k below asking.

3 bidders with one fallen away.
any advice?

Is the house worth the asking price?
Do you honestly feel it's going to go for below?

I'm trying not to pay so much attention to other bids, but are more focusing on my own situation.
I guess at the end of the day, you need to be happy with the price.
the way things are now, I don't expect many buyers to get 'bargains' as it's such a sellers market.


To deviate slightly, has anyone used to strategy of making your first bid your 'first and final' where it's a very reasonable offer and then put a time limit on it?
I'm sick of the lure of bidding wars, and for my next bid on a suitable property, I'm simply going to put in the max price I'm willing to pay and give it a time limit of a day or so.
How would that go down? I obviously want to move quick but don't want to seller to think he could get more.

beanian

whiskeyman wrote: »

Is the house worth the asking price?
To deviate slightly, has anyone used to strategy of making your first bid your 'first and final' where it's a very reasonable offer and then put a time limit on it?
I'm sick of the lure of bidding wars, and for my next bid on a suitable property, I'm simply going to put in the max price I'm willing to pay and give it a time limit of a day or so.
How would that go down? I obviously want to move quick but don't want to seller to think he could get more.

We did something similar. We put in our final bid and said we would not be bidding further on this property. I also said we had another bid on a different property which we expected to go sale agreed on by COB that day. We prefer this property so we will need to know if the bid is accepted asap.
He asked for proof of funds which we had and we went sale agreed that day:D

zedhead

whiskeyman wrote: »

Is the house worth the asking price?
Do you honestly feel it's going to go for below?

I'm trying not to pay so much attention to other bids, but are more focusing on my own situation.
I guess at the end of the day, you need to be happy with the price.
the way things are now, I don't expect many buyers to get 'bargains' as it's such a sellers market.


To deviate slightly, has anyone used to strategy of making your first bid your 'first and final' where it's a very reasonable offer and then put a time limit on it?
I'm sick of the lure of bidding wars, and for my next bid on a suitable property, I'm simply going to put in the max price I'm willing to pay and give it a time limit of a day or so.
How would that go down? I obviously want to move quick but don't want to seller to think he could get more.

We put in our final bid (raised on our existing bid without a bid from anyone else) on the condition that it be accepted that day. If it was not accepted we would drop back to our original bid and see what happened. It worked and the bid was accepted.

intheclouds

whiskeyman wrote: »

I'm sick of the lure of bidding wars, and for my next bid on a suitable property, I'm simply going to put in the max price I'm willing to pay and give it a time limit of a day or so.

Ive a feeling someone has just done that on a property I am bidding on.

I had the highest bid then suddenly it went up by 10k (it had been going up in 3-5k increments before this).

I still want it so have bid again - if that was their max price then thats good for me - but they raised the overall price by a huge sum which is annoying.

Personally I wouldnt do it because its hard for me to know what my final offer is until I can see what other people are willing to pay - does that make sense? The market ultimately sets the price so I only know when I get a sense of that.

loveisdivine

We just found another leather sofa and 2 armchairs dumped at the very bottom of the garden! It's quite a large piece of land so we hadn't ventured all the way to the back till now. Looks like they've been there a while, all moldy and wet! Some people eh!

StiffOldMan

We went sale agreed in April.. Picking up the keys in... half an hour


WOOOOO! F**K me I'm not doing that again, stress city the last few months, between getting refused a mortgage initially, 7 weeks chasing up a doctor for mortgage protection to getting delay after delay for closing with a baby on its way!!!! .... . Done deal today Very happy

intheclouds

We just had the estate agent tell us we were highest bidders and the seller was considering our offer but that the seller was also considering leaving it on the market for another few months as there had been a good bit of interest!

Few months!!

I just said to tell him to stick it.

Santy2015

intheclouds wrote: »

We just had the estate agent tell us we were highest bidders and the seller was considering our offer but that the seller was also considering leaving it on the market for another few months as there had been a good bit of interest!

Few months!!

I just said to tell him to stick it.

You're right too.

sadie1502

StiffOldMan wrote: »

We went sale agreed in April.. Picking up the keys in... half an hour


WOOOOO! F**K me I'm not doing that again, stress city the last few months, between getting refused a mortgage initially, 7 weeks chasing up a doctor for mortgage protection to getting delay after delay for closing with a baby on its way!!!! .... . Done deal today Very happy

Can I ask why 7 weeks ? Is that because if ongoing medical condition?