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

mirrorwall14

This thread is stressing me out now. We have everything done and are waiting on contracts. If the vendor pulls out I'm going to be major pissed/disappointed/a million other descriptive words....

wazzer1

Hi all, just wondering any good recommendations for life/house insurance and also at what stage do you need to have this sorted?

Siipina

mirrorwall14 wrote: »

This thread is stressing me out now. We have everything done and are waiting on contracts. If the vendor pulls out I'm going to be major pissed/disappointed/a million other descriptive words....

Same here, we are waiting for the draft contract and next week we will sort out the insuraces. Would love to start packing but ...... we have no date yet.

mirrorwall14

Siipina wrote: »

Same here, we are waiting for the draft contract and next week we will sort out the insuraces. Would love to start packing but ...... we have no date yet.

We'be been sale agreed a month now. Vendors said quick sale and the understanding was closed in a month. No contracts

intheclouds

mirrorwall14 wrote: »

We'be been sale agreed a month now. Vendors said quick sale and the understanding was closed in a month. No contracts

Whats the reason for the delay?

zedhead

Our offer was accepted 2 weeks ago and our holiding deposit was received last week. The house hasn't be changed to sale agreed on any of the ads and when I emailed the estate agent to ask, she hasn't responded. Has this happened to anyone else?

We have our survey planned for next week and once that's back out broker is going to organise the valuation for the bank. Trying now to decide when to give notice to our landlord, we've been there so long that its a lot of notice we need to give, but after reading stories on here about how long it takes we just don't know.

Dr.Rieux

zedhead wrote: »

Our offer was accepted 2 weeks ago and our holiding deposit was received last week. The house hasn't be changed to sale agreed on any of the ads and when I emailed the estate agent to ask, she hasn't responded. Has this happened to anyone else?

We have our survey planned for next week and once that's back out broker is going to organise the valuation for the bank. Trying now to decide when to give notice to our landlord, we've been there so long that its a lot of notice we need to give, but after reading stories on here about how long it takes we just don't know.

We got our keys Tuesday last week, the house is marked as Sale Agreed on the EA's website and MyHome, but is still For Sale according to Daft. But if someone were to ring up enquiring, the EA let them know it was sale agreed when it was.

Sheeeeit

Our bank needs to get funds released today to our solicitor or we're probably going to miss our closing date (tomorrow)

I wouldn't mind we have had everything sorted for weeks and it's been left to the last minute now to get it done.

tipping

zedhead wrote: »

Our offer was accepted 2 weeks ago and our holiding deposit was received last week. The house hasn't be changed to sale agreed on any of the ads and when I emailed the estate agent to ask, she hasn't responded. Has this happened to anyone else?

We have our survey planned for next week and once that's back out broker is going to organise the valuation for the bank. Trying now to decide when to give notice to our landlord, we've been there so long that its a lot of notice we need to give, but after reading stories on here about how long it takes we just don't know.

Sale Agreed means little or nothing. IMO until contracts are signed you'd be mad to give notice on a rental. Depending on your landlord though you could give them a heads up and say look we're sale agreed and may be moving in the next few months. A lot of landlords are reasonable and our previous landlord wasn't going to hold us to notice periods etc just asked us to keep him up to date. It's easy to rent out property now and can probably increase the rent too so they might be happy.

We got keys yesterday about 4 months after going sale agreed. It was held up probably by up to 4 weeks with just general messing by the bank (asking for the same documents 10 times etc) but overall a smooth enough process.

matrim

zedhead wrote: »

Our offer was accepted 2 weeks ago and our holiding deposit was received last week. The house hasn't be changed to sale agreed on any of the ads and when I emailed the estate agent to ask, she hasn't responded. Has this happened to anyone else?

We have our survey planned for next week and once that's back out broker is going to organise the valuation for the bank. Trying now to decide when to give notice to our landlord, we've been there so long that its a lot of notice we need to give, but after reading stories on here about how long it takes we just don't know.

Don't give notice until your contracts are signed. We initially hoped to get keys mid July, then mid August. Now it's mid September. As a courtesy, we initially informed our landlord that we were sale agreed and said we'd come back when we had more firm dates, if we had given notice instead we would have probably been homeless from the start of August.


You may have to take a hit at the start with paying both a mortgage and rent but I'm hopeful that our landlord won't insist on the full notice because once we leave they can up the rent by a few hundred a month.

Siipina

Our solicitor just told me that a letter arrived this morning from the vendors solicitor to advise that they were awaiting receipt of title documents from their client’s lending institution and upon receipt of same they will be in a position to provide contracts.
How long does this take? She said a couple of weeks, well that could be anything
At least the house is gone from daft and the EA Homepage.
Oh and we got a second letter of mortgage is approved in principle. We had an appointment with the bank last week and gave them all the documents they needed.

GDK_11

Another long time reader, first time poster. We were approved a few months ago and have been to numerous viewing/made numerous bids with no luck. The last property we bid on is 40k over the asking and still going up (admittedly we did think it was under priced already but still) . Far more frustrating then we anticipated.

