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Mortgage approval in principle

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  • 12-03-2024 6:38pm
    #1
    LLMMLL
    Registered Users Posts: 4,588 ✭✭✭


    Hey all,

    just got mortgage approval in principle. Was wondering if I have to be as careful with my accounts as I was the last 6 months now. There were a few big purchases (furniture) that I avoided making even though I could easily afford. Am I now free to make these purchases (I can easily afford them from my savings) or will they be re-examining my accounts at drawdown? I’m not sure the purchases would even have impacted the original decision.



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


    Approval in principle, means exactly that! They may or the may not do a further review before actually granting you a mortgage, it is anyone's guess.



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    #3
    Geuze
    Registered Users Posts: 13,092 ✭✭✭✭Geuze


    The lender could well request bank statements at Loan Offer stage, and at drawdown stage.

    Keep a clean bank account.



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    #4
    herbalplants
    Registered Users Posts: 1,111 ✭✭✭herbalplants


    As per above comments, keep it clean no big purchases

    Living the life



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    #5
    JVince
    Registered Users Posts: 766 ✭✭✭JVince


    Don't buy furniture for a house before you move in.

    Ideally use donated furniture for a few weeks before committing to long term furniture.

    Get the "feel" of the place and the true amount of space available.



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    #6
    LLMMLL
    Registered Users Posts: 4,588 ✭✭✭LLMMLL


    Thanks all. Will hold off.



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    #7
    [Deleted User]
    Posts: 0 ✭ [Deleted User]


    I wouldn’t buy any furniture until you have the keys tbh OP.



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