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

Naid23

So viewed the 3 houses in an hour this evening. Head is melted, lot to take in.

Found one that we gonna bid on tomorrow so here we go again.

zedhead

So we've paid our holding deposit, engaged our solicitor, broker has advised he will be reapplying with the property in question for us and will arrange the valuation. We plan on organising the structural survey but other than that feeling a bit lost and not sure what we have to do next.

What usually happens now and what do we need to do? What should we be following up with EA and solicitor to ensure things are on track?

Staph

Have you got your mortgage protection and house insurance organised? Start getting prices for these.

matrim

Staph wrote: »

Have you got your mortgage protection and house insurance organised? Start getting prices for these.

The insurance is fairly easy but the mortgage protection can take time, especially if they have to go to your doc.

I'd also advise to get to full quote stage with multiple providers. We started with one because they were the cheapest initial quote, but by the time we got to the full quote they had added a good bit of loading (for stuff we felt wasn't justified). So we had to start the whole process again with a different provider. The second one ended up being a good bit cheaper.

zedhead

Staph wrote: »

Have you got your mortgage protection and house insurance organised? Start getting prices for these.

matrim wrote: »

The insurance is fairly easy but the mortgage protection can take time, especially if they have to go to your doc.

I'd also advise to get to full quote stage with multiple providers. We started with one because they were the cheapest initial quote, but by the time we got to the full quote they had added a good bit of loading (for stuff we felt wasn't justified). So we had to start the whole process again with a different provider. The second one ended up being a good bit cheaper.

We had started getting quotes on the house insurance but hadn't on the mortgage protection. Will get on that ASAP! Thanks for the advice.

greenorchard

We're closing end of next week all going well! Aaaaahh so excited!

Naid23

greenorchard wrote: »

We're closing end of next week all going well! Aaaaahh so excited!

Best of luck.

Started bidding on a new house this morning so fingers crossed. Estate agent seems to be quite efficient and professional so thats a nice change.

intheclouds

Naid23 wrote: »

Best of luck.

Started bidding on a new house this morning so fingers crossed. Estate agent seems to be quite efficient and professional so thats a nice change.

It pains me to say it - but they all seem nice til the lies start!

Naid23

intheclouds wrote: »

It pains me to say it - but they all seem nice til the lies start!

That i know - but this is the first estate agent that has actually bothered to ring us when theres bids as opposed to us chasing them. i live in hope!

relax carry on

Sale agreed after 3 years of looking 5 bidding wars and countless viewings. Fingers and toes crossed no issues with the rest of it.

Naid23

House is now 38k over asking price - in a day. Nope we out!
At least this one didnt drag out 4 weeks like the last one.

sadie1502

Sale agreed again today. Booking deposit paid. Iv everything ctossed. This is the 4th house we had to pull out of second house we were in a chain and it went belly up. Third house we were outbid and looking back we are glad we were. First house had foundations issues. So everything crossed for this house. It's such a stressful unenjoyable process trying to buy a house.

samsamson

I earn a slightly different amount every year due to working shifts.

There's as much as a 5k difference some years, but there is a general floor that I don't dip below.

How would a bank go about deciding what my income is for the purposes of multiplying it by up to 3.5 to figure out how much they could give me?

Eg. take an average of the last 3 years? Take the previous 6 months as indicative of future earnings?

greenorchard

samsamson wrote: »

I earn a slightly different amount every year due to working shifts.

There's as much as a 5k difference some years, but there is a general floor that I don't dip below.

How would a bank go about deciding what my income is for the purposes of multiplying it by up to 3.5 to figure out how much they could give me?

Eg. take an average of the last 3 years? Take the previous 6 months as indicative of future earnings?

Different banks will calculate it differently. My husband's job is largely commission based so his earnings vary month to month. I can't remember what way each specific bank calculate it, we went through a broker & he only briefly mentioned how each bank deal with it. But I do remember Ulster Bank offered us the lowest amount as they base it on the lowest amount you earned in the previous few months (can't remember if it was 3 or 6).

HouseGalway

We have just had our mortgage approved. We are looking to buy a house in or around the outskirts of Galway City.

I'm curious if anyone has knowledge of this area or in general - are most houses going for more than the asking price?

