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Mortgage approval

  • 05-06-2017 12:28am
    #1
    Ashcat
    Registered Users, Registered Users 2 Posts: 1 ✭


    Hi.. i received a email and phone call from my bank saying i was appoved for x amount... when i received my letter it stated i was approved in principle.. i queried this with my bank as i have jumped through hoops with payslips , p60s , proof of address etc. The bank said it was approval and my next step was to find a property .. once i do that they will draw up my mortgage pack for the estate agent and solictor. I have now gone sale agreeed. I paid the 3%deposit got solictor and sent in letter to request valuation for mortgage pack. The estate agent said they only accept approval from people that submit payslips p60 etc to bank's. But my letter suggests i havent done this. Can the estate agent pull out even though i have paid deposit and gotten solictor and bank involved.. im just so paranoid this will all go wrong and ill loose my dream home..
    Tagged:


Comments

  • #2
    L1011
    Registered Users, Registered Users 2 Posts: 71,184 ✭✭✭✭L1011


    The vendor can pull out at any stage until contracts are exchanged.


  • #3
    tricky D
    Closed Accounts Posts: 9,700 ✭✭✭tricky D


    Moved to Banking, Insurance and Pensions for better answers.


  • #4
    Trish56
    Registered Users, Registered Users 2 Posts: 1,256 ✭✭✭Trish56


    You need to advise the Estate Agent that you submitted a full application to the lender and first step is an approval in principle and an offer will issue once the valuation is carried out. If you went through a broker he/she should be able to confirm same to EA. The Estate Agent don't get a pack, just your Solicitor once the offer issues.
    Your Approval in Principle should not state that you need to submit P60's etc. again and if it does you need to contact the lender as it should only show items o/s for offer.

    Ashcat wrote: »
    Hi.. i received a email and phone call from my bank saying i was appoved for x amount... when i received my letter it stated i was approved in principle.. i queried this with my bank as i have jumped through hoops with payslips , p60s , proof of address etc. The bank said it was approval and my next step was to find a property .. once i do that they will draw up my mortgage pack for the estate agent and solictor. I have now gone sale agreeed. I paid the 3%deposit got solictor and sent in letter to request valuation for mortgage pack. The estate agent said they only accept approval from people that submit payslips p60 etc to bank's. But my letter suggests i havent done this. Can the estate agent pull out even though i have paid deposit and gotten solictor and bank involved.. im just so paranoid this will all go wrong and ill loose my dream home..


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