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

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    #2102
    Naid23
    Registered Users Posts: 1,212 ✭✭✭Naid23


    Had a chat last night and decided the house is not worth what they are currently asking for it. So pulled out of the bidding this morning.
    Its annoying, cause you are constantly questioning whether you are doing the right thing or not.
    Think it might be time for us to look at different areas because the main areas we are looking now have jumped up to the 300ks for an average 3 bed house.


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    #2103
    intheclouds
    Closed Accounts Posts: 3,175 ✭✭✭intheclouds


    Naid23 wrote: »
    Had a chat last night and decided the house is not worth what they are currently asking for it. So pulled out of the bidding this morning.
    Its annoying, cause you are constantly questioning whether you are doing the right thing or not.
    Think it might be time for us to look at different areas because the main areas we are looking now have jumped up to the 300ks for an average 3 bed house.

    You are right to walk away if youre not comfortable with it.

    We set our limit based on a few things.

    The absolute max we could spend but still be able to get nice furniture - but to spend that a house would have had to be show room condition inside.

    Then we had a lower limit where we would be willing to get certain things done (floors, paint, garden) but not anything messy like new windows or rewiring.

    I think we have landed somewhere in the middle where we are 25k lower than our max but we do need to do floors, tiles, paint and furniture - but we dont need to do garden or windows etc.. SO only cosmetic stuff.

    We could have asked the bank for more too but we both wanted the lowest mortgage possible. I see people crippled with large mortgages and its not for me - I like to spend money on nice holidays and education etc...


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    #2104
    mirrorwall14
    Closed Accounts Posts: 6,751 ✭✭✭mirrorwall14


    Contracts arrived today!!! Closing date is in the contracts. Does anyone know how to work notice periods with landlords? We've got to give 4 weeks notice but we cannot have any homeless period as we own most of our furniture and have a toddler


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    #2105
    dar_cool
    Registered Users Posts: 1,289 ✭✭✭dar_cool


    mirrorwall14 wrote: »
    Contracts arrived today!!! Closing date is in the contracts. Does anyone know how to work notice periods with landlords? We've got to give 4 weeks notice but we cannot have any homeless period as we own most of our furniture and have a toddler

    Great news. How long was your process ? How long from receiving contracts to close date ? I'm sure landlord will be flexible if you are fair with him. We will be in a similar situation hopefully very soon. Deposit put on house today. Renting the last 5 years so looking forward to having our own house


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    #2106
    angeldelight
    Registered Users Posts: 5,175 ✭✭✭angeldelight


    We decided to give a notice date a few weeks after we would have the keys so there was no risk of a gap. Also having just moved with a toddler I would recommend doing it that way even though you would be paying rent a little longer than you may need it was handy to get some small jobs done before they were in the way!


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    #2107
    mirrorwall14
    Closed Accounts Posts: 6,751 ✭✭✭mirrorwall14


    There is three weeks to the close date they put into the contract. We have loan offer in place and life insurance sorted with the bank. We just don't know whether we are confident enough to give notice now as there would only be a week of "play" in case that date slipped. When do the other party sign the contracts? Like we will likely sign them from our side this week. Have they signed already or do the vendor sign after us?


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    #2108
    bleary
    Registered Users Posts: 495 ✭✭bleary


    You sign first once everything is OK then return to vendor to sign, once they have returned signed contracts to you I think it should be safe enough to give notice. It might mean paying rent for an extra week or two but it's worth it.


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    #2109
    Daisy78
    Registered Users Posts: 1,036 ✭✭✭Daisy78


    A question for people who were approved for a mortgage based on the 15% exception basis. If you do not draw down the mortgage within the first 6 months are you reassessed on the basis of the exception made when you initially applied or do you run the risk of the banks rejecting your request to extend on the basis that they already approved the full quota?


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    #2110
    hardCopy
    Registered Users Posts: 5,969 ✭✭✭hardCopy


    hardCopy wrote: »
    Loan offer formally issued today, signing contracts on Thursday, after Sale Agreed on 20th of July. Hopefully all will be done and dusted before month end.

    Picked up our keys on Friday, haven't even been inside since we got the keys as we're both away this weekend. Will be in this afternoon in time to watch the hurling.


