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Liam Brady
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Points: 1028 		Post Options Post Options   Thanks (0) Thanks(0)   Quote B6 6HE Quote  Post ReplyReply Direct Link To This Post Posted: 29 Nov 2022 at 11:33pm
Originally posted by ShamtheRam ShamtheRam wrote:

Been searching for a house for well over two years. Applying on my own, so twice as hard to find somewhere. So every 6 months i've re-applied and each and every time i've added to my savings and earnings showing improvements in my funding.

Finally last month I got lucky and found a property that suits my budget and went Sale Agreed. I'd lost total track of when the most recent application for a mortgage went in and after going sale agreed I copped I was 2 days over the 6 months and would need to re apply.

I changed job 6 weeks ago, so went to my mortgage advisor with all the documents, new salary cert, etc and he was like this wont be a problem, i'll sort it. This morning I just got an email to say that Bank of Ireland are now questioning my new job and the probation period and do not wish to support my mortgage application and honestly I feel as if my world has just collapsed down on top of me and I do not know what to do. I've done everything they've asked of me, including finding a higher paid more stable job and now i'm Sale Agreed they don't want to know about me. Cry

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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Originally posted by ShamtheRam ShamtheRam wrote:

Originally posted by MC Hammered MC Hammered wrote:


Best of luck Sham. You might benefit from the recent dip in house prices. The sellers might be happy to hang on to your offer and wait 
I know the lad selling the house. If I ask for him to hold off until April until when the bank have said they'd release the money, I know full well he'll tell me tough sh*t and put the house back on the market.

Like the job I left, I left because there was uncertainty surrounding the companies future in Ireland, and I had my doubts over if they'd even be in Ireland this time next year, so I left the job to guarantee my job security. Had I stayed in the job, the bank would have gone today, ya no bother drive on. I did their due diligence for them and now I'm the one being punished Pinch

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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Ray Houghton
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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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Paul McGrath
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Originally posted by Badgersboys9 Badgersboys9 wrote:

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.
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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Ray Houghton
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Originally posted by ShamtheRam ShamtheRam wrote:

Originally posted by Badgersboys9 Badgersboys9 wrote:

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.
I got one of those yesterday and evening and its being submitted today so hoping to hear some positive news on that.

Ah great, hopefully so! Thumbs Up
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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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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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Sham, how you getting on with the house?
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Paul McGrath
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Originally posted by MayoMark MayoMark wrote:

Sham, how you getting on with the house?
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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Jack Charlton
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Originally posted by ShamtheRam ShamtheRam wrote:

Originally posted by MayoMark MayoMark wrote:

Sham, how you getting on with the house?
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!

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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I would be really surprised if they agree to let you rent beforehand.
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Paul McGrath
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Thanks for the kind words of support anyway LOLLOL
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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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Jack Charlton
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Originally posted by ShamtheRam ShamtheRam wrote:

Thanks for the kind words of support anyway LOLLOL

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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Good news for Sham anyway LOL
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Paul McGrath
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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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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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Originally posted by ShamtheRam ShamtheRam wrote:

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.

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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