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Estate Agents seeking written mortgage approval

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  • 13-06-2016 6:49pm
    #1
    omgosh
    Registered Users Posts: 2 ✭


    I'm currently house hunting and most estate agents seem to want to see evidence of mortgage approval before accepting an offer.
    My concern is that if I do give written confirmation to an estate agent of my mortgage approval, they will be fully aware of how much I can offer and it will only serve as a target for them to reach.
    Does anyone know if it's possible to provide anything to estate agents that doesn't reveal how much you have been approved for but is enough to allow them to accept your offer?


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    #2
    G-Man
    Registered Users Posts: 548 ✭✭✭G-Man


    You should question the auctioneer, if they really need this. It would seem to be over reach and maybe not comply with Data Protection.


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    #3
    hognef
    Registered Users Posts: 828 ✭✭✭hognef


    omgosh wrote: »
    I'm currently house hunting and most estate agents seem to want to see evidence of mortgage approval before accepting an offer.
    My concern is that if I do give written confirmation to an estate agent of my mortgage approval, they will be fully aware of how much I can offer and it will only serve as a target for them to reach.
    Does anyone know if it's possible to provide anything to estate agents that doesn't reveal how much you have been approved for but is enough to allow them to accept your offer?

    Get the original approval letter, cover up any revealing details, put it in a copying machine. Hand redacted copy to agent. He/she shouldn't care about the actual approval amount; he/she just wants to know that you've already done your homework to avoid any unnecessary delay (and possibly having to start from scratch following a rejected application down the line).


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    #4
    omgosh
    Registered Users Posts: 2 ✭omgosh


    Great idea, thanks!


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    #5
    Gumbo
    Moderators, Society & Culture Moderators Posts: 39,407 Mod ✭✭✭✭Gumbo


    It's the norm nowadays. If you search this forum you'll see the same posts over the last year or 2.

    Just cover the max you are allowed and send it on.


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    #6
    davo10
    Closed Accounts Posts: 6,926 ✭✭✭davo10


    G-Man wrote: »
    You should question the auctioneer, if they really need this. It would seem to be over reach and maybe not comply with Data Protection.

    It is up to the vendor/auctioneer to decide if it is necessary to prove you have funds before they consider a bid, the purchaser can of course refuse but the bid will not be accepted, the funds can either be a mortgage or cash on reserve. Prices are often pushed up for other bidders by a bidder who makes an offer before getting mortgage approval only to be refused. It is perfectly legal.


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