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

givyjoe

Padre_Pio wrote: »

Is this your bank or all banks?

Presuming you're replying to me. It is my broker that has stated this. I have approval with KBC and Bank of Ireland. She would obviously be dealing with all banks as a broker. Her mail to me this morning, was that no bank will proceed to drawdown for anyone who is on a covid subsidy. I'm somewhat surprised by this, unless it's a development this week. Some folks up until now, do seem to have been able to proceed even on the wage subsidy.

kokiyou

Thanks awec and actuar90.

Yes I naively thought I could choose windows or the likes - but then saw they were already in place on the new build.

I will reach out to the auctioneer as I assume it wouldn't be a big hassle to upgrade for example fridge / oven / cooker / washing machine.

I was wondering if any things are commonly recommended to be upgraded - assuming I would have the choice to - and not get roasted in fees.

The PC Sum included that I was quoted is around 25k (includes all bathrooms, wardrobes, kitchen appliances).

Shiny

givyjoe wrote: »

Got the below reply from our broker this morning

"...Banks are no longer proceeding to loan offer for anyone who is in receipt of Covid payments or Subsidy.

They are currently looking for payslips and bank statements evidencing that they are off the Covid payments prior to proceeding. The estate agents are aware of this now and are ensuring that anyone who is bidding has the ability to proceed...."

I had followed up with them after a rather unusually intrusive list of questions from an EA before being permitted to view a house later this evening. They wanted to know our wage status re: covid, our bank/broker. Im actually a little surprised from the response from the broker, as some folks on here in the last few days still seem able to proceed, even with Covid Subsidy? Or is that now changing?

We are currently reapplying for AIP as it has lapsed. We are both on the covid subsidy for now so it will be visible on our payslips. Broker has said that while some banks are rejecting based on the subsidy being visible on the paysips, not all of them are. We will also be subject to increased scrutiny from the bank on our jobs now as a result which can add a delay of up to 10 days to the application.

I don't want to be putting in a bid on a house only to get rejected at the drawdown wasting both my time and the sellers time. We aren't looking for any exemption, if anything trying to borrow well below our limit to try and anticipate any future property price drops or wage reductions.

anplaya27

givyjoe wrote: »

Got the below reply from our broker this morning

"...Banks are no longer proceeding to loan offer for anyone who is in receipt of Covid payments or Subsidy.

They are currently looking for payslips and bank statements evidencing that they are off the Covid payments prior to proceeding. The estate agents are aware of this now and are ensuring that anyone who is bidding has the ability to proceed...."

I had followed up with them after a rather unusually intrusive list of questions from an EA before being permitted to view a house later this evening. They wanted to know our wage status re: covid, our bank/broker. Im actually a little surprised from the response from the broker, as some folks on here in the last few days still seem able to proceed, even with Covid Subsidy? Or is that now changing?

Ulster bank isnt. Partner was on wage subsidy but is back in work and all two weeks. I was working ft throughout. Was supposed to complete sale by 18th. Were waiting on contracts to be signed by sellers as everything done on our side. Was told last week that it's not going ahead, even though they told us to continue three weeks ago. Wasted a couple of thousand in process.

givyjoe

Shiny wrote: »

We are currently reapplying for AIP as it has lapsed. We are both on the covid subsidy for now so it will be visible on our payslips. Broker has said that while some banks are rejecting based on the subsidy being visible on the paysips, not all of them are. We will also be subject to increased scrutiny from the bank on our jobs now as a result which can add a delay of up to 10 days to the application.

I don't want to be putting in a bid on a house only to get rejected at the drawdown wasting both my time and the sellers time. We aren't looking for any exemption, if anything trying to borrow well below our limit to try and anticipate any future property price drops or wage reductions.

Are you asking the broker to apply to a specific bank? Im thinking of reapplying with a different broker at this point. Not a peep from ours, despite them knowing what was going on and they've effectively said that our AIP is now worthless. Seemed to suggest that we'd need to have 3 months of no covid subsidy, which at best is waiting til September when our AIP expires anyway.

anplaya27 wrote: »

Ulster bank isnt. Partner was on wage subsidy but is back in work and all two weeks. I was working ft throughout. Was supposed to complete sale by 18th. Were waiting on contracts to be signed by sellers as everything done on our side. Was told last week that it's not going ahead, even though they told us to continue three weeks ago. Wasted a couple of thousand in process.

