Approval In Principle

R

Renter27

Registered User
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Hi just a quick question if anybody could help please - I got my mortgage approval in principle for 190,000 and the property im buying is 186,000 ( 100% mortgage) , does anybody know if they will allow me to draw down on the full 190k I got approval for ? ie the extra for furnishings etc

Cheers.
 
Unlikely, most lenders will approve on amount and loan to value and take the lower figure of the two.

Maximum loan is 190k but loan to value figure will probably be 90% or 92%. If your property is costing 186k then loan amount is likely to be 167.4k or 171.12k.
 
Yeah unfortunately they're extremely unlikely to allow you to do that.

Sign of the times and all that... 90% of the figure is most likely.
 
Cheers people, I didnt think it happened anymore but a girl can dream. Somebody mentioned it to me yesterday & it just got me curious, back to old fashioned saving for me !

Norfbank yes its affordable, so i get a 100% mortgage ,the full 186,500 .
 
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