Currently buying/selling a house? How is it going? READ MOD NOTE POST #1

DaraDali

Captainsatnav wrote: »

Valuer did it remotely?

Got the valuer from the bank and he did it onsite met my auctioneer.

House was empty so easy to do it.

PommieBast

DaraDali wrote: »

Got the valuer from the bank and he did it onsite met my auctioneer.

Getting mixed messages about what is and is not permitted. My impression is that a lot of rules are being bent.

angel eyes 2012

paulie13 wrote: »

We're in a very similar position. Contracts now with our solicitor over 6 weeks waiting for us to sign, but we haven't been able to secure mortgage protection. Over five years in remission from cancer at this point, but I've been postponed until October at the earliest from one company. It's turning into an absolute disaster. Raised it with the bank, and for a waiver for mortgage protection we need decline letters from three different insurers - problem is is that once you go to a new insurer and tell them you've been postponed (one of the first things they ask), they don't want to know. As a result you can't go through the application process and get the decline letter at the end! Maddening stuff!

We've been two months trying to get it sorted now. Each insurer that will take a look wants to get our GP/oncologist to return firms, which is taking a minimum of two weeks each time.

BOI granted me a waiver on foot of one letter of declinature, however we secured mortgage protection for my husband and the bank was happy with that. Granted it was six years ago but that aspect didn't delay the process.

Tilikum17

Maitguel wrote: »

I got a quote from the AA for mortgage protection, I haven’t taken it out yet but I got the sense they were tearing to go when we are ready. We would both be in good health and young 30s. When we go ahead with the application will we have to provide medical records before they will provided cover?!?

We sorted our mortgage protection back in January. We’re about to sell out house next week (contracts signed on Friday)
Now the bank tell us we started paying the mortgage protection too early and we need a new one.

We have to go through the whole (mortgage protection) process again which took weeks last time around. We have until the 25th of May to drawn down our mortgage.

JL555

Had been considering pulling out of a house purchase. I'm still in two minds, but early on in the process (January) I was really looking forward to it, after purchase complete I have a reno job planned of about 6-8 months before we move in. There's one outstanding issue that we are waiting on the bank to give us the green light on which a certificate of compliance thing, it's minor enough and there can be no enforcement order from the local authority because it's almost a 30 year old planning item, also it can be rectified but would take several months, so we initially decided to plough ahead and get it done ourselves after we move in.
The bank have already asked for new salary slips and bank statements as we were approve over 3 months ago now. I'm kind of peed off with the vendors though, we are in this process with the house sale since the end of January, they sat on documents, allegedly 'forgetting' to review them in early February, which cost us nearly 3 weeks in time. Then with the help of our solicitor, we uncovered this old planning issue which set us back another few weeks as their solicitor works to the pace of a snail, and now that planning matter is in the hands of our lending bank and we have not heard from them in 3 weeks regarding a decision. Our solicitor seems positive that it will be ok, but has said that if it's not we will just push back on the vendor to get it sorted, but again that will be several months more lost and the house is already vacant since last autumn, also I just do not have the will or desire to keep things on hold for long periods of time, I'm eager to move on either way.
We received our letter of offer in February, so we need to drawdown asap, mortgage advisor says within the next 2 weeks. If this house purchase falls though because of the complete incompetence of the vendor and their legal rep, I will be be raging. If we are to go again after this we have to go though a new approval process and with covid19 the new reality, I know the approval process will be more complicated, and I'm not sure I can be bothered.
My wife says she is not stressed about it at all and that it will all be grand, easy for her, I'm the one doing all the chasing over the last few months. A big part of me is looking forward to getting my deposit back and although I will keep saving, I have also added a couple of nice tech items into my online shopping cart. Covid19 has put life on hold for everyone, this house purchase has added another meaning to the phrase 'on hold'. So either way, it's either a serious reno project on a bungalow that thought would be our forever home, or a little spending spree, settle on our current situation for the long term, keep saving and have large lump sum for retirement.

Maybe, the desire to own a house is too strong, maybe it's not that important, after all, home is where the heart is and for me that is where family are, whether it's a rented house or otherwise.

ps, I'm 47 this year, previously owned a home but lost it as an indirect consequence of the last recession. Have 2 kids under 10.

lomb

I believe not. If you can't get life and are declined I believe banks still legally have to offer you the mortgage. https://www.askaboutmoney.com/threads/refused-mortgage-protection-insurance-whats-next.206206/

lfen

Signing contracts Monday. Will we get a closing date at this point?

Captainsatnav

DaraDali wrote: »

Got the valuer from the bank and he did it onsite met my auctioneer.

House was empty so easy to do it.

