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Letter of offer

  • 01-11-2019 11:05pm
    #1
    johnnytdi
    Registered Users, Registered Users 2 Posts: 28 ✭


    Hi All

    Looking for some advice on letters of offers from a bank.
    Is it straightforward to get a letter of offer changed to a different house or must you go through the whole application process again.
    Thanks


Comments

  • #2
    mad-for-tar
    Registered Users, Registered Users 2 Posts: 168 ✭✭mad-for-tar


    In the same boat here. We weren’t able to draw down mortgage on sale agreed property due to planning and development issues. Bank and others told us have to go through the application process again, start from almost scratch.

    So yes, you’ll have to start application again if you need to change property or if it cannot go through.


  • #3
    coylemj
    Registered Users, Registered Users 2 Posts: 25,620 ✭✭✭✭coylemj


    It probably depends on the bank. Some of then will give you a generic 'loan approved' letter which you use to show to a selling agent to prove that you're not a tyre kicker and have been approved for a loan up to €xxx. Which is obviously subject to a satisfactory survey when you decide to make an offer for a specific house.


  • #4
    johnnytdi
    Registered Users, Registered Users 2 Posts: 28 ✭johnnytdi


    Thanks for the info all
    I’m kind of hoping that if we go sale agreed on another property for the same value that it will hopefully be just a case of changing the address as current property has failed beginners report and bank are ready to do the valuation this week.


  • #5
    dotsman
    Registered Users, Registered Users 2 Posts: 3,636 ✭✭✭dotsman


    coylemj wrote: »
    It probably depends on the bank. Some of then will give you a generic 'loan approved' letter which you use to show to a selling agent to prove that you're not a tyre kicker and have been approved for a loan up to €xxx. Which is obviously subject to a satisfactory survey when you decide to make an offer for a specific house.

    That's a very different thing. That's a "Mortgage/Sanction/Approval in Principle", and is the very first step of the house buying process. These days, it is not used much, as it is simply done online. A "letter of offer" is the actual loan contract. It is generated near the end of the house buying process.


    One very important thing from your post. NEVER EVER show the estate agent a sanction in principle. And any who ask for it should be told to go fcuk themselves. In showing them, you are basically telling them how much they can jack up the bidding price to. They have zero right to this information, and are showing a very dishonest trait in asking for it.


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