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Making an offer on a property/mortgage questions

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  • 08-08-2014 7:24pm
    #1
    Vince135792003
    Registered Users Posts: 5,045 ✭✭✭


    Hi everyone,

    I applied over the phone with Bank of Ireland to avail of a mortgage giving all relevant details etc.. requesting to receive the biggest mortgage available to me as I had not picked out a property yet.

    My application was provisionally accepted and I received an offer by letter subject to terms and conditions.

    I made an offer on an apartment today and have made an appointment to see my local mortgage adviser next week.

    I've looked through the forum but am still not entirely sure if I've jumped the gun or or am proceeding correctly?

    The mortgage I will probably be looking to get will be much less than the one they have provisionally offered. Will I have to go through the whole process of applying again or can it be quickly amended as the amount needed is smaller?

    Apologies if these questions are a bit simple. I am a total newbie to buying property!


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    #2
    coylemj
    Registered Users Posts: 25,437 ✭✭✭✭coylemj


    You normally make an offer on a property 'subject to mortgage approval' which covers you in case the bank don't like the property or don't convert the provisional approval to a firm approval.

    If you're going to draw less than what the bank has approved (or conditionally approved), you won't have to go through the process all over again, they will lend you the smaller amount under the original application.


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    #3
    Oral Surgeon
    Registered Users Posts: 3,240 ✭✭✭Oral Surgeon


    Vince135792003 wrote: »
    Hi everyone,

    I applied over the phone with Bank of Ireland to avail of a mortgage giving all relevant details etc.. requesting to receive the biggest mortgage available to me as I had not picked out a property yet.

    My application was provisionally accepted and I received an offer by letter subject to terms and conditions.

    I made an offer on an apartment today and have made an appointment to see my local mortgage adviser next week.

    I've looked through the forum but am still not entirely sure if I've jumped the gun or or am proceeding correctly?

    The mortgage I will probably be looking to get will be much less than the one they have provisionally offered. Will I have to go through the whole process of applying again or can it be quickly amended as the amount needed is smaller?

    Apologies if these questions are a bit simple. I am a total newbie to buying property!


    IMO a quick approval is not worth a curse, only when the bank go through your full income and expenses can they give a proper answer.... The approval is for you and then also for the property.
    So you may be approved for a million euro but the bank won't give you half a mil as they deem the property not to be worth that amount.... So the value needs to be in the property too...


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