That's alarming that they told you to go ahead, but now pulled the plug. Did they give you anything in writing stating either/or? Considering the cost you already incurred, I'd be livid. What costs did you lose? Assuming you had some kind of non completion clause to protect you, would it not just be the valuation down the tube? I don't want to pry too much, just keen to avoid wasting money too!

Another general question for folks, has anyone been on wage subsidy but still working? I've not missed a day so far, and expected to continue working as normal, but have been on the wage subsidy since lockdown/the scheme started. Two EA's I spoke to today were surprised I was on the subsidy, despite never having stopped working.

awec

kokiyou wrote: »

Thanks awec and actuar90.

Yes I naively thought I could choose windows or the likes - but then saw they were already in place on the new build.

I will reach out to the auctioneer as I assume it wouldn't be a big hassle to upgrade for example fridge / oven / cooker / washing machine.

I was wondering if any things are commonly recommended to be upgraded - assuming I would have the choice to - and not get roasted in fees.

The PC Sum included that I was quoted is around 25k (includes all bathrooms, wardrobes, kitchen appliances).

Really it just varies and depends what you get as standard. The developer should be able to give you a list of all the stuff you get as standard, ovens, fridges, showers etc. Depending on the standard and price of your build you could be getting good stuff or cheap stuff as standard.

Word of caution that it can be more expensive than you expect to upgrade. Imagine you want to go for a self cleaning oven and you find one that costs 800 euro. You look online and you see the standard one is 600 euro. You expect you'll be charged 200 by the developer / kitchen crowd to upgrade, but they actually charge you 400. That's because the developer doesn't pay retail price for the ovens they buy in bulk to use as standard, while you may be charged retail for your upgrade.

ebayissues

The amount of ppl on the wage subsidy scheme still pushing for buying a property baffles me. Why proceed?





If your on it your income is in no way guarenteed. Even if your place of work is operating at 75% pre-covid or 50% pre-covid.



Anyone on it carries more risk than one still on full income.



Rightly the cost of borrowing should be high and back to the the 3.5 LTV ratio.

Tallback

We signed contracts for our house this week. Price as agreed in Jan and I know the house above us in the chain is selling at same price as agreed. Neither properties had issues with valuers.

In terms of the bank (PTSB), the broker advised me that we need to sign a declaration saying our income wasn't affected in addition to requiring most recent payslip and current account statement from each of us. Neither of us have had reduction in salary so hopefully this won't impact drawdown.

Canyon86

Hi all

I went sale agreed on a property yesterday, paid booking deposit today,

banks have given me the OK, engineer inspecting house next week, solicitor ready to go,

What would I be looking at typically as a move in date?
I know this is a vague questions depending on delays
EA saying 6 weeks, but I heard it can take up to 3 months,

Cheers
C

mcbert

Canyon86 wrote: »

Hi all

I went sale agreed on a property yesterday, paid booking deposit today,

banks have given me the OK, engineer inspecting house next week, solicitor ready to go,

What would I be looking at typically as a move in date?
I know this is a vague questions depending on delays
EA saying 6 weeks, but I heard it can take up to 3 months,

Cheers
C

3 months would be very typical. When I sold last, average was just under 3 months. Can be done quicker, but I'd say 6 weeks is very optimistic. Ignore the EA, they just want their cut.

coughdrops

Tallback wrote: »

We signed contracts for our house this week. Price as agreed in Jan and I know the house above us in the chain is selling at same price as agreed. Neither properties had issues with valuers.

In terms of the bank (PTSB), the broker advised me that we need to sign a declaration saying our income wasn't affected in addition to requiring most recent payslip and current account statement from each of us. Neither of us have had reduction in salary so hopefully this won't impact drawdown.

