FTB Mortgage Deposit question

greenwoodguy

Registered User
Messages
5
Hi

We found at house we liked and we got approved by the bank for a mortgage of 216,00 with the house selling for 240,000

We ended up in a bidding war and and have now gone sale agreed to pay 270,000 for the house, My Mother is giving me an early inheritance of 30,000 to add to the deposit of 24,000 i already had saved, so i will still only need a mortgage of 216000

do you think the bank would have a problem with this, as i am paying more off the house but still getting the same mortgage

Many thanks
 
You'll need the valuation to agree that the house is worth €270,000, but you should be ok. The mortgage is the same but you have a 20% deposit now instead of 10%.
 
Your mother will be asked to sign a letter confirming that her €30,000 gift is not a loan and that she's not buying any share in the house, but it should be okay.
 
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