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

Hi has anyone experience with using a broker but they only will apply to one bank rather than a few. I applied to separate bank that I was told would not accept my application from broker myself and got approved with better deal. What way would it work if I didn't use the broker as they were only working from commission from bank? Thanks

Got approval in principle and found house now that I am interested in.

If I combine My savings (-10k for misc. fees) + HTB approved sum and substract that from house price,

I end up only needing 80% of the amount that I got approved for mortgage. (about 40k less)

So I am wondering -

1) is it better to use all my savings and get lower mortgage amount and then take out personal loan for furniture, floors etc...?

2) Or is it better to use full approved mortgage amount and keep some savings for furniture, floors etc.?

Seems like using lower amount than approved is better (since mortgage is for 35 years) while personal loan will be paid off much quicker?

I am not sure yet but I would estimate it about 12-16k (I have no idea yet as this is my first time buying a property and it will be a new build with nothing but painted walls in it)

In this case full mortgage amount + HTB Amount + 5k of my own savings pretty much covers entire purchase and I am left with a lot of funds to lay-down the floors, do the walls, buy furniture etc...

Thanks for this, somehow I always thought that keeping mortgage amount as low as possible is the best way to do it.

go with option 2, you'd also be surprised if how fast that 16K will disappear into the house. Is there a kitchen included?

Whats the best way to handle problems that came up in survey report?

Surveyor said everything was "fine' and no major issues but noticed some internal and external cracks in the wall and fire proofing required in the attic.

Do we bring this up to our solicitor or the estate agent?

That sounds like a fairly standard survey, assuming the fire proofing isn't a massive issue (if the surveyor says things are "fine").

Unless there's a major issue that's going to put other potential buyers off, I don't think many vendors will entertain a discount.

Has anyone had any experience with AIB lately? I've gone Sale Agreed on a house on Tuesday, and they have yet to respond to any of my questions about moving forward with the Mortgage they approved in principle. Are they always this slow to respond? My only dealing so far have been during the AIP phase, which they were usually responding to the next day.

Congrats!

We went sale agreed on the 7th of July and are getting the keys this day next week, so the whole process will have taken almost 3 months. The summer holidays definitely don't help, although it's hard to avoid holidays at all with such protracted processes, I remember on my last sale Christmas got in the way!

That issue on its own might not be a showstopper. But it could be indicative of poor construction quality in general which could include fire safety issues. Fire safety issues are absolutely rampant in apartment developments in Ireland and in the majority of cases where they come to light, the owners foot the bill to the tune of 10s of thousands of euro each.

You should have your solicitor do get as much info out of the management company as possible - for example did any other problems come to light as part of that survey, why was the survey undertaken in the first place, does the management company have the resources to fix the issues raised.

I'd urge caution because apartments in Ireland are a timebomb in terms of fire safety issues coming to light, and it's a game of musical chairs really because if you own the apartment when they come to light, you'll either have to stump up and pay for them or sell your apartment at a discount.

Just wondering - what does evaluation entail?

I found a house I like in Co. Sligo (While applying for mortgage while living in Dublin) and put down the deposit on that property.

It's a brand new build so qualifies for HTB.

The AIP from lenders approved me just 30k short from the house cost (which HTB and small portion of my savings will cover).

My fear of "evaluation" is that they will evaluate the property and say - it's not worth the advertised amount, it's worth 40k less so lenders will change their mind and approve me for way less. (It's a new build in rural area, part of 20 house estate-extension project)

1) Is that a possibility or is that not how it works?

Also side question:

2) How can they evaluate a property that's been half built (The structure and outside is done but internal walls are still just wood planks with no walls), Will they just look at floor plans or something?

My company has has office in Sligo, so it's 20 minutes drive (visited it after viewing, met the team and hanged out for a bit) so I don't think it will be an issue in terms of work continuity.

Will lender look for some sort of proof for this?

Any idea - How will they do evaluation if the property isn't completed yet?

It has the outer structure, roof, outer walls, windows, doors but once you walk inside - it's just temporary stairs and wooden beams for walls, (there are no internal walls yet)