Advertisement
If you have a new account but are having problems posting or verifying your account, please email us on hello@boards.ie for help. Thanks :)
Hello all! Please ensure that you are posting a new thread or question in the appropriate forum. The Feedback forum is overwhelmed with questions that are having to be moved elsewhere. If you need help to verify your account contact hello@boards.ie

Bank not factoring allowance in to mortgage offer

Options
  • 01-03-2024 9:05pm
    #1
    havana
    Registered Users Posts: 752 ✭✭✭


    I have a guaranteed allowance each year, paid monthly. The bank have not included this in their calculations when approving my mortgage amount. They say they will look at it again when I go sale agreed on a property. While the allowance is not huge (about €4k) it’s the difference of €14000 in the potential loan amount. Their only looking at it once I’m sale agreed is of little use to me as I can’t assume I will get it so can’t include it in my budget when making an offer 

    Anyone else have a similar block and figured out a way around it? 


    Thanks! 



Comments

  • Options
    #2
    Jim2007
    Moderators, Business & Finance Moderators Posts: 10,008 Mod ✭✭✭✭Jim2007


    Banks have their own procedures and policies when it comes to determine the amount they are willing to lend you, subject to the law of course. Shop around and see if one of the other banks are willing to take a different view.



  • Options
    #3
    JVince
    Registered Users Posts: 765 ✭✭✭JVince


    Maybe the bank is doing you a favour.

    The more banks lend, the higher the prices go.



  • Options
    #4
    havana
    Registered Users Posts: 752 ✭✭✭havana


    It’s just me, on an decent but not especially high salary. I’m not driving prices up with the amount I have to spend. And 14k just about brings me up to being able to compete at the lower end of the market where I am.



  • Options
    #5
    havana
    Registered Users Posts: 752 ✭✭✭havana


    https://www.boards.ie/discussion/comment/121839423#Comment_121839423

    Thank you.

    Yeah I have been talking to a broker but for reasons I don’t want to go in to here (a bit outing) going with my current mortgage provider would be significantly more straightforward for me. So just wanted to see if there was anyway to work around this with them.



Advertisement