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Mortgage Approval Certificate Advice

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  • 19-01-2015 4:24pm
    #1
    peterobrien100
    Registered Users Posts: 223 ✭✭


    Hi

    I am hoping some of you kind people on boards can help me out with some advice / guidance. We are looking to make an offer on a house, we have no mortgage on our current house and will only need a mortgage of approx. 25% of the value of the house we are bidding on.

    What do I need to give to an Estate agent in terms of paperwork to let them know my bid is bona fida, as if we get a Mortgage Approval Certificate from the lender of our choice it will cover a certain value of the house.

    Hoping this is not a stupid question and some could advise of best route to take.

    Thanks in advance for your advice.


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    #2
    Trish56
    Registered Users Posts: 1,256 ✭✭✭Trish56


    Hi Peter,
    Estate Agents usually look for evidence that you have been mortgage approved in order to accept your bid. I would therefore advise you to apply for 'An Approval in Principle' which will last 6 months. Do you have to sell your own house in order to release the funds to purchase new house or do you have 75% as savings?


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    #3
    peterobrien100
    Registered Users Posts: 223 ✭✭peterobrien100


    Trish56 wrote: »
    Hi Peter,
    Estate Agents usually look for evidence that you have been mortgage approved in order to accept your bid. I would therefore advise you to apply for 'An Approval in Principle' which will last 6 months. Do you have to sell your own house in order to release the funds to purchase new house or do you have 75% as savings?

    Hi Trish56

    Many thanks for your advice I have got our Mortgage Approval Certificate and am now going through the rigours of dealing with the EA. Wish me luck !!!!!!!!


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    #4
    Trish56
    Registered Users Posts: 1,256 ✭✭✭Trish56


    You will have no bother ...best of luck


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