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Mortgage Issue

  • 11-07-2020 3:58pm
    #1
    flynny50
    Registered Users Posts: 73 ✭✭


    We received mortgage approval with an exemption in February & then went sale agreed in March.
    We got letter of offer from bank but then the sale fell through.
    We are unaffected by Covid & both work in public sector.
    We have since gone sale agreed on a new house but when we contacted the bank they told us we can only have amount on letter of offer which is 20k less than the new house.
    Has anyone experienced this before?
    Is it common practice?


Comments

  • #2
    WeeCuppaCha
    Registered Users Posts: 96 ✭✭WeeCuppaCha


    Without knowing all the details, it sounds as though they have pulled your exemption. Seems to be the case for most, if not all, at the moment. Lenders are really tightening up.


  • #3
    flynny50
    Registered Users Posts: 73 ✭✭flynny50


    WeeCuppaCha wrote: »
    Without knowing all the details, it sounds as though they have pulled your exemption. Seems to be the case for most, if not all, at the moment. Lenders are really tightening up.

    Yeah unfortunately it seems to be the case.
    We can still buy with exemption but cant increase amount to match loan approval figure so we need to increase deposit by over 20k!
    Its very frustrating when you work so hard to get in position to buy.


  • #4
    wassie
    Registered Users, Registered Users 2 Posts: 3,623 ✭✭✭wassie


    Or you can ask the vendor to reduce their price by 20k. Probably unlikely if a new build, but worth asking the question. Depends on how many left to sell or how the strong the demand is.


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