It won't be long until we have to re-apply as our 6 months will be up. Random question but if one wanted to propose in the mean time this wouldn't affect any re-application, would it? Rent and savings have gone in exactly as they did before the first application, the money will come from my every day banking account, not touching the savings account. I just wouldn't want our amount we could borrow to go down due to a potential wedding.
Thanks

whiskeyman

GDK_11 wrote: »

Random question but if one wanted to propose in the mean time this wouldn't affect any re-application, would it? Rent and savings have gone in exactly as they did before the first application, the money will come from my every day banking account, not touching the savings account. I just wouldn't want our amount we could borrow to go down due to a potential wedding.
Thanks

Should be fine!
All they'll notice is €x amount leaving the current account for the ring . People still need to live with certain purchases.
As you said, as long as your savings and repayment capability isn't affected.

Best of luck!!

Michael D Not Higgins

GDK_11 wrote: »

Another long time reader, first time poster. We were approved a few months ago and have been to numerous viewing/made numerous bids with no luck. The last property we bid on is 40k over the asking and still going up (admittedly we did think it was under priced already but still) . Far more frustrating then we anticipated.

It won't be long until we have to re-apply as our 6 months will be up. Random question but if one wanted to propose in the mean time this wouldn't affect any re-application, would it? Rent and savings have gone in exactly as they did before the first application, the money will come from my every day banking account, not touching the savings account. I just wouldn't want our amount we could borrow to go down due to a potential wedding.
Thanks

Unless you take a big loan out to cover the wedding there shouldn't be an issue.

Naid23

had the highest bid on a really nice house that needs a bit of work and then someones just jumped our bid by 8k!! :eek::eek::eek: Head is melted!
Its between us and one other bidder. Does anyone know if an estate agent will accept a matched offer??

Dr.Rieux

It can depend on which bid is seen to be more favourable. For instance if one of you is in a chain, I'd imagine most vendors would choose the one not in a chain.

Is the house worth 8K above your bid do you think?

intheclouds

Naid23 wrote: »

had the highest bid on a really nice house that needs a bit of work and then someones just jumped our bid by 8k!! :eek::eek::eek: Head is melted!
Its between us and one other bidder. Does anyone know if an estate agent will accept a matched offer??

Yes. Its not just your offer thats relevant.

Its the whole package - are you in a chain, have you mortgage approval, how much is being financed by a mortgage and how much by cash, are you a cash buyer etc.....

Naid23

Dr.Rieux wrote: »

It can depend on which bid is seen to be more favourable. For instance if one of you is in a chain, I'd imagine most vendors would choose the one not in a chain.

Is the house worth 8K above your bid do you think?

intheclouds wrote: »

Yes. Its not just your offer thats relevant.

Its the whole package - are you in a chain, have you mortgage approval, how much is being financed by a mortgage and how much by cash, are you a cash buyer etc.....

Thanks for the quick reply guys. Last house we were bidding on the estate agent went on a rant at us saying we cant match a bid but he was just a terrible EA to deal with. So just wanted to check if others will take it.

Im assuming the estate agent wont disclose if the other bidder is a FTB or not would they?
We're not in a chain so ready to move on a house.

Its a pretty big house that we could move it and do room by room so think it is worth roughly between our last bid and the new one.
Would really suck to lose it for the sake of a couple of grand that we do have.
Told the EA we'd call in the morning so have some time to think about it. This is head melting

Dr.Rieux

Naid23 wrote: »

Thanks for the quick reply guys. Last house we were bidding on the estate agent went on a rant at us saying we cant match a bid but he was just a terrible EA to deal with. So just wanted to check if others will take it.

Im assuming the estate agent wont disclose if the other bidder is a FTB or not would they?
We're not in a chain so ready to move on a house.

Its a pretty big house that we could move it and do room by room so think it is worth roughly between our last bid and the new one.
Would really suck to lose it for the sake of a couple of grand that we do have.
Told the EA we'd call in the morning so have some time to think about it. This is head melting

In our case we were the other party, the ones who raised by 7K (we were quite late to the bidding - I've still to post about that later), and in the end our bid was matched, but we were the preferred bidders as "we showed intention" and they felt we were more likely to close. Te other bidders had been rising the bid by €500-1,000 above the highest over a number of weeks. We decided that it was the house we wanted and we knew what we thought it was worth and also wanted to take any small raise bidding wars out of the equation so bid higher. The constant small raises seemingly lost the other bidders favour with the vendors while we bid an amount which showed we wanted to get the house.

whiskeyman

Naid23 wrote: »

Im assuming the estate agent wont disclose if the other bidder is a FTB or not would they?

I'm pretty sure mine have on any occasion I asked.
Worth asking anyway.

I've been told before that there were cash bids on certain properties I was looking at.

Best of luck!

Sheeeeit

Sheeeeit wrote: »

Our bank needs to get funds released today to our solicitor or we're probably going to miss our closing date (tomorrow)

I wouldn't mind we have had everything sorted for weeks and it's been left to the last minute now to get it done.

