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

Naid23

Naid23 wrote: »

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

Survey showed up some MAJOR issues that we hadnt a clue about. So we out and back to square one again :(

Thanks Whiskeyman for the surveyor recommendation, He was brilliant, professional and thorough and would highly recommend him if anyone is looking for a surveyor in Dublin (can send details by PM)

derekbro

Naid23 wrote: »

Survey showed up some MAJOR issues that we hadnt a clue about. So we out and back to square one again :(

Thanks Whiskeyman for the surveyor recommendation, He was brilliant, professional and thorough and would highly recommend him if anyone is looking for a surveyor in Dublin (can send details by PM)

Could you PM those details to me please, will hopefully need a survey done soon if bidding goes well. Thanks.

SB_Part2

Naid23 wrote: »

Survey showed up some MAJOR issues that we hadnt a clue about. So we out and back to square one again :(

Thanks Whiskeyman for the surveyor recommendation, He was brilliant, professional and thorough and would highly recommend him if anyone is looking for a surveyor in Dublin (can send details by PM)

What kind of issue was there?

Naid23

SB_Part2 wrote: »

What kind of issue was there?

Support wall was removed without being properly reinforced.
Kitchen extension had pyrite in it (had a 3 foot crack on the exterior wall) .
Attic was converted weird and they way it was covered meant he couldnt see any supports in place - so chance of it collapsing at somepoint.
Chimney had a massive crack aswel.

So some big red flags there! Would just be a whole load of hassle and a lot of money to bring it to a basic standard.

We thought maybe 20-30 would make it the way we want, but he said between everything we'd prob be looking closer to 80k and thats before we take into account the attic.

StiffOldMan

Naid23 wrote: »

Support wall was removed without being properly reinforced.
Kitchen extension had pyrite in it (had a 3 foot crack on the exterior wall) .
Attic was converted weird and they way it was covered meant he couldnt see any supports in place - so chance of it collapsing at somepoint.
Chimney had a massive crack aswel.

So some big red flags there! Would just be a whole load of hassle and a lot of money to bring it to a basic standard.

We thought maybe 20-30 would make it the way we want, but he said between everything we'd prob be looking closer to 80k and thats before we take into account the attic.

Wow, what a crap load of work that would have been! I was tempted a few months ago to take on board a project like that but backed out too. You just dont know what you'll find

Naid23

StiffOldMan wrote: »

Wow, what a crap load of work that would have been! I was tempted a few months ago to take on board a project like that but backed out too. You just dont know what you'll find

probably dodged a bullet when you backed out. Called the estate agent this morning about getting out deposit back and he told us quite abruptly that 'we cant get it back til next week as its been deposiited'. Which is really annoying considering he told us it will just be held til the survey is completed and not lodged.

He was again trying to convince my boyfriend that we should continue with the purchase cause its not as bad as the surveyor made out.
Will be avoiding this estate agent at all costs from now on.

Mitten31

Hello, has anyone been through the application process with crèche/childcare fees as a regular monthly amount? Can anyone advise where I might find a calculator that I can see what impact crèche fees might have on what I can borrow?

Thanks

Michael D Not Higgins

Mitten31 wrote: »

Hello, has anyone been through the application process with crèche/childcare fees as a regular monthly amount? Can anyone advise where I might find a calculator that I can see what impact crèche fees might have on what I can borrow?

Thanks

I was going to suggest the AIB calculator but they're still using 4.5 as their standard income multiplier. Each bank are going to have different underwriting criteria, but in general they subtract the creche costs from the max potential loan payment.

For example, if you have a joint income of 75k, your net would be ~5k per month. They take 2k off for 2 adults, 250 off for one child, 750 for creche fees, leaving 2k max to pay the mortgage. 75k would qualify for a mortgage with a monthly payment around 1100 so you'd still qualify.

StiffOldMan

Naid23 wrote: »

probably dodged a bullet when you backed out. Called the estate agent this morning about getting out deposit back and he told us quite abruptly that 'we cant get it back til next week as its been deposiited'. Which is really annoying considering he told us it will just be held til the survey is completed and not lodged.

