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Mortgage Approval Advice

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  • 19-06-2017 5:18pm
    #1
    hello92
    Registered Users Posts: 18 ✭


    Hello,

    My partner and I got approval in principle about 8 weeks back. We luckily put down a security deposit for a new build and so we now need our full mortgage approval to proceed with the signing of contracts.

    My question would be - will the bank (PTSB) have an issue that the AIP amount we got which is €275k is going against a house with the value of €435k? We are obviously self-funding the remainder of the cost but just worrying this may be an issue..


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    #2
    Graham
    Moderators, Society & Culture Moderators Posts: 17,642 Mod ✭✭✭✭Graham


    hello92 wrote: »
    Hello,

    My partner and I got approval in principle about 8 weeks back. We luckily put down a security deposit for a new build and so we now need our full mortgage approval to proceed with the signing of contracts.

    My question would be - will the bank (PTSB) have an issue that the AIP amount we got which is €275k is going against a house with the value of €435k? We are obviously self-funding the remainder of the cost but just worrying this may be an issue..

    I can't think of any reason why it would be an issue. The lower LTV gives the bank greater security if anything.


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    #3
    Baby01032012
    Registered Users Posts: 1,622 ✭✭✭Baby01032012


    You're not using the help to buy scheme then as mortgage would need to be 70% your % is working out at 63%?

    That would be a shame to loose out on that tax back incentive, for sake of few grand more borrowing.

    I don't see bank having an issue with the LTV once they are happy with the value.

    It's the point above I'd have issue with


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