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

Bored Accountant

Laghan wrote: »

Story is that there's a tiny "extension" that should have had planning permission but doesn't. My solicitor had to flag it with the bank and we're currently waiting on a response so see if it's an issue for them giving the mortgage.

We received our contracts on Monday...finally...There is an issue that one of the planning terms may for the original build not have been fulfilled, or the engineer at the time was too lazy to check and sign off on it.
but anyway, our solicitor has sent the docs back to the vendors solicitors to get the certifications in place before we sign anything. Shes hoping to have contracts back again early next week for signing. fingers crossed

SB_Part2

Laghan wrote: »

I signed the contracts today. Story is that there's a tiny "extension" that should have had planning permission but doesn't. My solicitor had to flag it with the bank and we're currently waiting on a response so see if it's an issue for them giving the mortgage. She will have everything ready to go if we get the green light from the bank.

The other side have demanded signed contracts before close of business tomorrow or they will terminate the sale, problem is we might not have an answer from the bank by then. It's really frustrating, they totally overlooked that extension in their documents and then go demanding the contracts when it's completely out of my control. The solicitor doesn't see the bank having an issue with it (I hope she's right), will they get back to us in time though...and if not, will the seller have pulled out.

Ugh..
I will be completely heart-broken if the house falls through, I really thought we were so lucky all along how things were going so smoothly! Jinxed myself!

It's a bit rich of them threatening to pull out.

The next person who attempts to buy it will have the same issue as well.

Naid23

if anyone has recommendations for a good reliable surveyor in Dublin, could you please PM me? Hoping to get it done as soon as possible.

thanks

whiskeyman

Laghan wrote: »

The other side have demanded signed contracts before close of business tomorrow or they will terminate the sale

Why would they do that??

As already said, the next party will be in the same position, and no doubt you've already come through so much of the process already?

I presume they need to progress urgently, but they need to comprehend nothing can go any quicker.
I'd be very wary about being given an ultimatum to sign.
Hope all works out for the best!

Laghan

Bored Accountant wrote: »

We received our contracts on Monday...finally...There is an issue that one of the planning terms may for the original build not have been fulfilled, or the engineer at the time was too lazy to check and sign off on it.
but anyway, our solicitor has sent the docs back to the vendors solicitors to get the certifications in place before we sign anything. Shes hoping to have contracts back again early next week for signing. fingers crossed

Hopefully it will be a non issue and all will go smoothly!

whiskeyman wrote: »

Why would they do that??

As already said, the next party will be in the same position, and no doubt you've already come through so much of the process already?

I presume they need to progress urgently, but they need to comprehend nothing can go any quicker.
I'd be very wary about being given an ultimatum to sign.
Hope all works out for the best!

I found the sellers email address on a letter I received from the estate agent upon going sale agreed. I emailed her a few days ago when I heard about today's deadline - just to reassure her that we are 100% committed and basically that we're not taking the piss. (obviously worded a lot more eloquently than that..) This morning she responded and explained her side of the situation, basically she was using the money towards losses on another property, if it didn't go through this calendar year then she would have to pay capital gains on it, which was a lot of money and meant that it wasn't even worth her while to sell it if it didn't happen soon... which I completely understand now.

Later today my solicitor called me and said that the bank had gotten back to her and they have no issue with the "extension". So we're going full steam and our closing date is the 28th, which is next week!! I think it's a bit over ambitious and I have my doubts that we will make that date, but definitely after the long weekend. The seller emailed me again afterwards and was really happy with the news too.

We had a really easy time of it throughout up until this, but my god it has taken it's toll on me. I'm exhausted from it and can't wait for it to be over!! I spent the afternoon frantically ringing around for home insurance, mortgage protection cover is sorted and policy arrived in the post today!

Does anyone know what the story is with connecting the electricity? There was a tenant in there up until a few weeks ago but I'm not sure if it has been disconnected or not. Do I need to pay a connection fee or is being a new customer enough of a bonus for them!? Really don't fancy more unexpected fees, it's going to be a stingey christmas!!

Feisar

Arsen5 wrote: »

Got a letter of offer 4weeks ago every thing was ok till solicitor try to drawdown, for some reason they decided to do another credit check they found that I applied for credit card after my approval, they asked for that to be cleared from my account which we did two days ago& submit a proof of that. Two days still no sign of the fund sooo frustrating that your whole life is disturbed just because you want to finally buy a house & settle down(keep giving landlord notice after notice that we are moving & changing it again, family is another city paying two rent since July, daughter is going to loose her place in the school near the house if we didn't move quickly) it just fills you with rage that someone sitting at a desk in bank building is controlling your whole life & future.

I suppose the lesson here for everyone is don't fart between applying and getting the keys.