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    #2111
    greenorchard
    Closed Accounts Posts: 179 ✭✭greenorchard


    We also got our keys on Friday & spent our first night in the house last night :)

    Very happy with how smoothly the whole process went for us. Got mortgage approval 20th May & sale agreed 13th July, so it was 15 weeks from mortgage approval to keys & just over 7 weeks after sale agreed. Delighted!


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    #2112
    Tuesday_Girl
    Registered Users Posts: 388 ✭✭Tuesday_Girl


    That was pretty fast alright, I was 15 weeks from sale agreed to getting the keys.


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    #2113
    mirrorwall14
    Closed Accounts Posts: 6,751 ✭✭✭mirrorwall14


    Congrats everyone on moving in! Fingers crossed i'lol be joining ye soon.

    Thanks for the advice everyone. We're going to buzz the landlord with the date but tell him we are not formally giving notice until we have signed contracts and take the hit on rent. That way he's getting a bit more notice too if when things are likely to be happening


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    #2114
    hardCopy
    Registered Users Posts: 5,969 ✭✭✭hardCopy


    angeldelight wrote: »
    We decided to give a notice date a few weeks after we would have the keys so there was no risk of a gap. Also having just moved with a toddler I would recommend doing it that way even though you would be paying rent a little longer than you may need it was handy to get some small jobs done before they were in the way!

    We've done this, it should also allow us time to clean and fix a few bits in the rental after we clear all of our belongings and move our dog over.


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    #2115
    Siipina
    Registered Users Posts: 282 ✭✭Siipina


    Offer to loan letter arrived today, we have an appointment for the life cover on Wednesday, got some quotes on house insurance but we have no date yet. How do we go from now?
    Waiting for the title documents and then contracts I guess


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    #2116
    audi12
    Banned (with Prison Access) Posts: 890 ✭✭✭audi12


    Tasden wrote: »
    Yeah all that money being thrown at people back then has led to it now being impossible to get any decent amount now :( for good reason obviously, but frustrating nonetheless for those wanting to buy now

    I'm a few years from even thinking about buying but am saving away and gathering information from this thread that is invaluable, but by the time I buy it could be all changed again! One things for sure, I'm preparing for a lot of stress and heartache!

    Take a look through this thread and it will tell you why the central bank rules are there for a good reason. Owners occupiers on here dont seem to care what price a house is as long as the bank will give them the money. Some people in Dublin have learned nothing from the crash thankfully outside Dublin is still sane.


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    #2117
    Staph
    Registered Users Posts: 472 ✭✭Staph


    audi12 wrote: »
    Take a look through this thread and it will tell you why the central bank rules are there for a good reason. Owners occupiers on here dont seem to care what price a house is as long as the bank will give them the money. Some people in Dublin have learned nothing from the crash thankfully outside Dublin is still sane.

    Most owner occupiers in Dublin or outside have been granted their mortgage by the Central Bank rules and have obviously been deemed to fit the criteria to buy their house. I don't understand your point at all....


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    #2118
    audi12
    Banned (with Prison Access) Posts: 890 ✭✭✭audi12


    Staph wrote: »
    Most owner occupiers in Dublin or outside have been granted their mortgage by the Central Bank rules and have obviously been deemed to fit the criteria to buy their house. I don't understand your point at all....

    What dont you understand your totally not taking up my point read my post


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    #2119
    Staph
    Registered Users Posts: 472 ✭✭Staph


    You have no point, you just make vague statements about house buyers. Buy adhering to central bank rules people can only afford what they bank is willing to give them.


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    #2120
    audi12
    Banned (with Prison Access) Posts: 890 ✭✭✭audi12


    Staph wrote: »
    You have no point, you just make vague statements about house buyers. Buy adhering to central bank rules people can only afford what they bank is willing to give them.

    Yes you are either missing my point or pretending not to get it forget it.


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    #2121
    Tasden
    Closed Accounts Posts: 4,166 ✭✭✭Tasden


    audi12 wrote: »
    Take a look through this thread and it will tell you why the central bank rules are there for a good reason. Owners occupiers on here dont seem to care what price a house is as long as the bank will give them the money. Some people in Dublin have learned nothing from the crash thankfully outside Dublin is still sane.

    That's why my post, which you even quoted yourself there, says "for good reason obviously".


