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Are you getting Mortgage protection insurance in case you die or to cover death/losing you job?iarmhiman wrote:Got the letter of loan yesterday for the amount agreed and solicitor has it as well.
Currently organising Mortgage protection insurance and home insurance and a new current bank account where I will have to pay mortgage repayments from.
Process speeding up now.
Just get the cheapest one - though I do know of one woman who got sick, had the mortgage cleared by the policy, then recovered and now lives mortgage freeLuckycharmer wrote:Are you getting Mortgage protection insurance in case you die or to cover death/losing you job?iarmhiman wrote:Got the letter of loan yesterday for the amount agreed and solicitor has it as well.
Currently organising Mortgage protection insurance and home insurance and a new current bank account where I will have to pay mortgage repayments from.
Process speeding up now.
A bit of both I suppose. I'm not in the most perfect health so won't take a chance on it.Luckycharmer wrote:Are you getting Mortgage protection insurance in case you die or to cover death/losing you job?iarmhiman wrote:Got the letter of loan yesterday for the amount agreed and solicitor has it as well.
Currently organising Mortgage protection insurance and home insurance and a new current bank account where I will have to pay mortgage repayments from.
Process speeding up now.
That seems to be more for the 3 beds due to high demand. They want to decide on who they will take seriously and those they won't.danthefan wrote:I've bid unsuccessful on two places so far and one insisted on proof of approval or they wouldn't accept the bid. I don't know if it's a requirement and from my experience so far I don't think it is. It's worth asking if the other parties have approval though I think.ticketlessinseattle wrote:that's what i'm trying to figure out - doesnt the estate agent have to verify that the bidder has approval/funding from their bank to actually purchase the property ? Obviously the seller could set something up with someone to go through that process or the estate agent could chance their arm but both of these would involve a party knowingly chance their arm hence their is an element of risk but what is that downside ? i guess my question is if i'm bidding and the estate agent says someone else has topped your offer by 10k and i ask them have they verified funding etc of other bidder do they have any legal obligation to do so ? cheersdanthefan wrote:It also doesn't stop the bint I saw at the weekend bidding on every f**king house that was up for viewing on Saturday morning in North Dublin City.
If you find someone has withdrawn from the running you can always reduce your bid again.
i guess that's the only way of having a clue as to how above board the bidding process is - if they dont ask you for confirmation of funding/approval then its open season - if they do then you can ask if the same detail is provided by competition bidderdanthefan wrote:I've bid unsuccessful on two places so far and one insisted on proof of approval or they wouldn't accept the bid. I don't know if it's a requirement and from my experience so far I don't think it is. It's worth asking if the other parties have approval though I think.ticketlessinseattle wrote:that's what i'm trying to figure out - doesnt the estate agent have to verify that the bidder has approval/funding from their bank to actually purchase the property ? Obviously the seller could set something up with someone to go through that process or the estate agent could chance their arm but both of these would involve a party knowingly chance their arm hence their is an element of risk but what is that downside ? i guess my question is if i'm bidding and the estate agent says someone else has topped your offer by 10k and i ask them have they verified funding etc of other bidder do they have any legal obligation to do so ? cheersdanthefan wrote:It also doesn't stop the bint I saw at the weekend bidding on every f**king house that was up for viewing on Saturday morning in North Dublin City.
If you find someone has withdrawn from the running you can always reduce your bid again.
Established agents have been known to make up bids. Someone both of us know caught out an agent doing it.CM11 wrote:Agree. I very much doubt anyone who is established would make up bids themselves.
Still doesn't stop someone unknown to the agent acting on behalf of the vendor but that's still risky on the vendor's behalf and far too much trouble.
Ultimately a house is worth what you're willing to pay for it and any decision should be made on that and not the assumption that because someone else is willing to pay similar that the house is 'worth' that amount so your money is secure.
starting to see a bit of that alright - one places we looked at a while ago (that needed about another €150k) to do up - was in shit nick was supposedly at sale agreed according to the smug estate agent at 25% above listing price - crazy money for a kip....magically reappeared 3 months later at original listing price ; i guess bottom line is figure out ahead of time what the place is worth to you, that's your cap, if its approaching that inform agent that you're looking at another property and decide if you make the take or leave it offer.Leinster in London wrote:This proof of funds you mention only covers one property. Yer one probably has the same type of approval, but correctly assumes that none of the houseowners/estate agents realise she has made other offers.danthefan wrote:I've bid unsuccessful on two places so far and one insisted on proof of approval or they wouldn't accept the bid. I don't know if it's a requirement and from my experience so far I don't think it is. It's worth asking if the other parties have approval though I think.ticketlessinseattle wrote:that's what i'm trying to figure out - doesnt the estate agent have to verify that the bidder has approval/funding from their bank to actually purchase the property ? Obviously the seller could set something up with someone to go through that process or the estate agent could chance their arm but both of these would involve a party knowingly chance their arm hence their is an element of risk but what is that downside ? i guess my question is if i'm bidding and the estate agent says someone else has topped your offer by 10k and i ask them have they verified funding etc of other bidder do they have any legal obligation to do so ? cheersdanthefan wrote:It also doesn't stop the bint I saw at the weekend bidding on every f**king house that was up for viewing on Saturday morning in North Dublin City.
