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

matrim

audi12 wrote: »

Thas what he said must be renting a mansion

You know absolutely nothing about the current crisis in Dublin (and other cities) if you thing 1800 gets you a mansion.

guile4582

audi12 wrote: »

Let them go so buying in to that madness is not going to help you they are building more houses in two years supply will have caught up. Do people in Dublin remember the crash.

thing is it may not stop

*see London since 2012!!

Rew

whiskeyman wrote: »

Ah shure that's grand so... we'll all just put our feet up until then :rolleyes:

There's no new building in many areas with current high demand.
And yes, we remember the crash, and thankfully the CB rules are there.
Many of us have a big deposit behind us and are very focused on ensuring we watch affordability, however houses are just going to those at the next level due to lack of supply.
I'm in the very lucky position that I can afford a house in Dublin, it's just getting the right location, and it's the prices in those areas of high demand that seem to be going crazy at the moment.

Im the same, cant believe that what I would have thought was a decent amount of money wont let buy ATM in parts of Dublin :-(

cnlbel

my worry is that even we did somehow manage to actually get somewhere, the bank valuation might not go our way. the whole thing is so stressful. i actually thought this whole thing would be exciting-what a fool!! we have a bid on a place and ea says he is waiting for "other bidder" to revert-its been a week. hes still doing open viewings etc. we are going to give it another week and then say they accept or we are out.

intheclouds

cnlbel wrote: »

my worry is that even we did somehow manage to actually get somewhere, the bank valuation might not go our way. the whole thing is so stressful. i actually thought this whole thing would be exciting-what a fool!! we have a bid on a place and ea says he is waiting for "other bidder" to revert-its been a week. hes still doing open viewings etc. we are going to give it another week and then say they accept or we are out.

Hadnt even thought of the bank valuation!! Another worry to add.

I was so annoyed when our estate agent did the same, I ended up mentally writing off the property and we had viewings booked on other places. I think he sensed we were ready to move on as he suddenly wrapped it up shortly after.

BondiJen

In our case the bank valuation was a formality, valuer came out measured house, checked number of bedrooms, structure, general condition etc. - we didn't get any questions on it. Hopefully that is the norm and it won't be an issue for you.

Sleepy

We bought in North County Dublin for 10k below asking but it's a fixer upper and had our surveyor found / highlighted more of the problems we've encountered, I reckon we'd have been looking to knock another 10 or 15k off!

Don't bank on the survey revealing everything and keep as large a contingency fund in place as you can!

Sleepy

The bank valuation rarely extends beyond inspecting that yes, the property actually exists and it has the number of bedrooms reported by the buyer.

Tasden

Sleepy wrote: »

We bought in North County Dublin for 10k below asking but it's a fixer upper and had our surveyor found / highlighted more of the problems we've encountered, I reckon we'd have been looking to knock another 10 or 15k off!

Don't bank on the survey revealing everything and keep as large a contingency fund in place as you can!

I was told by someone that a fixer upper will only be financed by the bank if you have fix up funds as well as deposit, is this true? Or does it depend on the nature of the "fixing"? Is it only if it's not habitable on purchase?

audi12

Sleepy wrote: »

The bank valuation rarely extends beyond inspecting that yes, the property actually exists and it has the number of bedrooms reported by the buyer.

The bank valuation is to make sure the house exists you should be more inclined to get a proper valuation done to make sure you are not overpaying for the house doubht you will however

audi12

BondiJen wrote: »

In our case the bank valuation was a formality, valuer came out measured house, checked number of bedrooms, structure, general condition etc. - we didn't get any questions on it. Hopefully that is the norm and it won't be an issue for you.

Hopefully this is the norm do people not want to know if there are paying two much for the house no

audi12

matrim wrote: »

You know absolutely nothing about the current crisis in Dublin (and other cities) if you thing 1800 gets you a mansion.

