Mortgage approval came through, but for less than hoped for

S

Setanta12

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As the title says ...

Approval was from BOI. Feel almost victimised due to having savings in excess of what is required for the 90% - in effect they reduced the amount I'd been told we were entitled to, by the amount of my savings - which was to fund furniture, rainy-days etc i.e. my savings would account for 20% of intended price-range.

Is this usual, or a mistake on their side ? I've looked for a recheck/claim for a higher amount...
 
Seems unfair if you qualify for the higher rate. Perhaps it is a clerical error. Maybe you get a much better rate paying a 20% deposit.
 
Wouldn't be normal practice for a bank to decide that you must use all your savings towards a purchase. Could it be coincidence that the amount that they reduced your approval by happens to be the amount of your savings?

Have you tried other lenders?
 
Boi did the very same thing to us. We told them all the funds we had which was for furniture and also for a rainy day. They offered us a lot less than we had asked even though we have great savings etc. We would have been to the pin of our collar with every penny gone. They also put nasty conditions into the offer letter also. In the end we went with another lending institution and it was easier from start to finish. We signed our contracts and are ready to go! My advise is to shop around.
 
30something said:
Boi did the very same thing to us. We told them all the funds we had which was for furniture and also for a rainy day. They offered us a lot less than we had asked even though we have great savings etc. We would have been to the pin of our collar with every penny gone. They also put nasty conditions into the offer letter also. In the end we went with another lending institution and it was easier from start to finish. We signed our contracts and are ready to go! My advise is to shop around.
Click to expand...

what were the nasty conditions?

We ended up getting offered a lot less from BOI than they initially said, but AIB effectively refused us (offered us less than a third of what we asked for). Both said they'd reduced the amounts because we have 3 kids...
 
Maybe i should take the nasty out of my last post. There were certain conditions that we had to fulfill as part of the offer. I dont want to go into detail here. AIB refused us also and we too have 3 kids. We ended up going with Ulster Bank. Very helpful and no problems.
 
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