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Approval in Principle Letter

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  • 10-02-2017 1:08pm
    #1
    Sweet Science
    Closed Accounts Posts: 890 ✭✭✭


    Hi Guys

    I received an approval in principle letter from AIB. The application was made online and all the details i put in were in order and maybe understated my finances if anything.

    Question is . Can i now make an offer on a house ?

    Or is there more i have to do ?

    I haven't phyiscally provided AIB the details of my application but it's noted i also need to provide the details of the property when im doing that.

    That would indicate to me i have to find my house 1st and then go to the bank.

    Im a first time buyer if it isnt too obvious ha


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    #2
    CruelCoin
    Registered Users Posts: 4,468 ✭✭✭CruelCoin


    Sweet Science wrote: »
    That would indicate to me i have to find my house 1st and then go to the bank.

    Im a first time buyer if it isnt too obvious ha

    Its a bit of a cart before the horse scenario sometimes.

    Generally, you get mortgage approved on a property of similar value to what you have budgeted for. You then go house shopping and the mortgage approval gets transferred from your "holding property" to the one you bid on.

    Pretty much the only way of getting around estate agents who insist on mortgage approval prior to accepting a bid because banks won't give mortgage approival unless its on an actual property!!! The entire thing is out of sync.


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