Deposit refund after contract Signed

P

paddy_2007

Guest
I have signed contract for a 3 bed detacthed house one year ago and price has gone up by 60K. Also paid deposit of 10% (32K). The house will be available only by coming summer.

I got the mortgage approval of remaining 90% that time (when interest rates are 2 %) and I would have not a penny more that by that time.

I want to know, with the raising interest rates, would there be any issues (with stress test and all) in drawing the mortgage in the summer on house?

And also want to know, in case I could not buy the house with the issues above, is there any possibility of getting the deposit back ?

Thanks a million in advance.
 
As far as I iknow most loan offers are only valid for 30 days - and so you would now probably have to apply for mortgage approval again.
 
Offers are valid for 6-12 months. Lenders will want to see up to date financial information (payslips and bank statements) but assuming your income hasn't reduced and you haven't taken on any new loan commitments they will stand by their original underwriting decision/offer.

Sarah

www.rea.ie
 
Thanks for that.
Fingers crossed for that mortgage, as not expecting any changes in the income.

Just want to check, in case any issues, is there anyway get back the mortgage?

Can I still go to another lender?

Thanks.
 
Yes, you are not tied in by a mortgage offer in any way but give yourself at least 6 weeks prior to completion if you are going to apply to other lenders.

Sarah

www.rea.ie
 
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