Oh best of luck - hope it goes along hitch-free from here!
One thing to check - is your salary being paid fully by your employer still, or is it partially paid by the Covid-19 subsidy (even though you still get full amount)? This is where we came unstuck with PTSB - full salary being paid, but the Covid subsidy was making up part of it.

Tallback

coughdrops wrote: »

Oh best of luck - hope it goes along hitch-free from here!
One thing to check - is your salary being paid fully by your employer still, or is it partially paid by the Covid-19 subsidy (even though you still get full amount)? This is where we came unstuck with PTSB - full salary being paid, but the Covid subsidy was making up part of it.

No Covid-19 subsidy luckily.

coughdrops

Tallback wrote: »

No Covid-19 subsidy luckily.

oh super! exciting times ahead!

Claw Hammer

Canyon86 wrote: »

Hi all

I went sale agreed on a property yesterday, paid booking deposit today,

banks have given me the OK, engineer inspecting house next week, solicitor ready to go,

What would I be looking at typically as a move in date?
I know this is a vague questions depending on delays
EA saying 6 weeks, but I heard it can take up to 3 months,

Cheers
C

Fastest i have heard of is 2 weeks, slowest is years.

anplaya27

ebayissues wrote: »

The amount of ppl on the wage subsidy scheme still pushing for buying a property baffles me. Why proceed?





If your on it your income is in no way guarenteed. Even if your place of work is operating at 75% pre-covid or 50% pre-covid.



Anyone on it carries more risk than one still on full income.



Rightly the cost of borrowing should be high and back to the the 3.5 LTV ratio.

When covid first hit the banks told us to keep going ahead with the process. Up to last week it was all going smoothly. Survey done, solicitor involved, contracts signed etc. This was all done following their advice.

Partners wage will not be affected after the subsidy is gone and in fact her boss has drafted a letter to that effect. Shes back in work two weeks already and she has a very good job with excellent professional prospects. I work ft in a secure industry and I continued to work throughout the pandemic (frontline in public healthcare).

We just want to get on with our lives.We are a bit older and time is ticking on for us re starting a family etc. People have a myriad of reasons why they want to proceed. But unfortunately life is never straightforward.

Glory83

Just PTSB declined my AIP application today, although I am not affected by covid-19 and my wife is on maternity leave with a confirmation of her employer they will let her resume her employment upon her return.
We have good savings as well. They claimed they did not consider much of my commission because they felt it was not guaranteed, although I have one year continuous achievement with my current employer and 2 years before that with my previous one. I have been with them for 7 years now and never had any financial issue. I am gutted to be honest. I will try UB and EBS to see how it will go.

Dylan94

Glory83 wrote: »

Just PTSB declined my AIP application today, although I am not affected by covid-19 and my wife is on maternity leave with a confirmation of her employer they will let her resume her employment upon her return.
We have good savings as well. They claimed they did not consider much of my commission because they felt it was not guaranteed, although I have one year continuous achievement with my current employer and 2 years before that with my previous one. I have been with them for 7 years now and never had any financial issue. I am gutted to be honest. I will try UB and EBS to see how it will go.

Circumstances like this would benefit greatly from a brooker.

anplaya27

Glory83 wrote: »

Just PTSB declined my AIP application today, although I am not affected by covid-19 and my wife is on maternity leave with a confirmation of her employer they will let her resume her employment upon her return.
We have good savings as well. They claimed they did not consider much of my commission because they felt it was not guaranteed, although I have one year continuous achievement with my current employer and 2 years before that with my previous one. I have been with them for 7 years now and never had any financial issue. I am gutted to be honest. I will try UB and EBS to see how it will go.

I'm with UB. I very much doubt it after what happened with me but worth a try.

Glory83

Dylan94 wrote: »

Circumstances like this would benefit greatly from a brooker.

I would appreciate if you can recommend a reliable broker.

Glory83

anplaya27 wrote: »

I'm with UB. I very much doubt it after what happened with me but worth a try.

I am sorry to hear about your experience. It is strange really that UB set you up that way.
I was only looking for AIP now as it will take good time to find a suitable property anyway.

I asked them to reevaluate my application based on my income. If they get back with a ****ty figure, I will close my CC with them and move to a different bank. They do not deserve my business.

