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Mortgage query

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  • 15-02-2016 8:27pm
    #1
    pbody1985
    Registered Users Posts: 96 ✭✭


    Hi

    Quick question , myself and husband , got approved for 130,500.00 , we have seen a property for 147k which we like , we have the remaining amount in deposit / savings , are we ok to go with putting an offer on this seeing as we have all the funds available and mortgage approval ?


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    #2
    SNNUS
    Registered Users Posts: 746 ✭✭✭SNNUS


    Go for it! Make sure you have enough for stamp duty/ solicitor etc.


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    #3
    PhoenixParker
    Registered Users Posts: 2,677 ✭✭✭PhoenixParker


    Do you have enough to cover all the other buying costs too?


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    #4
    slowjoe17
    Registered Users Posts: 110 ✭✭slowjoe17


    pbody1985 wrote: »
    Hi

    Quick question , myself and husband , got approved for 130,500.00 , we have seen a property for 147k which we like , we have the remaining amount in deposit / savings , are we ok to go with putting an offer on this seeing as we have all the funds available and mortgage approval ?

    There are other costs associated with buying, aside from the buying price.

    These are:
    • survey - typically 300-400e
    • Solicitors fees - typically 2k to 3k
    • Stamp duty - 1% of purchase price
    • Insurance (property and life) - this should be in place from the time of exchange of contracts, since you are liable to complete from then, even if the property burns down.

    In your case, these come in in the region of 5k, so you need a plan to have that by completion.


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    #5
    pbody1985
    Registered Users Posts: 96 ✭✭pbody1985


    PhoenixParker wrote: »
    Do you have enough to cover all the other buying costs too?


    Oh yeh we have money to cover all the costs and things so that covered :)


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    #6
    pbody1985
    Registered Users Posts: 96 ✭✭pbody1985


    Also

    We have put an offer in of 147k , the auctioneer said that they are putting it to the bank for acceptance with our approval letter , but said somebody could still put in a higher offer ? Is this normal ? Not giving the bank far time to accept our offer if somebody else jumps in on it ?


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    #7
    Michael D Not Higgins
    Registered Users Posts: 7,223 ✭✭✭Michael D Not Higgins


    pbody1985 wrote: »
    Also

    We have put an offer in of 147k , the auctioneer said that they are putting it to the bank for acceptance with our approval letter , but said somebody could still put in a higher offer ? Is this normal ? Not giving the bank far time to accept our offer if somebody else jumps in on it ?

    If it's a bank sale they'll take any and all offers and go with the highest that has the funds. Bear in mind that bank sales can be pitched at a low asking price to encourage bidding and they convene to accept offers on a month to month basis (or so I've heard) so if the value of the house is higher, expect there to be other offers higher than the asking price.


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