Advice on house purchase

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greentracer

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Hi guys

Wonder if I could get some advice please?

I have been approved for a 100% mortgage with BOSI thru a broker...all approved before they cut off the 100%. I have no loans outstanding, and we have a security deposit down on a house.
We are waiting on the letter of offer from the bank, which I think will be sent to our solicitor for us to sign....from what I've been told....
Broker have things in order and we expect the letter from the bank tomorrow.

..anyway, what is the next steps in this process....and how long will the process take before we have the keys, roughly, no chains involved, and both parties ready to move.

What is involved in the signing, like are there conditions I should be wary of?

I have a couple of credit cards with like 5k on them, is that gonna be a problem?

Any advice is much appreciated
Thanks
 
Hi the bank offer you a mortage amount subjected to ICB check (Irish Credit Bureau) you say you don't have any loans but credit cards are effectively loaning you money you don't have, the 5 k will turn up on the search and they may lower the offer subject to this....
 
Actually I don't think 5k on a credit card will show up during an ICB search.
 
Have you signed contracts yet? What was the closing date in the contract if you have? It can take an average of two months from start until handing over of the keys but can be shorter if both parties are willing.
 
Nothing has been signed yet, just playing the waiting game, been told the bank is a go, and letter of offer was to be sent to solicitor end of the week.
I should get a call from sol early next week to sign this letter of offer.

Then what happens? Do we sign a contract to buy house, and seller signs a contract as well?

As for the credit card balances, I do have 5k savings in credit union which I don't want to touch just yet, incase I need some quick cash for something I have overlooked.
If needed I can use this to clear cards.

I don't fully understand.....when you say "What was the closing date in the contract if you have?".......what is this?

As far as I am aware, we got approved by bank, made offer and had accepted on house, paid security deposit, and now waiting on confirmation letter(which is on way) to arrive at sol, so we can sign this.

What am I missing?
 
A credit agreement can include a mortgage, car and personal loans and leasing and hire purchase agreements. Credit card details are included in the ICB library. Overdraft agreements, with the exception of overdraft agreements that are the subject of legal proceedings, are not monitored by the ICB.

It will also detail any late payments you have had according to another poster on here...
 
You are very lucky to be offered a 100% mortgage !!! Read over the terms and Conditions very carefully - do not allow what somebody else tells you to be the facts. Have you allowed in your budget for legal fees, stamp duty etc. As well as those, no doubt you will have to furnish the new property etc etc.
 
OP are you buying this privatly or through an EA, all of the questions you ask should be put to bed by the EA dealing with the sale.

You are very lucky to be offered a 100% mortgage
Click to expand...
debatable
 
If you want my honest opinion: You have 5K on credit cards, and got a 100% mortgage in a market that is - to say the least - not going up. In addtion, your research on the overall process of buying wasn't too got so far when you are asking very late in the process "what's going to happen". There must be someone you know who knows about this - at least your solicitor should know about it.
My advice: don't buy. Pull out of it ASAP. Rent a place, save some money and buy in 2 years with maybe a 80% mortgage. Oh - and get rid of the 5k on credit cards ASAP - this is the most expensive money you can get (apart from the Mafia, maybe).
I personally think that doing 100% mortgages was a bad idea at any time, and it is certainly financial suicide now.
 
I got a 100 % mortgage with BOSI and was told to have my credit card under 2500 euro. I don't have any other loans
 
With regard to the 100% mortgage, do you mind if I ask what your profession/business is?
 
I respect your decision of course.
However, especially as you mention that you have two kids - the financial burden of a 100% mortgage in my opinion will put much more pressure on the familiy than maybe moving place in the next two years. Also, a for the landlord: given the current rental situation have you tried to talk to him to get more security for your rental agreement for say the next two years or so?
I really think that moving house once or twice (in the same city or area) is less destabilising than financial problems. Of course, a 100% mortgage does not necessarily mean problems but nowadays it is very likely that you just end up with a big pile of debt with no assets to back it up within 5 years.
 
If the property you are looking to buy costs more to rent than buy then fire away....

May I ask, is your decision to buy based in anyway on your expectation that prices will rise? Speculating on your PPR might be a bit of a gamble...
 
magoko101 said:
If the property you are looking to buy costs more to rent than buy then fire away....

.
Click to expand...

In what circumstances - more to rent per month compared to the cost of servicing a 25 year mortgage or a 40 year mortgage?
You can't make a decision like this based on a monthly cost snapshot (in a highly volatile economic climate) without considering the implications/costs for the next 30-odd years...
Add to that the fact that rents have just begun what I believe will be a sharp and prolonged decline.
 

I'm thinking that it is unlikely that the poster will be able to buy for less than the cost of renting when they add in all of the costs involved.

Personally, I am very happy to rent. I like the mobility, I like that I can save quiet a bit of money between what I would be paying in a 35 year mortgage and what I would be paying in rent for the property I am living in. I'm also happy having the convenience of living in a better location than where I would be able to buy.
In looking to save for the future... I would rather put money into a pension where I can leverage my bets and avail of considerable tax breaks, than into a single asset. I may not rent forever... but for now for me it's a no brainer.
 
Folks

Speculation about Irish property prices is still banned on Askaboutmoney.

I have deleted all posts containing such speculation.

You can speculate away to your hearts' contents on the property pin

Brendan
 
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