He was again trying to convince my boyfriend that we should continue with the purchase cause its not as bad as the surveyor made out.
Will be avoiding this estate agent at all costs from now on.

Oh my god he sounds so desperate to sell that house! Lying about holding your deposit and dear god telling you to ignore the surveyor... WOW!!!! <mod snip: no need for that language >

Someone more gullible could be left with a half finished house as they run out of money if they are to trust this estate agent. He's in no way to be trusted. Get your deposit (he'll probably drag his heels more over the coming days) and jump ship.

The abruptness of his response and eagerness for you to stay put tells me that he was thinking "yes I finally have someone to buy this $hithole", but with you pulling out he's going to try make it as difficult as possible so you'll stay put

Naid23

StiffOldMan wrote: »

Oh my god he sounds so desperate to sell that house! Lying about holding your deposit and dear god telling you to ignore the surveyor... WOW!!!! . Someone more gullible could be left with a half finished house as they run out of money if they are to trust this estate agent. He's in no way to be trusted. Get your deposit (he'll probably drag his heels more over the coming days) and jump ship.

The abruptness of his response and eagerness for you to stay put tells me that he was thinking "yes I finally have someone to buy this $hithole", but with you pulling out he's going to try make it as difficult as possible so you'll stay put

Yeah we actually couldnt believe how unprofessional he was. We had heard some things from people who dealt with him before but was still shocked at home bad. He told us we'd have it back on tuesday so if its not back to us by then, then he'll be getting a letter from my solicitor. Not leaving that kinda money drag out.

There was a 2 week gap between when we originally pulled out of bidding to when they re offered it to us, so we are convinced that the previous couple had a survey and came to the same conclusion as us - that it was a money pit!
So we're now a a couple hundred quid outta pocket!! <mod snip: no need for that language >

intheclouds

Naid23 wrote: »

There was a 2 week gap between when we originally pulled out of bidding to when they re offered it to us, so we are convinced that the previous couple had a survey and came to the same conclusion as us - that it was a money pit!
So we're now a a couple hundred quid outta pocket!!

You see this really annoys me.

How much money is going to be wasted by people doing surveys and then pulling out of buying this house?

The seller should be legally obliged to disclose something like this if its been turned up in a survey. Or the contents of surveys should be publicly available like planning permission documents are.

Moody_mona

How soon do banks provide approval in principle? I sent documents to my broker two weeks ago, is it naive of me to think I'd have a gotten a figure to be working off?

Dotsy04

Naid23 wrote: »

Survey showed up some MAJOR issues that we hadnt a clue about. So we out and back to square one again :(

Thanks Whiskeyman for the surveyor recommendation, He was brilliant, professional and thorough and would highly recommend him if anyone is looking for a surveyor in Dublin (can send details by PM)

Hi, just wondered if you could PM me surveyor details. Sorry to hear you're back to square 1 but better to find out before too late!

Dotsy04

Moody_mona wrote: »

How soon do banks provide approval in principle? I sent documents to my broker two weeks ago, is it naive of me to think I'd have a gotten a figure to be working off?

We had AIP within 7 working days. That was dealing with mortgage advisor in our bank branch who then forwarded all the details to underwriting dept. and they in turn sent out the AIP. Have you followed up with the broker?

Bored Accountant

Moody_mona wrote: »

How soon do banks provide approval in principle? I sent documents to my broker two weeks ago, is it naive of me to think I'd have a gotten a figure to be working off?

Our broker had gotten response in about 8 working days from the day he sent the stuff to the bank. Do you know when the broker actually submitted the stuff to bank?

Moody_mona

No I don't know when it was submitted. I'll send an email on Monday - just wanted to see if I was being unreasonable or impatient. Thanks for the help!

VonLuck

I think the hopes of me ever purchasing a house as a single person have gone out the window.

