A property has just been advertised and will be auctioned in 2wks time. We are interested but have not applied for a mortgage and would like to know:
- Is it possible to get a mortgage approved within say 10 working days?
- Would it be quicker to use a broker or go directly to the banks.
- The property has an AMV of €350k, but may sell for more than this at auction. Will the bank just approve the AMV or would they approve more for the purchase price (say €375k)
- Preference is to renovate/extend the property straight away but we guesstimate another €100k is needed. Would the bank approve this in the mortgage (say €475k). If this was not viable we could also sit it out for a few years to save towards the renovations.
- We would want a 90% mortgage (say either €337k or €428k), open to fixed / variable options.