My solicitor has received the funds. Closing tomorrow! Woohoo so excited!

intheclouds

Dr.Rieux wrote: »

In our case we were the other party, the ones who raised by 7K (we were quite late to the bidding - I've still to post about that later), and in the end our bid was matched, but we were the preferred bidders as "we showed intention" and they felt we were more likely to close. Te other bidders had been rising the bid by €500-1,000 above the highest over a number of weeks. We decided that it was the house we wanted and we knew what we thought it was worth and also wanted to take any small raise bidding wars out of the equation so bid higher. The constant small raises seemingly lost the other bidders favour with the vendors while we bid an amount which showed we wanted to get the house.

In our case we refused to match or go above the supposed last bid - but yet we were still the chosen ones - which really made me believe that there was no other bidder.

whiskeyman

intheclouds wrote: »

In our case we refused to match or go above the supposed last bid - but yet we were still the chosen ones - which really made me believe that there was no other bidder.

Was there much of a difference?
We're you FTB and perhaps others in a chain?

Siipina

Sheeeeit wrote: »

My solicitor has received the funds. Closing tomorrow! Woohoo so excited!

woohhoooooo thats great, just on time for the weekend.

Does anybody know how long it takes for the vendors solicitor to get the title documents?

intheclouds

whiskeyman wrote: »

Was there much of a difference?
We're you FTB and perhaps others in a chain?

Em - 3k of a difference, we have no chain nor are we ftb.

We are funding 40% of it in cash so thats the only other thing that might have swung it our way (ie, less likely for the finance to fall through?).

mirrorwall14

Finally got word from our solicitor that the vendors solicitors have got the deeds back from the mortgage bank and contracts will be issued shortly. However what exactly shortly means is anyone's guess

by the seaside

Quick note as so many of you have been so helpful since we started planning our move to Ireland. We were expecting and experiencing significant mortgage difficulties as I am self employed without any complete year accounts and the other half is studying. Bank of Ireland has given up agreement in principle and we are buying a new build. Hope to be in before Christmas.

Thepoet85

by the seaside wrote:

Quick note as so many of you have been so helpful since we started planning our move to Ireland. We were expecting and experiencing significant mortgage difficulties as I am self employed without any complete year accounts and the other half is studying. Bank of Ireland has given up agreement in principle and we are buying a new build. Hope to be in before Christmas.

Wow that's amazing. I'm in a similar work position, but won't be looking to buy for 2 years. Good to know thwy were able to sort you out.

Nedbroy

whiskeyman wrote: »

ouch

That's tough Nedbroy.
A couple of questions if you don't mind.
Are you getting massively outbid?

It varied, but always enough to rule us out. And when I say outbid sometimes houses would be gone 15-20k over asking before we even got a chance to make an offer.

Are you looking in the same area / have you changed your tactics in anyway?

We want so much to live in Dublin but yes we've now cast the net wider because the supply is so bad, there's really not much choice.

Tried a few tactics. The two we managed to go sale agreed on were immediate, higher than asking 'conditional' offers valid for only a couple of days. Eg 10 (then 15) above asking to take it off the market immediately, ads updated, no more viewings. Tried it once unsuccessfully though. We had one week left in our approval and were desperate. Offered 10 over asking if they accepted within the week. EA decided to treat it as a bid which we were clear it wasn't. Told us they were in no rush to sell and were holding out for more. Although he has rang nearly every week since to see if we'd like to bid again. Glad now because it really wasn't worth the money.

Have you priorities in a property changes since over that time?

Nope the problem is we want what everyone wants - a 3 bed semi-D in a half decent area.

Hopefully something comes good soon!

Thanks very much for the well wishes. Trying to go into this new application with positivity. We'll get there I'm sure.

Nedbroy

StiffOldMan wrote: »

If you go sale agreed again, put it into the contract that closing has to occur by a certain date. That's where I went wrong. Also, exchange contracts! Once you've exchanged contracts, vendors cannot pull out without penalty (you sue them for expenses). Once contracts are exchanged and closing date agreed, they will be in breach if they dont close on the day in the contract. You can then serve a completion notice if needs be to force the issue, but in my experience and hearing others experiences, contracts are not exchanged until the vendor is absolutely happy about the situation, which can drag things along. If contracts aren't exchanged, they can drag you along for months and then change their mind, and you cant do anything about it.

Thanks for the advice. Some things here I didn't know. They refused to give a closing date because they're on a tracker mortgage and need to buy and sell in the same transaction, which makes things even more complicated. (None of this explained to us by EA at time, all began to filter out as nothing happened over the next few months) Said they couldn't consider alternative accommodation and refused to budge or put a time limit on their search. Considered exchanging contracts to lock down the price but then we were reluctant to ourselves without a closing date. They really dug their heels in because they could, and when they put the house back up they will probably easily get another 20k as supply just seems to be getting poorer. So essentially a (hard-fought) approval completely wasted.