I live in this world just like you might surprise you lucky I dont live in Dublin where money buys you nothing it seems

audi12

whiskeyman wrote: »

Ah shure that's grand so... we'll all just put our feet up until then :rolleyes:

There's no new building in many areas with current high demand.
And yes, we remember the crash, and thankfully the CB rules are there.
Many of us have a big deposit behind us and are very focused on ensuring we watch affordability, however houses are just going to those at the next level due to lack of supply.
I'm in the very lucky position that I can afford a house in Dublin, it's just getting the right location, and it's the prices in those areas of high demand that seem to be going crazy at the moment.

Better off putting your feet up than burdened with insane debth for the rest of your life for a three bedroom box your life im wasting my breath talking next thing il be banned from the thread.

MOD: Permanent ban from forum for persistent trolling.

intheclouds

I am waiting on the Letter of Offer from the bank, sent in the stuff just over a week ago having received sanction in principle a few weeks before that.

Ive just now received an email from the bank trying to sell me home insurance that opens with "Congratulations on confirmation of your sanctioned Mortgage Loan...." - so although I havent yet received anything in the post - am I to assume that its all gone through smoothly?

Kind of a weird way of notifying me!

Utah

intheclouds wrote: »

I am waiting on the Letter of Offer from the bank, sent in the stuff just over a week ago having received sanction in principle a few weeks before that.

Ive just now received an email from the bank trying to sell me home insurance that opens with "Congratulations on confirmation of your sanctioned Mortgage Loan...." - so although I havent yet received anything in the post - am I to assume that its all gone through smoothly?

Kind of a weird way of notifying me!

Haha, guess it's an automated thing which kicks in when you get the go ahead. Pity the system is quicker than the person!

cnlbel

We have put an offer in on another place that we prefer. i stressed to the EA that im not one for waiting weeks to be outbid etc and i want this to go as quickly as possible. there is an open viewing on it on sat and id say hes waiting to see what comes out of that before anything happens. so hard to stop yourself from day dreaming your life in a place. fingers crossed something positive happens in the next few weeks.

cnlbel

BondiJen wrote: »

In our case the bank valuation was a formality, valuer came out measured house, checked number of bedrooms, structure, general condition etc. - we didn't get any questions on it. Hopefully that is the norm and it won't be an issue for you.

really hope so!

whiskeyman

cnlbel wrote: »

. i stressed to the EA that im not one for waiting weeks to be outbid etc and i want this to go as quickly as possible.

Not sure it's good idea to say this?
EA and seller have upper hand, so saying you won't be waiting weeks could be interpreted that you're very interested.
To show you don't want to wait about, perhaps put a time limit on your bid? Perhaps before the next viewing, say this offer only stands until x date... But make it a good offer.
That's what I plan on doing next time.

cnlbel

didnt see the harm in saying im not waiting for weeks for seller to come back but perhaps ive shot myself in the foot. Very little i can do now anyway as ive made an offer. i dont expect us to get this place as im confident it will go well over the asking price but if you're not in you cant win etc etc etc

Siipina

Just got a call from the live cover insurance, they want to do a medical test with me. What do they do? And what if I fail?
I am not sick. I had diabetes in pregnancy and my Mom died on cancer but is that a reason ?

Tuesday_Girl

Siipina wrote: »

Just got a call from the live cover insurance, they want to do a medical test with me. What do they do? And what if I fail?
I am not sick. I had diabetes in pregnancy and my Mom died on cancer but is that a reason ?

If you answer yes to anything on the questionnaire they can choose to investigate further, they can mean asking your GP for a medical report or having their own designated GP or nurse meet you. They'll want to know more about any medical conditions you or a family member had before they agree to accept you and decide on the premium they will charge. Not anything to worry about usually, they just need to cover themselves before issuing a policy.

Siipina

Tuesday_Girl wrote: »

If you answer yes to anything on the questionnaire they can choose to investigate further, they can mean asking your GP for a medical report or having their own designated GP or nurse meet you. They'll want to know more about any medical conditions you or a family member had before they agree to accept you and decide on the premium they will charge. Not anything to worry about usually, they just need to cover themselves before issuing a policy.