If you find someone has withdrawn from the running you can always reduce your bid again.
When the time comes, she will choose a property, then inform/drag out the other deals stating that the mortgage company are delaying/withdrawn the funding.
Leave your offer as it is, inform the agent accordingly, walk away, and keep looking.
At a future date multiple sellers will be back as their offer has fallen through.
Sounds like your mutual acquaintance works in GCHQLeinsterman wrote:Established agents have been known to make up bids. Someone both of us know caught out an agent doing it.CM11 wrote:Agree. I very much doubt anyone who is established would make up bids themselves.
Still doesn't stop someone unknown to the agent acting on behalf of the vendor but that's still risky on the vendor's behalf and far too much trouble.
Ultimately a house is worth what you're willing to pay for it and any decision should be made on that and not the assumption that because someone else is willing to pay similar that the house is 'worth' that amount so your money is secure.
He raised the bid on a property and the agent said hed check with the owner and the other bidder. Agent rang back 10mins later and said the other bidder had raised again.
Mutual acquaintance of ours was able to triangulate the agent's position and saw they were well away from the office and had mate the call to the acquaintance and had neither made or received any other calls before ringing back the acquaintance saying the asking price had been raised.
You'd be surprised what you can get access to and not be in GCHQ.Duff Paddy wrote: Sounds like your mutual acquaintance works in GCHQ
Hmmmmm, fair enough!Leinsterman wrote:Established agents have been known to make up bids. Someone both of us know caught out an agent doing it.CM11 wrote:Agree. I very much doubt anyone who is established would make up bids themselves.
Still doesn't stop someone unknown to the agent acting on behalf of the vendor but that's still risky on the vendor's behalf and far too much trouble.
Ultimately a house is worth what you're willing to pay for it and any decision should be made on that and not the assumption that because someone else is willing to pay similar that the house is 'worth' that amount so your money is secure.
He raised the bid on a property and the agent said hed check with the owner and the other bidder. Agent rang back 10mins later and said the other bidder had raised again.
Mutual acquaintance of ours was able to triangulate the agent's position and saw they were well away from the office and had mate the call to the acquaintance and had neither made or received any other calls before ringing back the acquaintance saying the asking price had been raised.
fcuk sake....thats the kinda sh1t that should get some kicked out of such such an esteemed profession at minimum. Seems to be a bit of an uptick in stuff coming online this week, maybe its with Easter done, spring time etc - this saturday going to check out 3 places (only ever done 1) 2 of which are live contendersLeinsterman wrote:Established agents have been known to make up bids. Someone both of us know caught out an agent doing it.CM11 wrote:Agree. I very much doubt anyone who is established would make up bids themselves.
Still doesn't stop someone unknown to the agent acting on behalf of the vendor but that's still risky on the vendor's behalf and far too much trouble.
Ultimately a house is worth what you're willing to pay for it and any decision should be made on that and not the assumption that because someone else is willing to pay similar that the house is 'worth' that amount so your money is secure.
He raised the bid on a property and the agent said hed check with the owner and the other bidder. Agent rang back 10mins later and said the other bidder had raised again.
Mutual acquaintance of ours was able to triangulate the agent's position and saw they were well away from the office and had mate the call to the acquaintance and had neither made or received any other calls before ringing back the acquaintance saying the asking price had been raised.
I'll bring the beer for the housewarming partyiarmhiman wrote:Contracts signed subject to loan draw down. 4 weeks should do it now and I'll have my apartment
How long are you looking at from sale agreed to drawdown out of interest?iarmhiman wrote:Contracts signed subject to loan draw down. 4 weeks should do it now and I'll have my apartment
A mate just bought in London, they had to go about 20km outside the M25 before they got into affordable territory.TheBouncer wrote:it's still the bargain basement compared to London, if that's any consolation
I bet it's in or around 3 monthsdanthefan wrote:How long are you looking at from sale agreed to drawdown out of interest?iarmhiman wrote:Contracts signed subject to loan draw down. 4 weeks should do it now and I'll have my apartment
Edit, congrats btw.