Also when I was applying something that cropped up for me was my credit card use. I was working abroad but for an Irish company, they paid for the car/accommodation/flights home etc so I was in a position to save a fair amount. Unfortunately my philosophy when it comes to money is "made round to go around, I was a crap saver. I set up a savings account that required a week's notice to draw down from.
I used to save at the start of the month when I got paid and if I was stuck at the end of the month I'd use my credit card to top up my current account. Nothing major, a couple of hundred or whatever but this was a big no no to the bank and took some explaining.
Also when answering the drugs question for life assurance don't say, "um I just came home from Amsterdam",,,

Bored Accountant

Feisar wrote: »

I suppose the lesson here for everyone is don't fart between applying and getting the keys.

I looked at taking out a credit union loan after getting approval etc so as to have some cash to funish the house, and the lady I was dealing with when she heard the mortgage hadn't drawndown, said she was just after buying and advised to hold fire until I had received the mortgage.
Thank god she gave me that advice or could have been in trouble too!!

Ayuntamiento

@Feisar I'm really surprised that the bank weren't ok with you spending on your credit card. I'm in the habit of using my credit card as an alternative to my debit card and then I clear the entire balance at the end of the month. My bank never had an issue with that. Why would they give you a credit card if they didn't expect you to use it?

Are you sure that they weren't more concerned about the fact that you had most of your living costs covered by your company? I'd imagine they'd find it harder to assess your spending habits/level of disposable income when you're not paying for accommodation/transport like most people.

StiffOldMan

Ayuntamiento wrote: »

@Feisar I'm really surprised that the bank weren't ok with you spending on your credit card. I'm in the habit of using my credit card as an alternative to my debit card and then I clear the entire balance at the end of the month.

Big circle but I'm surprised the bank didnt cough up a stink on your credit card spending. Taking out money on a credit card is way worse then spending money on a credit card in the eyes of the bank. Why would you take money out on loan at such a rate of interest, alarm bells to the bank!

sabinalee

sabinalee wrote: »

Hi Guys,

I'm new to this topic and all mortgage thing...but excited.

After 10 years or renting our landlord decided to sell the house and put it one the market in March 2017. Of course we can't afford it.

Our savings: 25K

I put an application online with BOI yesterday, just to check if we are able to get anything from them.

Today, after phone screening, the lady calculated, we could buy a property for about 170K. Our age limited us here and we could get the mortgage for 16 years term only.

The next step, and I'm not sure here what to expect. Next Wednesday I will have 30 minutes application over the phone. Before, I have to send my husband and CU statements from last 6 months.

What will happen after? Is this looking good already?

Can you give me idea where we standing...?

Thank you.

So even we had great feelings about getting AIP soon we got an answer from BOI today declined!
25.000 euro on two savings account was not enough. Saving more than 900 each months, rent paid to same landlord from 10 years it's not enough. No loans, no missing or late payments...We have to prove for longer that we can save... (!)
We just wanted to buy a house worth 175.000 and get the loan for 16 years...

Maybe we are just too old for having own house...I'm so sad now
We can come back in April to try again....wrrrr !!

sadie1502

sabinalee wrote: »

So even we had great feelings about getting AIP soon we got an answer from BOI today declined!
25.000 euro on two savings account was not enough. Saving more than 900 each months, rent paid to same landlord from 10 years it's not enough. No loans, no missing or late payments...We have to prove for longer that we can save... (!)
We just wanted to buy a house worth 175.000 and get the loan for 16 years...

Maybe we are just too old for having own house...I'm so sad now
We can come back in April to try again....wrrrr !!

Go to a good broker or try other banks. Don't give up just yet !!!!

Ayuntamiento

You don't pay interest on a credit card if you clear the entire balance at the end of every month. I don't understand why so many people seem to have a morbid fear/misunderstanding of credit cards. Obviously if you're the type of person who maxes out a credit card and then only makes the minimum payment at the end of the month, then you've got a problem. Also it's common sense to never withdraw money on one because of the charges and that's something I never do.

@sabinalee I'm not sure how it works but I've seen other threads here talking about the possibility of getting a mortgage from your local county council if you obtain rejections from 3 banks. Obviously you have to meet other criteria based on income and deposit but it might be something to look into?

Monife

Ayuntamiento wrote: »

You don't pay interest on a credit card if you clear the entire balance at the end of every month. I don't understand why so many people seem to have a morbid fear/misunderstanding of credit cards. Obviously if you're the type of person who maxes out a credit card and then only makes the minimum payment at the end of the month, then you've got a problem. Also it's common sense to never withdraw money on one because of the charges and that's something I never do.

I don't think it's a misunderstanding of credit cards per se but imo I don't understand the need for a credit card if you just plan your expenditure appropriately against your income.

zedhead

Monife wrote: »

I don't think it's a misunderstanding of credit cards per se but imo I don't understand the need for a credit card if you just plan your expenditure appropriately against your income.

