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Mortgage Amount

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  • 11-07-2007 1:01pm
    #1
    mkdon05
    Registered Users Posts: 766 ✭✭✭


    Just wondering does anybody know how accurate the online "How much can i borrow" calculators are?
    Do the mortgage companies tend to approve a higher amount when you go in and meet with them personally?
    Was thinkin about buying a rundown house and doing it up, could i factor in the cost of re-wiring re-plumbing etc.. into the mortgage amount?
    Thanks for any help.


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    #2
    Keano
    Moderators, Recreation & Hobbies Moderators, Social & Fun Moderators, Sports Moderators Posts: 12,802 Mod ✭✭✭✭Keano


    I looked up nearly all them and was getting a figure that was very low. Went to a mortgage advisor and the figure he gave me was nearly 20% higher than all the online quotes I had got. So get down to your nearest advisor and have a chat


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    #3
    Bass Cadet
    Registered Users Posts: 719 ✭✭✭Bass Cadet


    It also depends on the percentage of the value of the property your mortgage is covering. Because I'm only covering 60% of the value of the house with the mortgage I was offered mortgages with around 40% :eek: more than what the online calculators were saying I would qualify for. Also, the fact that I planned to rent out two rooms in the house to help with repayments seemed to work in my favour. I'm no expert but the online calculators seem to calculate a rock-bottom offer. Its assumed that you'll be talking to your bank about personal details which should be able to raise what you can get.

    by the way, I doubt you could factor in extra money for renovations into the mortgage amount. Your solicitor will usually get the amount from the lender and pay for the property on your behalf using the amount agreed with the bank/institution. I'm not 100% on this but I was under the clear impression that its not really possible as I have recently looked into it myself!...


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