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House purchase question

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  • 24-01-2012 9:30pm
    #1
    E Dunphy
    Closed Accounts Posts: 8 ✭


    Hi all,
    Im hoping someone might be able to help us.

    We have been saving for a mortgage, cleared all our debt and are saving for the last 20 weeks, we were hoping to save for a further 30 weeks or so before going to the banks for a mortgage.

    Heres the thing, a house has come up which is perfect and a lot cheaper than we we were expecting, spoke to mortgage broker and he's pretty sure that he can secure us a mortgage on the amount once we have 6 months of savings behind us. He said he could actually get us pre mortgage approval within a few days.

    Heres my question, can we put an offer in on the house and a small deposit without having mortgage approval and if we can how long will this deposit hold for?


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    #2
    chris85
    Registered Users Posts: 4,502 ✭✭✭chris85


    Two things really.

    The broker is highly unlikely to be able to get you pre approval. That doesn't happen much these days. Something that was done a lot back in the boom days but not now. Havent heard of anything preapproved these days.

    Secondly it is unlikely your offer will be given any consideration without proof of funds available such as an letter from the bank showing mortgage approval.

    Maybe if you went in with a decent deposit the seller may hold off but I wouldnt in that situation as nothing to say you will definitely be approved and then they are back to square one again.


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