Dylan94

Glory83 wrote: »

I would appreciate if you can recommend a reliable broker.

I can PM you the one that I am using. I dont think we are allowed to post on thread.

Febreeze

Dylan94 wrote: »

I can PM you the one that I am using. I dont think we are allowed to post on thread.

Can you PM the broker too please? I plan on using one once I get my deposit sorted and would love to use a broker that's highly recommended. Also saves me the hassel of trying to source out a good one

Glory83

Dylan94 wrote: »

I can PM you the one that I am using. I dont think we are allowed to post on thread.

Many thanks Dylan. Appreciate it

Febreeze

Febreeze wrote: »

Can you PM the broker too please? I plan on using one once I get my deposit sorted and would love to use a broker that's highly recommended. Also saves me the hassel of trying to source out a good one

I recieved your PM. No idea how to reply. Bit of a simpilton here. Thank you :-)

Glory83

Febreeze wrote: »

I recieved your PM. No idea how to reply. Bit of a simpilton here. Thank you :-)

Just click on Apply Online and fill in the application form. They will call you back once they receive your request. Just done the same

spiralout

givyjoe wrote: »

Are you asking the broker to apply to a specific bank? Im thinking of reapplying with a different broker at this point. Not a peep from ours, despite them knowing what was going on and they've effectively said that our AIP is now worthless. Seemed to suggest that we'd need to have 3 months of no covid subsidy, which at best is waiting til September when our AIP expires anyway.


That's alarming that they told you to go ahead, but now pulled the plug. Did they give you anything in writing stating either/or? Considering the cost you already incurred, I'd be livid. What costs did you lose? Assuming you had some kind of non completion clause to protect you, would it not just be the valuation down the tube? I don't want to pry too much, just keen to avoid wasting money too!

Another general question for folks, has anyone been on wage subsidy but still working? I've not missed a day so far, and expected to continue working as normal, but have been on the wage subsidy since lockdown/the scheme started. Two EA's I spoke to today were surprised I was on the subsidy, despite never having stopped working.

We're both AIP with PTSB but my wage is getting the subsidy and then topped up by my employer. I've still been working throughout so to hear all applications now being rejected because of the subsidy is a kick in the teeth. We haven't found a place yet, 3 months since our AIP but I don't think I'd move on a house hearing all this. Even if our mortgage repayments would still be less than our rent. I've still been saving and my partner's wages are unaffected.

I thought I read that the government had meetings with the banks over this kind of rejection so something must have changed recently to have this effect.

NearlyForty

I can recommend an excellent broker here in Cork, if anyone needs one. They have been excellent with us throughout all this. We are due to draw down in the next week or two as we are closing on the 19th, and have just submitted another lot of bank statements, payslips and a letter from our employers to say we haven’t been affected by covid. We were both never in receipt of payments either. So fingers crossed! Best of luck to anyone else in the same boat!

JL555

I'm not too sure about brokers to be honest. I went to two and as soon and as I had told them the price of the property they didn't seem interested, in fact one of them told me that it would be a waste of my time as well as his to start the ball rolling on looking for mortgage approval, he went on and on and on, I didn't even reply to him.

The next week I went directly into the bank (AIB) and had approval very quickly, and since the process started he has been very good.


I'm not sure how it works, maybe it's a percentage of the property price they get as commission. Our place was 220k and we're doing a 45k renovation.

bulmersgal

JL555 wrote: »

I'm not too sure about brokers to be honest. I went to two and as soon and as I had told them the price of the property they didn't seem interested, in fact one of them told me that it would be a waste of my time as well as his to start the ball rolling on looking for mortgage approval, he went on and on and on, I didn't even reply to him.

The next week I went directly into the bank (AIB) and had approval very quickly, and since the process started he has been very good.


I'm not sure how it works, maybe it's a percentage of the property price they get as commission. Our place was 220k and we're doing a 45k renovation.

My broker was very good, my approval is only 210k and my cousin who went with him before me her mortgage was 240k. They only get 1% so it's not much difference between our mortgages and a 300k mortgage would only be a few hundred to him

anplaya27

Covid scheme now extended to August