Thank you, its just we are so close nearly everything is done and now I am worried that they won't insure me as well as this ongoing trouble with LL. I can understand that they want to cover themselves but my nerves are going into overdrive now.

SB_Part2

cnlbel wrote: »

didnt see the harm in saying im not waiting for weeks for seller to come back but perhaps ive shot myself in the foot. Very little i can do now anyway as ive made an offer. i dont expect us to get this place as im confident it will go well over the asking price but if you're not in you cant win etc etc etc

You probably should have given him a definitive timeline then. Say "Offer is on the table until Friday week at 3pm".

cnlbel

SB_Part2 wrote: »

You probably should have given him a definitive timeline then. Say "Offer is on the table until Friday week at 3pm".

I didnt think going in with an ultimatum with my first bid would go down too well-thought better to just leave it about a week before an ultimatum. Oh well, the bid has been sent and its in the EA's hands now :eek:

mirrorwall14

Siipina wrote: »

Just got a call from the live cover insurance, they want to do a medical test with me. What do they do? And what if I fail?
I am not sick. I had diabetes in pregnancy and my Mom died on cancer but is that a reason ?

What exactly are they asking you to do? is it a GP visit? Or a nurse medical? If it is just the two mentioned I doubt you will be refused. I have psoriasis, asthma, high BP in pregnancy and plenty of family history but I got insurance albeit at a slightly higher cost than usual. Its still fairly cheap.

The biggest delay (outside of being refused entirely) can be if you have any medical tests/results outstanding. They will not give you life cover until those are resolved

The other is getting your GP to fill in the report if there is one to be filled in. Can take multiple phonecalls and follow ups

Siipina

Thanks mirrorwall, now I feel a bit better.
Its a nurse medical, she is even coming to the house.
Well, I am a good bit overweight but in the process of losing weight and after everything is done with the move I 'll join slimming world anyway. Its just at the moment too much as I do all the mortgage stuff, my 2 years old and a toddler group on my own as well as dealing with a horrible LL. Can't do everything in one. Hubby is working long hours.
As far as I know I am fine except of the two, ok a bit high blood pressure but that has other reasons.

HouseHeating

Just wondering if anyone could give me a bit of advise! We have viewed a house but it needs a bit of work done. We just are unsure if we can afford it. Its a two story house around 2000 sq ft. Currently has electric heating which we would want to switch to oil central heating. We would also need to sand and varnish most floors throughout, paint, etc.

Would anyone be able to give me a ballpark figure of how much these types of renovations cost Just approx estimate would be great - really appreciate any help/advise!

sadie1502

HouseHeating wrote: »

Just wondering if anyone could give me a bit of advise! We have viewed a house but it needs a bit of work done. We just are unsure if we can afford it. Its a two story house around 2000 sq ft. Currently has electric heating which we would want to switch to oil central heating. We would also need to sand and varnish most floors throughout, paint, etc.

Would anyone be able to give me a ballpark figure of how much these types of renovations cost Just approx estimate would be great - really appreciate any help/advise!

If you're unsure you can afford it I would be very wary and would probably leave it. Unless you can do renovations comfortably I wouldn't touch it. They never go according to plan and will more than likely end up costing more than you originally thought.

HouseHeating

sadie1502 wrote: »

If you're unsure you can afford it I would be very wary and would probably leave it. Unless you can do renovations comfortably I wouldn't touch it. They never go according to plan and will more than likely end up costing more than you originally thought.

Thanks for advise! We have saved €20,000 for repairs/rennovations but I'm just not sure how far that would stretch!

sadie1502

HouseHeating wrote: »

Thanks for advise! We have saved €20,000 for repairs/rennovations but I'm just not sure how far that would stretch!

I would consult a reputable contractor for a quote. That really is your best option.