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Increase in mortgage approval

  • 20-01-2018 09:38AM
    #1
    wickedelphie66
    Registered Users, Registered Users 2 Posts: 19 ✭


    Hi there,

    We applied for and got approval for a 400k mortgage (including deposit), however we have now seen a property for 50k more than approval. We have the money to cover the increase in deposit and fees etc, and the figure is still within what we can afford to pay back, but is it possible to increase your mortgage approval or is it a whole new application? We applied through a broker and chose PTSB as a lender. Any advice would be greatly appreciated.

    Thanks a mil.


Comments

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


    Yes once you qualify for the increased amount your Broker applies for the increase and just request an amended Approval in Principle or Offer letter depending on the stage your mortgage is at.
    wickedelphie66 wrote: »
    Hi there,

    We applied for and got approval for a 400k mortgage (including deposit), however we have now seen a property for 50k more than approval. We have the money to cover the increase in deposit and fees etc, and the figure is still within what we can afford to pay back, but is it possible to increase your mortgage approval or is it a whole new application? We applied through a broker and chose PTSB as a lender. Any advice would be greatly appreciated.

    Thanks a mil.


  • #3
    Dermo
    Registered Users, Registered Users 2 Posts: 1,514 ✭✭✭Dermo


    wickedelphie66 wrote: »
    Hi there,

    We applied for and got approval for a 400k mortgage (including deposit), however we have now seen a property for 50k more than approval. We have the money to cover the increase in deposit and fees etc, and the figure is still within what we can afford to pay back, but is it possible to increase your mortgage approval or is it a whole new application? We applied through a broker and chose PTSB as a lender. Any advice would be greatly appreciated.

    Thanks a mil.

    We did exactly this a couple of months ago. As long as you are able to prove the you can cover the extra amount yourself then there shouldn't be a problem.


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