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Mortgage approval for first time buyer!

  • 25-02-2014 7:58am
    #1
    RachaelDevins
    Registered Users, Registered Users 2 Posts: 7 ✭


    My partner and I applied for a mortgage on thursday with AIB for €200k they said it should take 4-5days for approval! but since this we have seen a house that we like for €210k, can i just ring mortgage advisor to see can she change amount on application or will i need to reapply all over again??
    Any advice appreciated 😊


Comments

  • #2
    Kenno90
    Registered Users, Registered Users 2 Posts: 3,184 ✭✭✭Kenno90


    RachaelDevins wrote: »
    My partner and I applied for a mortgage on thursday with AIB for €200k they said it should take 4-5days for approval! but since this we have seen a house that we like for €210k, can i just ring mortgage advisor to see can she change amount on application or will i need to reapply all over again??
    Any advice appreciated 😊

    It might have to go back to the underwriters for re-approval since you are applying for more, if you have to do it again. Get approval for the max possible amount.

    The banks have no problem decreasing the amount


  • #3
    RachaelDevins
    Registered Users, Registered Users 2 Posts: 7 ✭RachaelDevins


    Kenno90 wrote: »
    It might have to go back to the underwriters for re-approval since you are applying for more, if you have to do it again. Get approval for the max possible amount.

    The banks have no problem decreasing the amount

    Thanks, do you think i'll need to get salary certs filled out by our employers again or will previous ones do??


  • #4
    Kenno90
    Registered Users, Registered Users 2 Posts: 3,184 ✭✭✭Kenno90


    RachaelDevins wrote: »
    Thanks, do you think i'll need to get salary certs filled out by our employers again or will previous ones do??

    No you shouldn't need to do that again. Unless they've changed


  • #5
    Anyone
    Registered Users, Registered Users 2 Posts: 3,376 ✭✭✭Anyone


    They wont lend you 100% of the cost of the house. 90% max. So for a house on sale for 210k, the max you can apply for is 189k.


  • #6
    RachaelDevins
    Registered Users, Registered Users 2 Posts: 7 ✭RachaelDevins


    Anyone wrote: »
    They wont lend you 100% of the cost of the house. 90% max. So for a house on sale for 210k, the max you can apply for is 189k.

    Sorry I know that thanks am with AIB they give 92% LTV up to the value of €400k. We have been previously approved with BOI but AIB have better rates so gonna go with them. Hopefully!


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  • #7
    Trish56
    Registered Users, Registered Users 2 Posts: 1,256 ✭✭✭Trish56


    You just need to advise the bank of the new purchase price asap however you also need to advise them of the new address, if freehold or leasehold, year built and how many rooms/bedrooms etc.

    RachaelDevins wrote: »
    My partner and I applied for a mortgage on thursday with AIB for €200k they said it should take 4-5days for approval! but since this we have seen a house that we like for €210k, can i just ring mortgage advisor to see can she change amount on application or will i need to reapply all over again??
    Any advice appreciated 😊


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