is it common place for banks to say they will lend x amount and then in reality not approve it or anything near it?
I guess we will send in all the documentation and wait to see what they say before wasting any more time on it.
Is there any point in starting the process with any of the other banks?
Better to send in the documentation and see how you get on and lob in an application to a couple of other banks while you're at it.
Do you have other income other than your salary? I'm still surprised at that figure. AIB also only let you borrow until your are 65. i.e. the mortgage has to be finished by this age. Mid 30s would restrict things further, my original maths were based on a 35 year term.
You need to be careful on this one as each application can and most likely will result in a search on your ICB file. Banks then ask questions as to why there is so many searches and think you were refused by the other banks.
.
Why is a search a bad thing, what if you 'searched' your own file each year would this be a bad mark on your file?
Thanks for all the replies on here...as advised AIB will not lend us 200k (nor 150k) we didn't bother asking any lower than that as it would not be enough to buy anything suitable.
The advice was to try and save another couple of hundred a month for 6 months and then come back and try again.
It's a relief in many ways...if we can't afford it...we can't afford it and now we know where we stand.
We will probably go to BoI as well in the coming months but we are not in any rush.
Y
When you do get approval, make sure you go back to whoever before the approval lapses to get it extended or renewed. Once the approval lapses you have to re-apply all over again.
Hi sadie,
how much time do you get.
im applying for a mortgage of 90k but i dont have a property in imnd. well i have a few but have to look at them.
Just worried if we get approval we'll be pushed to find somewhere quickly.
MO
3 months is not bad considering we want to get it sorted b4 the new year and the tax relief is done away with.
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