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Is there any harm in applying for a mortgage, just to see what my position is, even i

  • 26-07-2019 8:49pm
    #1
    wherearewe45
    Registered Users, Registered Users 2 Posts: 204 ✭✭


    I'm settled in Limerick for the foreseeable future and renting for the last few years. I've gotten sick of pouring rent into a bottomless pit and decided it's time that I consider buying an apartment. I am never having kids and so a house is both too much money and too much space.

    So to my question, does it look bad to apply for a mortgage that I never plan on drawing down, just so I can see where I stand from a banks point of view. If I'm accepted, great, I'll know my budget. If I'm rejected, I'll know what I need to work on. I just don't want to get on the wrong side of the bank if I get rejected/don't draw down so that it affects me negatively if I reapply in the future.


Comments

  • #2
    Oral Surgeon
    Registered Users, Registered Users 2 Posts: 3,240 ✭✭✭Oral Surgeon


    wherearewe45 wrote: »
    I'm settled in Limerick for the foreseeable future and renting for the last few years. I've gotten sick of pouring rent into a bottomless pit and decided it's time that I consider buying an apartment. I am never having kids and so a house is both too much money and too much space.

    So to my question, does it look bad to apply for a mortgage that I never plan on drawing down, just so I can see where I stand from a banks point of view. If I'm accepted, great, I'll know my budget. If I'm rejected, I'll know what I need to work on. I just don't want to get on the wrong side of the bank if I get rejected/don't draw down so that it affects me negatively if I reapply in the future.

    IMO, you don't want a credit application rejected on your record... If you think that you are a good candidate then fire ahead.... If you have gremlins to hide then maybe wait a few years for them to be forgotten, then apply....


  • #3
    phormium
    Registered Users, Registered Users 2 Posts: 3,395 ✭✭✭phormium


    You're really only going to be looking for a approval in principle or pre approval which people do regularly. The application is not going to progress to full loan offer unless you actually give them a property to base the application on.


  • #4
    Oral Surgeon
    Registered Users, Registered Users 2 Posts: 3,240 ✭✭✭Oral Surgeon


    phormium wrote: »
    You're really only going to be looking for a approval in principle or pre approval which people do regularly. The application is not going to progress to full loan offer unless you actually give them a property to base the application on.

    True but still not a bad exercise to go through if you have the time..... Save all documents to a dropbox and then you will know what you'll need to update when the right house comes about.... Makes it all easier and allows you to hit the ground running with a valid offer....


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