My friend rents in Twickenham with his missus and he drives to Southampton each day for work.danthefan wrote:A mate just bought in London, they had to go about 20km outside the M25 before they got into affordable territory.TheBouncer wrote:it's still the bargain basement compared to London, if that's any consolation
edit wrong post.danthefan wrote:A mate just bought in London, they had to go about 20km outside the M25 before they got into affordable territory.TheBouncer wrote:it's still the bargain basement compared to London, if that's any consolation
So my bid was accepted on 31st Jan. I formally applied for a mortgage about 3-4 days later. They will call you first and agree what what rate, variable/fixed etc you want then email you with forms to apply. After you apply, it goes to the underwriter. That can take up to two weeks. For me after the underwriter reverted back , Ulster Bank reduced their loan offer right down, and I had to re apply again, which took another two weeks. Then they have to get a valuation done on the property. After a week, if it's approved, then they issue a letter of loan to your solicitor.danthefan wrote:How long are you looking at from sale agreed to drawdown out of interest?iarmhiman wrote:Contracts signed subject to loan draw down. 4 weeks should do it now and I'll have my apartment
Edit, congrats btw.
prices coming down in London for first time in almost 10 years apparently - get out while ya canTheBouncer wrote:it's still the bargain basement compared to London, if that's any consolation
congratulationsiarmhiman wrote:Contracts signed subject to loan draw down. 4 weeks should do it now and I'll have my apartment
Congratulations, best of luck in the new gaf.iarmhiman wrote:Contracts signed subject to loan draw down. 4 weeks should do it now and I'll have my apartment
Where have you bought?iarmhiman wrote:Contracts signed subject to loan draw down. 4 weeks should do it now and I'll have my apartment
Dublin 8.Luckycharmer wrote:Where have you bought?iarmhiman wrote:Contracts signed subject to loan draw down. 4 weeks should do it now and I'll have my apartment
When I have money again.Leinsterman wrote:When's the party?
Phibsboro is a little cheaper than Drumcondra which has gone mental. The former is a great area to live in as well.danthefan wrote:Will be bidding on two places this week. One in Drumcondra and one in Phibsboro. Fingers crossed.
3 beds really ???ticketlessinseattle wrote:went to see more houses on saturday (4) than i have in the last 3 months combined. 3 of the 4 estate agents said that not as many people showing up, prices leveled off etc. 4 or 5 couples at each viewing whereas they said that 3 months ago there would have been 20 couples
Had a similar experience on Sat, one viewing was very busy but the other was not at all and the only offer they have is well below asking. It wasn't the first viewing for that property either.ticketlessinseattle wrote:went to see more houses on saturday (4) than i have in the last 3 months combined. 3 of the 4 estate agents said that not as many people showing up, prices leveled off etc. 4 or 5 couples at each viewing whereas they said that 3 months ago there would have been 20 couples
yup, i put offers on 2 of the places i saw there and then - one at asking price one €25k below asking price - both estate agents came back to me yesterday morning - both of them have viewings again this weekend and am sure both will start bidding up but at least its not crazy town out the gate (probably just trying to convince myself this might not end badly)danthefan wrote:Had a similar experience on Sat, one viewing was very busy but the other was not at all and the only offer they have is well below asking. It wasn't the first viewing for that property either.ticketlessinseattle wrote:went to see more houses on saturday (4) than i have in the last 3 months combined. 3 of the 4 estate agents said that not as many people showing up, prices leveled off etc. 4 or 5 couples at each viewing whereas they said that 3 months ago there would have been 20 couples
Congrats dudeiarmhiman wrote:Dublin 8.Luckycharmer wrote:Where have you bought?iarmhiman wrote:Contracts signed subject to loan draw down. 4 weeks should do it now and I'll have my apartment
My sister did something similar recently and she got an exemption from the bank to borrow more than the 3.5 times your income limit. It seems you're more likely to get an exemption around now rather than later in the year which is a bit nuts.danthefan wrote:Bid on a place we'd love to get yesterday, problem is our bid is at the max the bank have said they'll give us. Spoke to the mortgage manager about it, suggested while of course never recommending such an action that we could bid above our max, let them know the second a bid was accepted, and they'd send it back to the underwriter for approval. It's a house we'd love to get. Downside is we're sticking our neck out a bit and I guess you don't want the EA thinking we're messers if it fell through and there was another property they were selling that we were interested in.
There are exceptions to these rules: 20 per cent of mortgages by a lender can exceed the aforementioned income multiples, while 5 per cent of applicants will succeed in buying with a deposit worth less than 10 per cent of the purchase price.
Whether or not you succeed in getting an exception will likely depend on the strength of your finances, and the scale of your monthly outgoings – they will typically work in favour of someone who has a bigger deposit, for example.
The timing of your application also matters.
“You’re better off applying in the first quarter than the last quarter,” advises Grant, noting that banks may have used up their 20 per cent allocation coming into the end of the year.
He also suggests that you have a specific property in mind before you apply for an exception.
“Banks don’t want to give an exception away where it may not be used,” he says.