Loan offer reduced

[micar]

Hi
I had a loan offer letter from BOI for €176k (beginning of Sept). Offer on house was accepted at €196500. I've paid the deposit(end of Sept) and got a building survey and valuation report done.

On Friday the Loan Advisor advised that the underwriters have reduced loan offer amount to €166k. I have to come up with the 10k extra. Based on saving I had about €30k to spend renovating the house new windows, re wiring, new central heating, new bathroom......

The Loan advisor is disputing the Underwriters downward revision.

What are the chances that the UW will revert their loan offer back to €176k.

I'd rather not walk away from the house but to be left with €20k would make it difficult to achieve what I want to do.

Plus, I had wanted to complete purchase before end of year.

thanks

 

[dmos87]

I can't advise on the loan, however if you are keen to purchase before EOY (understandably), and the loan offer is not reverted back, start to view your list of jobs to see what can wait; perhaps the windows can be done next Aug / Sept instead of immediately? See where it might be possible to knock that 10K or delay it so you can avail of TRS.

Plus - and I know it might not be much consolation to you - borrowing less means less in interest, so by delaying some of the works where possible they might actually be doing you a favour.