Ptsb tracker mover * next step

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pennywise

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Hi

I hope someone can help as I'm getting increasingly confused. We applied for a tracker mover with Permanent TSB and got approval in principle. We have a buyer for our apartment and are sale agreed. We now need to put an offer on a house, which should happen this week.
The bank says they can only give full approval once they have done a valuation of the property we want to buy. Which will be done after we've paid the non refundable deposit. So, there would be a risk of losing our deposit?
And our solicitor says he needs formal approval from PTSB as our buyer's solicitor will want a guarantee that our mortgage will be removed from the apartment. But PTSB doesn't provide formal approval at this stage?

How are we supposed to proceed? Make an offer on a house, pay deposit and then things will hopefully magically unlock?

Thanks
 
pennywise said:
How are we supposed to proceed? Make an offer on a house, pay deposit and then things will hopefully magically unlock?
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Exactly

pennywise said:
Which will be done after we've paid the non refundable deposit. So, there would be a risk of losing our deposit?
Click to expand...
Check with your solicitor the the standard "subject to mortgage" clause is included.
If you can't get mortgage, then the contract is voided, and you get deposit back. It's a standard clause.
 
pennywise said:
We now need to put an offer on a house, which should happen this week.
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I assume that this is a second hand house?

If so, you are not making any commitment until both of you have signed the contracts for sale.

In other words, if your offer is accepted, you can go ahead and pay the deposit. It's fully refundable.

If you are in positive equity, then ptsb will not be involved. If you exchange contracts on the sale of your apartment, once they pay, your solicitor will pay off the mortgage.

The big risk you face is that you sell your apartment and don't get to buy a house within the 6 months ( I think?) deadline from ptsb for keeping your tracker. But that is unavoidable. You can mitigate it by delaying the sale of your own apartment as long as possible.

Brendan
 
Thanks Brenda. We're in positive equity, and I think we have everything ready on our side to speed up the process. The property is 2nd hand, and empty
 
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