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Mortgage - Question

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  • 04-04-2006 2:32pm
    #1
    ~Leanne~
    Closed Accounts Posts: 538 ✭✭✭


    Not sure if this has been asked / answered here, couldnt find anything. Anyway just a quick question. If you are approved for a mortgage of say 300k for example and you are interested in a property of 260k and bids end up the house selling for 280k, do the mortgage company give you the 280k or just the value of the house ie 260k ????


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    #2
    MorningStar
    Closed Accounts Posts: 3,031 ✭✭✭MorningStar


    You have to get the property valued as part of the process. The proeprty is not really valued at €260k that is the "guide price" typically 10-20% below expected price in the cities with the big estate agents. It is general the norm every where though in Ireland. THe bank will not give you the money unless they think they can get theri money back. Typically you need a deposit but you can get 100% mortgages but you should know that is you were approved. If you aere using on-line calculators as a guide you may be mislead.

    I suggest getting every thing ready before you even start go looking.


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    #3
    Noelie
    Closed Accounts Posts: 999 ✭✭✭Noelie


    A bank will send out a valuer, before the mortgage is approved. if they believe the house is not worth what you paid they will only give you a mortgage to the max value they put on it.

    However banks are throwing money at people these days so you'll almost definitely get a mortgage for whatever the house is bought for.


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    #4
    zag
    Closed Accounts Posts: 297 ✭✭zag


    Yep. In my case, we went through a broker, who got the mortgage for us through Permanent TSB, who asked us to organise a TSB approved Auctioneer in the locality(Carlow) to value the house.
    €20,000 shouldn't make a difference, you will get the money 100%, provided you get approved for a 100% mortgage.


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    #5
    ~Leanne~
    Closed Accounts Posts: 538 ✭✭✭~Leanne~


    ok thanks for your help!!! just needed to clarify that!


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    #6
    MorningStar
    Closed Accounts Posts: 3,031 ✭✭✭MorningStar


    Noelie wrote:
    A bank will send out a valuer, before the mortgage is approved. if they believe the house is not worth what you paid they will only give you a mortgage to the max value they put on it.

    However banks are throwing money at people these days so you'll almost definitely get a mortgage for whatever the house is bought for.
    Watch out for that charge. If you get a surveyor and valuer in one approved by the bank you will save the €200. They will not give you the mortgage if they don't think the house is worth it point blank. If that is the case they are doing you a favour.

    Not many people can get 100% mortgages it is quite strict. Youstill nedd money for fees and furniture


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    #7
    Noelie
    Closed Accounts Posts: 999 ✭✭✭Noelie


    MorningStar wrote:
    Watch out for that charge. If you get a surveyor and valuer in one approved by the bank you will save the €200. They will not give you the mortgage if they don't think the house is worth it point blank. If that is the case they are doing you a favour.

    Not many people can get 100% mortgages it is quite strict. Youstill nedd money for fees and furniture

    I've a friend who is a mortgage abvisor in Walkinstown BOI, he told me to say to the lady sorting out my mortgage that he doesn't charge customers for valuations she said fine and didn't charge us. its worth a try.

    True that the bank won't give you as much for a 100% as they would for a 92%. When I went in they offered me 380K with a 92% mortgage but the bank would only give 280K for a 100%. When i told them that i wanted the mortgage(which is 355K ) a few weeks later they said i could have 100%

    They will also ask how much saving/cash you have to cover furnishing and costs/Stamp duty

    IMO you'll need about 10K to furnish a two bed Apartment and about 2K in costs for solicitor, €1300, and land registry fees,€700, these are what i'm paying for a new apartment, not sure about a second hand home


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