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Mortgage negotiation

  • 02-04-2015 1:22pm
    #1
    Miamiheat
    Registered Users, Registered Users 2 Posts: 291 ✭✭


    Hello,

    Got a mortgage pre-approved by my bank 3 months ago. Got a sale agreed yesterday on a property 20% cheaper the the amount pre-approved.
    I am a first time buyer.
    Now that I got the property i wonder if its possible to get any type of improvement of the mortgage offer. After all they give me one option but i figure it must be possible to improve the financial conditions of the purchase.

    would you recommend this or not and why?


Comments

  • #2
    g0g
    Registered Users, Registered Users 2 Posts: 2,813 ✭✭✭g0g


    From a non financial expert.

    If the LTV has improved on your purchase significantly then I'm sure there's be potential for better rates.

    At the same time, the re-application process with bank or trying another bank might drag on a while and then maybe do you risk losing the property?

    If it were me and the LTV was looking a lot better then I'd be trying to sort out a better mortgage as you'll be paying it off for long enough!


  • #3
    Miamiheat
    Registered Users, Registered Users 2 Posts: 291 ✭✭Miamiheat


    Thanks for quick reply: I think that the process could take some time but if I got through to an efficient broker the same broker should be able to tell me right away if they can get an improvement or not => knowing that I already have a yes from my bank would basically mean that if they cant improve they would be wasting their time so not point in them making false promises.
    Does that make sense?
    Could anyone recommend a fast/efficient broker in Dublin I would also appreciate it.


  • #4
    Dearg81
    Registered Users, Registered Users 2 Posts: 3,174 ✭✭✭Dearg81


    Miamiheat wrote: »
    Hello,

    Got a mortgage pre-approved by my bank 3 months ago. Got a sale agreed yesterday on a property 20% cheaper the the amount pre-approved.
    I am a first time buyer.
    Now that I got the property i wonder if its possible to get any type of improvement of the mortgage offer. After all they give me one option but i figure it must be possible to improve the financial conditions of the purchase.

    would you recommend this or not and why?

    By an improved offer do you mean going from say 90% LTV to 80% and getting better rates? If so, then yes, you are able to do this. I did the same thing recently.


  • #5
    Miamiheat
    Registered Users, Registered Users 2 Posts: 291 ✭✭Miamiheat


    yep that's what i meant. Thanks
    would you recommend the broker if Dublin based? by PM?


  • #6
    murphaph
    Registered Users, Registered Users 2 Posts: 19,053 ✭✭✭✭murphaph


    Just talk to killers on here. Loads of satisfied clients from what I gather.


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  • #7
    murphaph
    Registered Users, Registered Users 2 Posts: 19,053 ✭✭✭✭murphaph


    Just talk to killers on here. Loads of satisfied clients from what I gather.


  • #8
    Miamiheat
    Registered Users, Registered Users 2 Posts: 291 ✭✭Miamiheat


    murphaph wrote: »
    Just talk to killers on here. Loads of satisfied clients from what I gather.

    Thanks i sent him a PM


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