I use my credit card at least once a month but always pay in full at payday. Its not because I can't budget for that month, sometimes there are unexpected expenses and while saving for a mortgage it looks better to use your credit card and pay back with no interest than taking money in and out of your savings. I mostly use it for buying things online, sometimes just because I have pulled the wrong card out of my wallet. None of this was even questioned when I went for mortgage approval - I was told by our broker something like its not considered credit card debt if you pay it off fully each month before interest is added.

sabinalee

sadie1502 wrote: »

Go to a good broker or try other banks. Don't give up just yet !!!!

I want give up! For sure
Only the house will gone...not me.

Is there any link to good brokers on this forum ? What is the typical cost of hiring a good broker?

sabinalee

[quote="@sabinalee I'm not sure how it works but I've seen other threads here talking about the possibility of getting a mortgage from your local county council if you obtain rejections from 3 banks. Obviously you have to meet other criteria based on income and deposit but it might be something to look into?[/quote]

I only applied with BOI.

Will get into other banks first and hopefully there is a chance to get a mortgage.

Thanks

ThisRegard

Monife wrote: »

I don't think it's a misunderstanding of credit cards per se but imo I don't understand the need for a credit card if you just plan your expenditure appropriately against your income.

As with many things in life you can't always plan for unexpected costs.

fits

ThisRegard wrote: »

As with many things in life you can't always plan for unexpected costs.

Yes yoy can. By putting a bit aside every paycheck for a rainy day.

ThisRegard

It's usually in savings accounts. Something like expensive dental comes along, stick it on the credit card, pay it off the next month or two and your savings are unaffected.

Bored Accountant

Monife wrote: »

I don't think it's a misunderstanding of credit cards per se but imo I don't understand the need for a credit card if you just plan your expenditure appropriately against your income.

I know my parents always use their credit card instead of debit and clear it at the end of the month because there is no charge for purchases on credit card so saves having to pay current account charges!!

Mink

So we put in our first official bid on a house we really want. Perfect location, for us, and have AIP etc.

At the moment we are highest bidders but it is 10k under asking. The EA says there are a few more viewings set up and the seller would like to get closer to asking but if there are no more higher bids within approx 3 wks then he says it will probably be ours.

All my fingers and toes are crossed but I'm desperately trying not to get too wrapped up in it as mightn't go our way, we'd only be able to bid a couple more grand. So going to see another house tomorrow in.meantime.

It's mad seeing how much faster houses are going sale agreed in comparison to earlier in the year.

Mink

sabinalee wrote: »

I want give up! For sure
Only the house will gone...not me.

Is there any link to good brokers on this forum ? What is the typical cost of hiring a good broker?

AIB might be a bank to try, we found it exceptionally smooth as first time buyers and we are not on high income so the banks wouldn't be begging to get us in the door or anything!

Brokers will often get a commission from whatever bank gets your business in the end or they may charge 300 euro instead from you but they will state this from the beginning.

Naid23

Survey happening today. Said he would call when he's done to give us a general idea before we get the report! Hoping all goes ok. :P

NEDDURC

Quick question - if the bank allow you an exemption from the deposit rule - what is the minimum % they can apply? Is it 10% or can it be less?

Utah

NEDDURC wrote: »

Quick question - if the bank allow you an exemption from the deposit rule - what is the minimum % they can apply? Is it 10% or can it be less?

I'm sure it's 10.

Brioscai

I think that the rate depend on everything else. We tried to get an exemption. They have given us one, so we have 3.5 times our wages and 15% deposit. Not ideal, but the best we could get.

angeldelight

Reasonably sure it's 10%, we got that exemption it was such a help!

highgiant1985

So I'm sale agreed on a property in a housing estate, My Solicitor gave me the file plan/folio map last day and suggested I get a surveyor to review it and recommended one.

I previously have had a property survey done before which I was happy with although that didn't cover the review of this folio map so I'm just wondering how critical it is to get this done? Is it a nice to get done or v important?

StiffOldMan

highgiant1985 wrote: »

So I'm sale agreed on a property in a housing estate, My Solicitor gave me the file plan/folio map last day and suggested I get a surveyor to review it and recommended one.

I previously have had a property survey done before which I was happy with although that didn't cover the review of this folio map so I'm just wondering how critical it is to get this done? Is it a nice to get done or v important?

Are you talking about when the solicitor gives you the estate drawing plans and you have to confirm what building on the plans you are attempting to buy?

Solicitors always have to recommend you get the house surveyed. Our solicitor made us sign a form confirming we didn't want to get it surveyed, but behind the scenes we were confident nothing was structurally wrong as we had checked out the house and builder of the estate, his records etc beforehand.

Ayuntamiento

We had the same situation whereby the file plan/folio map wasn't available to us on the day that we had our survey done. It wasn't a huge issue. Would the surveyor who previously did the survey not have a look at it for free? If it had been available at the time of the survey he would have had to review it anyway as part of his work.