Another question if there's no bids on a property and you want to put in a reasonable offer below asking price - how do you gauge it - 10/15% below?

StiffOldMan

sadie1502 wrote: »

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

My wife is a slim girl and her weight was highlighted as 'underweight' even though she is healthy, so the mortgage protection company requested a PMA report to confirm she is healthy.

Between admin errors and chasing up my wife's doctor twice a day looking for updates we finally got it resolved. My wife at points would get upset over the phone with the doctors surgery as it was a really frustrating time dealing with them. We were told time after time that our PMA would be signed by the doctor the next day, or the doctor was personally taking the forms home to sign at the weekend etc etc... That went on for weeks.

We started the process on 27th April, finally got it sorted on 15th June. Some doctors can take even longer to sign these forms

StiffOldMan

intheclouds wrote: »

It pains me to say it - but they all seem nice til the lies start!

Yes agreed! Even though we love our new house, its perfect for us but the EA told us when we viewed it that there was very low to nill renting in the estate. It turns out the house directly attached to us is rented! If it was something that bothered me I'd be annoyed but to be honest it doesn't bother me. Just be careful and always check out things for yourself

StiffOldMan

Naid23 wrote: »

House is now 38k over asking price - in a day. Nope we out!
At least this one didnt drag out 4 weeks like the last one.

Holy ****, that's fierce

Naid23

StiffOldMan wrote: »

Holy ****, that's fierce

walk in condition right beside the luas. Knew it would go over asking but didnt think it would go that high. Crazy.

whiskeyman

Naid23 wrote: »

walk in condition right beside the luas. Knew it would go over asking but didnt think it would go that high. Crazy.

Houses that are 'walk in' are spiralling out of control from my experience.
I guess people are factoring that they need no work, so they put every last cent into getting them.

sadie1502

Do all doctors have to sign off on forms? Even if it's stright forward with no illNess or medical conditions?

SB_Part2

sadie1502 wrote: »

Do all doctors have to sign off on forms? Even if it's stright forward with no illNess or medical conditions?

It depends. Usually, they only look for a doctor's report/signature if you'd ticked yes to certain illnesses. So they'll need doctor's confirmation that you no longer suffer from it or it's under control.

Monife

What type of illnesses or other issues would make a life company refuse you mortgage protection? Or delay an application?

intheclouds

We've just had our offer accepted!

SB_Part2

Monife wrote: »

What type of illnesses or other issues would make a life company refuse you mortgage protection? Or delay an application?

Loads of them. Depression, diabetes, cancer etc. They probably wouldn't refuse you but they'd charge you a lot more. I think mirror14 had an issue with theirs.

whiskeyman

intheclouds wrote: »

We've just had our offer accepted!

oh boy, that's a lovely start to the weekend!!
Hopefully it's a smooth process for yee now.
Let us know how you get on

intheclouds

whiskeyman wrote: »

oh boy, that's a lovely start to the weekend!!
Hopefully it's a smooth process for yee now.
Let us know how you get on

Thanks a mill!

I certainly will.

Alkers

Naid23 wrote: »

walk in condition right beside the luas. Knew it would go over asking but didnt think it would go that high. Crazy.

Everything in Dublin that is in reasonable condition seems to be going well in excess of the asking price since we started in January.

whiskeyman

Simona1986 wrote: »

Everything in Dublin that is in reasonable condition seems to be going well in excess of the asking price since we started in January.

yep. I've noticed this too. I guess due to the CB rules, any spare cash people had is now essential to bring the deposits up. Very few want a house that needs any work... no matter how small the cost.
There's no point even looking at some houses unless you have a minimum of 10% buffer above asking price.

StiffOldMan

Simona1986 wrote: »

Everything in Dublin that is in reasonable condition seems to be going well in excess of the asking price since we started in January.

Agreed. The sweet spot I reckon was 2012 - 2013 to be a buyer!

I'm in Kildare and the prices are absolutely going up. When we went sale agreed in April, another house in the estate (practically identical house to ours) went For Sale asking 40k more than our sale agreed price.. Eventually it went sold for an extra 20k which I suppose was more realistic, but still it had us nervous the vendor would turn around and tell us to up our price...