Hi I would really appreciate it if people have any advice on how to proceed with a top up mortgage application that has stalled. Situation is as follows:
Current mortgage with PTSB balance 130k
Mortgage repayment 670pm (and we are overpaying an additional 200 pm)
Current valuation 200k
Combined income 90k (both in full time employment)
Looking for a top up of 70k to fund an extension
Final valuation 250k
Approached PTSB in Dec 2011 via a broker and got AIP within 2 weeks (lending at that time was upto 92%).
Planning approved in April.
Sent contract out to tender and decided on builder.
Renewed AIP in April.
Signed contracts, ready to go, just waiting for formal loan offer.
At this stage our broker was told that we would qualify for cheaper variable rate if <75% LTV (we didn't want to change the design so said no).
Got final valuation and it came in at 250k representing 80% LTV (this is where the trouble started).
Broker was informed that the lending criteria has changed and the max they would lend is upto 75% LTV (leaving us about 15k short).
Before we decided to start changing the design our broker sent an application into AIB to move the entire mortgage to them.
AIB got back saying that we are about 100 euro pm short of meeting their lending criteria (creche fees are the problem).
So at the moment the project is stalled, our broker who is great thinks the better option is to try to get AIB to change their mind (application is currently on hold).
Creche fees will come down in Sep due to free pre-school year.
Have asked broker what PTSB require to proceed (we can make changes without impacting too much plus savings should get us to the 75% LTV)
Broker thinks AIB are the better option but the application is stuck in their credit dept at the moment
PTSB have been a complete disaster and I think they will just come up with another excuse if we get our total loan to 75% LTV
Bit of a long protracted post but unfortunately that's what the past 6 months have been like. Any thoughts are welcome, as I said our broker has been very
very helpful but I think he's ready to pull his hair out.
Current mortgage with PTSB balance 130k
Mortgage repayment 670pm (and we are overpaying an additional 200 pm)
Current valuation 200k
Combined income 90k (both in full time employment)
Looking for a top up of 70k to fund an extension
Final valuation 250k
Approached PTSB in Dec 2011 via a broker and got AIP within 2 weeks (lending at that time was upto 92%).
Planning approved in April.
Sent contract out to tender and decided on builder.
Renewed AIP in April.
Signed contracts, ready to go, just waiting for formal loan offer.
At this stage our broker was told that we would qualify for cheaper variable rate if <75% LTV (we didn't want to change the design so said no).
Got final valuation and it came in at 250k representing 80% LTV (this is where the trouble started).
Broker was informed that the lending criteria has changed and the max they would lend is upto 75% LTV (leaving us about 15k short).
Before we decided to start changing the design our broker sent an application into AIB to move the entire mortgage to them.
AIB got back saying that we are about 100 euro pm short of meeting their lending criteria (creche fees are the problem).
So at the moment the project is stalled, our broker who is great thinks the better option is to try to get AIB to change their mind (application is currently on hold).
Creche fees will come down in Sep due to free pre-school year.
Have asked broker what PTSB require to proceed (we can make changes without impacting too much plus savings should get us to the 75% LTV)
Broker thinks AIB are the better option but the application is stuck in their credit dept at the moment
PTSB have been a complete disaster and I think they will just come up with another excuse if we get our total loan to 75% LTV
Bit of a long protracted post but unfortunately that's what the past 6 months have been like. Any thoughts are welcome, as I said our broker has been very
very helpful but I think he's ready to pull his hair out.