Mortgages |
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B6 6HE
Liam Brady Joined: 25 Aug 2021 Status: Offline Points: 1028 |
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Count your blessings. Irelands economy is only going one way. And despite what anyone says, that will have a knock on effect on house prices. You're in a secure job. The ratio of house price to salary in Ireland is totally out of kilter. Much more favourable deals await. |
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sausy
Jack Charlton MAYO FOR SAM Joined: 13 Jan 2009 Location: The local Status: Offline Points: 6980 |
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Being punished for being given bad advise but not being punished by the mortgage provider itself as being in a job for a min of 6 months is a very standard criteria for a mortgage application. It's a sh1t situation that you find yourself in but as Mayo Mark says we basically have 3 weeks left of solicitors working at the moment so you can drag this into January very easily and then use or delaying tactics.
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Bimbos Burgers - "Official Sponsor of the Irish Squad"
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Badgersboys9
Ray Houghton Joined: 12 Oct 2019 Status: Offline Points: 3513 |
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I was in the same position when we were applying for our mortgage and our house was sale agreed. Our mortgage broker spoke to the bank and they accepted a letter from my employer(HR) to basically say it was a formality, I was permanent and not on a contract. HR actually wrote quite a good letter and was accepted by the bank. Not sure if this would be acceptable in your situation.
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ShamtheRam
Paul McGrath Joined: 05 Apr 2009 Location: Ireland Status: Offline Points: 18144 |
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I got one of those yesterday and evening and its being submitted today so hoping to hear some positive news on that.
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YBIG NPF founder and CEO
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Badgersboys9
Ray Houghton Joined: 12 Oct 2019 Status: Offline Points: 3513 |
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Ah great, hopefully so!
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nvidic
Moderator Group Joined: 03 Aug 2010 Status: Offline Points: 18997 |
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Could work out as others say, seems a huge amount of sales falling through at the minute
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MayoMark
Moderator Group The NEW angrier Freewheeler Joined: 27 Jan 2009 Location: Castlebar Status: Online Points: 26322 |
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https://www.rte.ie/news/business/2022/1214/1341792-euro-zone-interest-rates/
All the fixing lately has brought our average way down! I think we were in the highest two or three in Europe not too long ago.
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They finally did it man... They killed my f**kin' car...
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MayoMark
Moderator Group The NEW angrier Freewheeler Joined: 27 Jan 2009 Location: Castlebar Status: Online Points: 26322 |
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Sham, how you getting on with the house?
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They finally did it man... They killed my f**kin' car...
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ShamtheRam
Paul McGrath Joined: 05 Apr 2009 Location: Ireland Status: Offline Points: 18144 |
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We've come up with a plan. We're driving on as normal, the bank are in today doing their engineers report, the contracts are back to be signed and I'm meeting my solicitor at the weekend. What we will do when it comes to sign off is go, look there's been a small snag and i've had to change job, the bank will not agree to draw down until April as a result, at this point we will then offer to pay a nominal sum and rent the property for the 2 months prior to draw down. Just to get in there and get whatever work that needs doing started. Basically we are going to work it to a stage where they cannot back out of the sale. Apparently it happens quite often. So look it's in a better situation than before anyway!
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YBIG NPF founder and CEO
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Saint Tom
Jack Charlton Joined: 03 Jan 2009 Location: Ireland Status: Online Points: 9982 |
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Of course they can back out of the sale, plus keep your deposit if you cannot close. They would be mad to let you in in advance by renting it to you because it conflates a lease and the contract for sale. Working in financial services, you are transferring all the completion risk to the sellers. Their advisors shouldn't allow this.
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My destination inchicore my next stop being kilmainham
Where patriots and super saints are the topics of conversation |
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MayoMark
Moderator Group The NEW angrier Freewheeler Joined: 27 Jan 2009 Location: Castlebar Status: Online Points: 26322 |
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I would be really surprised if they agree to let you rent beforehand.
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They finally did it man... They killed my f**kin' car...
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ShamtheRam
Paul McGrath Joined: 05 Apr 2009 Location: Ireland Status: Offline Points: 18144 |
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Thanks for the kind words of support anyway
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YBIG NPF founder and CEO
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MayoMark
Moderator Group The NEW angrier Freewheeler Joined: 27 Jan 2009 Location: Castlebar Status: Online Points: 26322 |
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Just don't want you to get your hopes up chief!!
Contracts are back very quickly as well. I thought you might be able to buy time over the Christmas. You might need to offer another few bob to keep them sweet!! He'd be stupid to go back to the market in my view and start all over again |
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They finally did it man... They killed my f**kin' car...
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Saint Tom
Jack Charlton Joined: 03 Jan 2009 Location: Ireland Status: Online Points: 9982 |
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Not trying to piss on your cornflakes, just trying to offer practical advice. You need to to know that signing a contract means your deposit is at risk if you cannot complete within the closing period and subsequent forfeiture notice period. They can also sue you to perform the contract or damages if you can't, which in a market where price volatility isn't out of the question, you need to careful. If you can hold out until 50 days out from projected drawdown before you sign, it may work. Because the standard closing period is 28 days and similar again to call the forfeiture notice.
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My destination inchicore my next stop being kilmainham
Where patriots and super saints are the topics of conversation |
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horsebox
Robbie Keane Born n bred in darndale. Joined: 03 Feb 2010 Location: Ireland Status: Online Points: 34864 |
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Good news for Sham anyway
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It was far across the sea,
When the devil got a hold of me, He wouldn't set me free, So he kept me soul for ransom. na na na na na na na na na na na na na na na na na. I'm a sailor man from Glasgow to |
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ShamtheRam
Paul McGrath Joined: 05 Apr 2009 Location: Ireland Status: Offline Points: 18144 |
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I have no hopes up anyway. I'm merely being guided along by the solicitor and mortgage broker.
They've said its been done before so look lets wait and see. If it happens, it happens.
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YBIG NPF founder and CEO
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colemanY2K
Roy Keane Fresh minty breath Joined: 01 Mar 2010 Location: London Status: Offline Points: 14959 |
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so a certain large bank in this state want a deposit of 40% for a 100k mortgage because of my circumstances (i'm employed in the uk) and i would need to jump through a ridiculous amount of hoops whereas the local credit union looked at my circumstances and said for as little as 2k collateral they're happy to loan up to 100k albeit at a significantly higher interest rate. Not only that i'd have an answer back within 2 days of applying. its mad how two financial institutions take two very different views.
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"One of the dominant facts in English life during the past three quarters of a century has been the decay of ability in the ruling class." Orwell, 1942.
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darmack
Ray Houghton Joined: 24 Mar 2011 Location: Dublin Status: Offline Points: 4694 |
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Wasn't it one of these that said there would be no problem with you changing jobs in the first place? And then there was the problem. So I think that's where the other lads are thinking on the side of caution, of course hopefully it all works out. But if there's a delay could that mess up where he is buying?
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The dark side.. And the light
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