Well that's definitely not allowed like. Ffs

ladystardust

lomb wrote: »

I believe not. If you can't get life and are declined I believe banks still legally have to offer you the mortgage. https://www.askaboutmoney.com/threads/refused-mortgage-protection-insurance-whats-next.206206/

See citizens information. They state that although there is no legal requirement in certain exceptional circumstances, lenders may insist upon it as a condition of the mortgage. Was declined recently and tried everything within my power. The bank refused to issue mortgage without insurance.

baldshin

We were about to go back with a revised offer on a house we were sale agreed on (based on engineer report) and the vendors have informed us the bank have reneged on their mortgage for the house they were moving to so the deal is off. Sickened, particularly paying €1500 for the engineer and solicitor being a waste.

Gavin "shels"

lfen wrote: »

Wondering if you had any word back on this? UB have not asked for updated payslips yet but I expect they will and OH is claiming COVID subsidy. Not sure if it’s shows on the payslip though.

Heard back from our Broker yesterday, not good news for us. My OH is on COVID subsidy in her salary as mentioned previously, we can proceed with the buying process but UB have advised we won't be able to draw-down unless my OH's latest payslip doesn't include COVID subsidy aka her employer has stopped using the subsidy. My OH employer provided her with statement saying her job isn't at risk but it seems that's not worth the paper its written on as this was submitted to UB along with her last payslip which displays the COVID subsidy. She's on 100% salary.

Our AIP 6 month period finishes in August, UB won't be allowing extensions of AIPs which have exemptions and it seems no banks will be granting exemptions until the New Year so in essence we look f**ked. Needless to say both of us are livid.

Tasfasdf

Gavin shels wrote: »

Heard back from our Broker yesterday, not good news for us. My OH is on COVID subsidy in her salary as mentioned previously, we can proceed with the buying process but UB have advised we won't be able to draw-down unless my OH's latest payslip doesn't include COVID subsidy aka her employer has stopped using the subsidy. My OH employer provided her with statement saying her job isn't at risk but it seems that's not worth the paper its written on as this was submitted to UB along with her last payslip which displays the COVID subsidy. She's on 100% salary.

Our AIP 6 month period finishes in August, UB won't be allowing extensions of AIPs which have exemptions and it seems no banks will be granting exemptions until the New Year so in essence we look f**ked. Needless to say both of us are livid.

Sorry to hear this. I too am on subsidy but working as normal. How many payslips from did they want if you dont mind me asking?

Gavin "shels"

Tasfasdf wrote: »

Sorry to hear this. I too am on subsidy but working as normal. How many payslips from did they want if you dont mind me asking?

We just submitted the latest one (here only one with the COVID subsidy) and the statement from her employer.

Aelun

Gavin shels wrote: »

We just submitted the latest one (here only one with the COVID subsidy) and the statement from her employer.

Really sorry to hear this. Had you signed contracts and sent them back for drawdown, or did UB just contact you looking for updated payslips.

Pivot Eoin

Gavin shels wrote: »

Heard back from our Broker yesterday, not good news for us. My OH is on COVID subsidy in her salary as mentioned previously, we can proceed with the buying process but UB have advised we won't be able to draw-down unless my OH's latest payslip doesn't include COVID subsidy aka her employer has stopped using the subsidy. My OH employer provided her with statement saying her job isn't at risk but it seems that's not worth the paper its written on as this was submitted to UB along with her last payslip which displays the COVID subsidy. She's on 100% salary.

Our AIP 6 month period finishes in August, UB won't be allowing extensions of AIPs which have exemptions and it seems no banks will be granting exemptions until the New Year so in essence we look f**ked. Needless to say both of us are livid.

Try EBS mate, when the COVID-19 Subsidy Scheme finishes, you should be able to get an exception. They told me that on Friday and verbally approved an exception for me before they saw my most recent payslip with COVID-19 Subsidy on it.

roady rhodes

Has anyone had their mortgage draw down delayed or refused because they are receiving the 350 euro covid payment?

I've heard a lot are been refused because of the top up subsidy payment.

Tasfasdf

For anyone doing drawn down now but was not on subsidy. How many months worth of pay slips did you need?

roady rhodes

Tasfasdf wrote: »

For anyone doing drawn down now but was not on subsidy. How many months worth of pay slips did you need?

2 months statements and a signed self declaration form.

ladystardust

Gavin shels wrote: »

We just submitted the latest one (here only one with the COVID subsidy) and the statement from her employer.

Sorry to hear this Gavin. It’s an awful shock to the system when you have been planning for so long

Sunnycj

Tasfasdf wrote: »

For anyone doing drawn down now but was not on subsidy. How many months worth of pay slips did you need?

