Renewal of mortgage approval

[elefantfresh]

Quick question - i got approval 5 months ago for a self build mortage. however, i've not yet found the site i like and this approval runs out in may. Is it a simple case of going back to the bank and basically saying my situation is as it was or do i need to go through the whole routine again?
thanks.

 

[NorfBank]

You will need to produce last 3 month current account statements and payslips and maybe 2006 P60.
If you were borderline for the amount 5 months ago then you will struggle to get the same amount this time around. This is as a result of the interest rate hike in March. Lenders will have changed their stress testing in response to the increase resulting in a smaller mortgage. This will not apply if you are going through BOI/ICS as they just use a straight multiple of your salary to calulate your mortgage amount.

 

[Hel_n]

NorfBank is right - you will need to submit up to date apyslips, current account statements and your most recent P60. However, a number of lenders have adjusted their critereia following the last ECB rate hike and some people are now qualifying for even more than they were prior to the interest rate increase.

 

[elefantfresh]

thanks guys - just talking to the manager who gave me approval first time round - all he wants is last 3 slips. sounds handy enough to me.