I contacted a bank earlier today to get mortgage approval in principle. They quoted me a much lower amount than they gave me this time last year! This is despite my salary and savings having increased.

Coupled with the housing shortage causing an increase in house prices, I've been just been set back a number of years before being able to purchase a home. It's madness.

kala85

VonLuck wrote: »

I think the hopes of me ever purchasing a house as a single person have gone out the window.

I contacted a bank earlier today to get mortgage approval in principle. They quoted me a much lower amount than they gave me this time last year! This is despite my salary and savings having increased.

Coupled with the housing shortage causing an increase in house prices, I've been just been set back a number of years before being able to purchase a home. It's madness.

Any reasons given for you getting a smaller amount from the bank? Did the bank give you any reasons?

VonLuck

kala85 wrote: »

Any reasons given for you getting a smaller amount from the bank? Did the bank give you any reasons?

They were very vague and just said that they were using different criteria for their assessments compared to last year.

angeldelight

VonLuck wrote: »

They were very vague and just said that they were using different criteria for their assessments compared to last year.

Try other banks or a broker

Aph2016

VonLuck wrote: »

They were very vague and just said that they were using different criteria for their assessments compared to last year.

Try EBS.

SB_Part2

Does anyone know what banks are generally looking for in terms of a deposit for a 1 bed apartment? Is it 20%?

Aph2016

SB_Part2 wrote: »

Does anyone know what banks are generally looking for in terms of a deposit for a 1 bed apartment? Is it 20%?

10% on the first 220k and 20% on everything else over 220k.

SB_Part2

Aph2016 wrote: »

10% on the first 220k and 20% on everything else over 220k.

Are you sure? I was told it was different for a 1 bed apartment.

Michael D Not Higgins

SB_Part2 wrote: »

Are you sure? I was told it was different for a 1 bed apartment.

30% for a one bed.

SB_Part2

Michael D Not Higgins wrote: »

30% for a one bed.

Thank you.

Moody_mona

I feel like my questions are overly simplistic and basic. I'm looking to figure out an order of what happens when you're looking for a house. Maybe someone can suggest a website or something. I've had a search through here already. I've got AIP, I've made appointments to view properties, I know obviously I make my bids with the estate agent, but when do I contact my broker again? When do I engage with solicitors or surveyors?

Michael D Not Higgins

Moody_mona wrote: »

I feel like my questions are overly simplistic and basic. I'm looking to figure out an order of what happens when you're looking for a house. Maybe someone can suggest a website or something. I've had a search through here already. I've got AIP, I've made appointments to view properties, I know obviously I make my bids with the estate agent, but when do I contact my broker again? When do I engage with solicitors or surveyors?

When you have an offer accepted, the estate agent will ask for you to transfer a booking deposit (refundable, usually a small percentage or around €5k) to go forward with the deal. At this stage you need to speak to your solicitor, your broker, get a survey done, etc. all in parallel. Your solicitor can advise of any additional issues.

whiskeyman

Moody_mona wrote: »

I feel like my questions are overly simplistic and basic. I'm looking to figure out an order of what happens when you're looking for a house. Maybe someone can suggest a website or something. I've had a search through here already. I've got AIP, I've made appointments to view properties, I know obviously I make my bids with the estate agent, but when do I contact my broker again? When do I engage with solicitors or surveyors?

I found this useful.
Also, reading back through this thread can show the reality of it!

http://www.mortgages.ie/go/first_time_buyers/mortgages_explained

zedhead

Starting to get really frustrated with the lack of communication. We went sale agreed at the end of august and still no sign of contracts or any indication of a closing date. Our solicitor advised that the vendors solicitor said the deeds had arrived last week but they needed to check in with where the vendors were at with their purchase. Everyone on their side seems really relaxed about it all.
We have been trying arrange with the Estate Agent to go back to the property to take some measurements so we can price furniture etc but slow to come back.

I know all we can do is wait, but I hate the not knowing. I would love if they could give us some sort of estimated date when we might get contracts/close