Due to drawdown next week, and was asked for 3 months statements and most recent payslips.

neddynono

We’re buying a new build. Have everything done including help to buy and last thing is snags list which is being done next week. We have provided all info in conditions of loan offer but when it comes to drawdown in a few weeks will they ask to see more stuff like payslips/bank statements?

We’re both still working and being paid in full but my last payslip has the covid subsidy scheme on it will that matter to ptsb? I wasn’t told by the job we’d be on that scheme they just give me letter for bank saying I was still working as normal

Pivot Eoin

neddynono wrote: »

We’re buying a new build. Have everything done including help to buy and last thing is snags list which is being done next week. We have provided all info in conditions of loan offer but when it comes to drawdown in a few weeks will they ask to see more stuff like payslips/bank statements?

We’re both still working and being paid in full but my last payslip has the covid subsidy scheme on it will that matter to ptsb? I wasn’t told by the job we’d be on that scheme they just give me letter for bank saying I was still working as normal

It will affect you unfortunately. Banks will only give you the loan value of your wage less the COVID scheme, and the tax savings. So effectively like only 30%ish of your initial loan offer amount for your salary anyway.

neddynono

Pivot Eoin wrote: »

It will affect you unfortunately. Banks will only give you the loan value of your wage less the COVID scheme, and the tax savings. So effectively like only 30%ish of your initial loan offer amount for your salary anyway.

Not what I wanted to hear but thanks. Our business is listed as one of the ones to reopen on the 18th may so hopefully after this the scheme stops for me and we go back to normal

Ek2020

neddynono wrote: »

Not what I wanted to hear but thanks. Our business is listed as one of the ones to reopen on the 18th may so hopefully after this the scheme stops for me and we go back to normal

We have made a purchase of a new build and it was due to be finished around October time so we wouldnt be drawing down until then. Our loan offer expires in September. My OH's employer is making use of the Covid subsidy scheme. She is on full wages still with it. If her employer is back up and running in a month or two and her payslips are back to normal should we be alright by the time we have to drawdown or get our offer extended?

Aelun

Ek2020 wrote: »

We have made a purchase of a new build and it was due to be finished around October time so we wouldnt be drawing down until then. Our loan offer expires in September. My OH's employer is making use of the Covid subsidy scheme. She is on full wages still with it. If her employer is back up and running in a month or two and her payslips are back to normal should we be alright by the time we have to drawdown or get our offer extended?

I guess it depends on how many payslips the banks need to see from someone who has come off the scheme. Does anyone know if any of the banks have indicated how many they need to see?

JimmiesRustled

If you've signed contracts without a clause which states that the deposit is subject to finance, ie you forfeit your deposit if you can't drawdown, is the help to buy subject to that? As in, if the bank refuse to let us draw down do we lose both our deposit as well as the help to buy?

DoozerT6

Apologies if something similar has been asked several times already, but I had almost decided before lockdown happened to put my one-bed apartment in Dublin up for sale to move down the country. I'm guessing now would be a silly time to follow through with that? Should I hold tight for another year or so to see what happens? (would much rather sell than rent the place out too, whenever that happens).

lfen

Gavin "shels" wrote: »

Heard back from our Broker yesterday, not good news for us. My OH is on COVID subsidy in her salary as mentioned previously, we can proceed with the buying process but UB have advised we won't be able to draw-down unless my OH's latest payslip doesn't include COVID subsidy aka her employer has stopped using the subsidy. My OH employer provided her with statement saying her job isn't at risk but it seems that's not worth the paper its written on as this was submitted to UB along with her last payslip which displays the COVID subsidy. She's on 100% salary.

Our AIP 6 month period finishes in August, UB won't be allowing extensions of AIPs which have exemptions and it seems no banks will be granting exemptions until the New Year so in essence we look f**ked. Needless to say both of us are livid.

Aw I’m really sorry that’s a ****e position for you both to be in. Would her employer not do something given the circumstances?

Has anyone on the subsidy draw down without issue??

cd76

DoozerT6 wrote: »

Apologies if something similar has been asked several times already, but I had almost decided before lockdown happened to put my one-bed apartment in Dublin up for sale to move down the country. I'm guessing now would be a silly time to follow through with that? Should I hold tight for another year or so to see what happens? (would much rather sell than rent the place out too, whenever that happens).

No harm in putting it on the market and seeing what offers if any come in.

cd76

Housebuying wrote: »

What sort of crazy advice is this? walk away from 30k? Why?

You would want some serious proof that his house will drop by 30k and that he will then be able to secure a mortgage.

.. everything down. Not a time to buy unless you are getting serious reduction. Much better to rent and re-assess in 6 to 12 months.