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    #2122
    audi12
    Banned (with Prison Access) Posts: 890 ✭✭✭audi12


    Tasden wrote: »
    That's why my post, which you even quoted yourself there, says "for good reason obviously".

    I wasnt having a go at your post.


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    #2123
    Tasden
    Closed Accounts Posts: 4,166 ✭✭✭Tasden


    audi12 wrote: »
    I wasnt having a go at your post.

    My post reflected a lot of people's/posters frustrations with CB rules- that they are a necessary "evil" but they are making things difficult. You made vague reference to some people in Dublin on this thread not learning from mistakes but most people are fully aware of the need for CB rules but are frustrated by the personal impact it is having on them. Same as what I posted.


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    #2124
    audi12
    Banned (with Prison Access) Posts: 890 ✭✭✭audi12


    Tasden wrote: »
    My post reflected a lot of people's/posters frustrations with CB rules- that they are a necessary "evil" but they are making things difficult. You made vague reference to some people in Dublin on this thread not learning from mistakes but most people are fully aware of the need for CB rules but are frustrated by the personal impact it is having on them. Same as what I posted.

    That is a contradiction you cant be frustrated with them but then also agree with them people agree with them until they impact on them. These owner occupiers dont seem to get that the rules are helping them in the long run by keeping a cap on house prices only for the rules we would have been back in boomtime prices in Dublin some people have learned nothing.


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    #2125
    Tasden
    Closed Accounts Posts: 4,166 ✭✭✭Tasden


    audi12 wrote: »
    That is a contradiction you cant be frustrated with them but then also agree with them people agree with them until they impact on them. These owner occupiers dont seem to get that the rules are helping them in the long run by keeping a cap on house prices only for the rules we would have been back in boomtime prices in Dublin some people have learned nothing.

    Yes you can.
    I absolutely agree with them in principle. I am frustrated that it means I cannot buy right now. I still agree with them despite it causing frustration for me personally.

    Some people have learned, and are mature enough to accept they are necessary while also feeling frustrated that it is impacting their personal accommodation search.


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    #2126
    audi12
    Banned (with Prison Access) Posts: 890 ✭✭✭audi12


    Tasden wrote: »
    Yes you can.
    I absolutely agree with them in principle. I am frustrated that it means I cannot buy right now. I still agree with them despite it causing frustration for me personally.

    Some people have learned, and are mature enough to accept they are necessary while also feeling frustrated that it is impacting their personal accommodation search.

    Fair enough. A lot of people are giving out about them saying they should be done away with how people have short memories people are emotional you cant let them drive prices out of control again systems are in place that seem to be helping even though as someone outside of Dublin looking at the prices they seem insane as they are.


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    #2127
    Tasden
    Closed Accounts Posts: 4,166 ✭✭✭Tasden


    audi12 wrote: »
    Fair enough. A lot of people are giving out about them saying they should be done away with how people have short memories people are emotional you cant let them drive prices out of control again systems are in place that seem to be helping even though as someone outside of Dublin looking at the prices they seem insane as they are.

    I think that is frustration speaking though and not a lack of understanding of the basic principles. I mean it's people's homes, they are going to feel emotional about it and say stuff without actually disagreeing with the overall principle of the rules (maybe not the actual terms though ).... I hope :pac:


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    #2128
    Staph
    Registered Users Posts: 472 ✭✭Staph


    I see you have not tried to clarify your 'point'.


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    #2129
    audi12
    Banned (with Prison Access) Posts: 890 ✭✭✭audi12


    Staph wrote: »
    I see you have not tried to clarify your 'point'.

    what are you talking about


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    #2130
    Michael D Not Higgins
    Registered Users Posts: 7,223 ✭✭✭Michael D Not Higgins


    Mod: Take it to PM if you want to discuss it further.


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    #2131
    whiskeyman
    Registered Users Posts: 12,564 ✭✭✭✭whiskeyman


    Folks,

    Just found out some great news that we're expecting our first child :)
    Now, we've been looking for a house for over a year and still no joy.
    Will this greatly affect our mortgage re-approval?
    I've heard stories of people avoiding putting any baby related payments on credit cards / bank statements etc... and paying all in cash.
    Obviously I hope we can find somewhere between now and then, but in case we need to re-apply with a new baby, how much more stringent will the checks be / will there be much of a reduction?

    thanks!


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