drop in provisional mortage quote over weekend

S

solas

Guest
I was quoted a provisional figure, by an advisor in Halifax, of 250,000 for a mortgage on Saturday week ago.
I called them this morning to tell them I was about to make an offer on something and I'm told my provisional figure is now 220,000. They say it dropped over the weekend and that it's something to do with an announcement made by TSB.
Does anyone have info or any advice how to get that figure up again.
Kind regards
 
solas said:
Does anyone have info or any advice how to get that figure up again.
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Go to a mortgage broker. Are you happy you can service a mortgage of €250,000 when ECB rate may rise in near future and banks are increasing their rates on top of that?
 
the fact that PTSB have changed their criteria should not affect your offer from halifax. However you cant bank on anything these days as Mortgage Lenders seem to be moving the goal posts everyday. Get in touch with a good mortgage broker and they can show you what is on offer.

If you are ready to buy then get your paperwork sorted with the broker asap because what is available today might not be next week.
 
solas said:
... my provisional figure is now 220,000...
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the corollorary of this is that the offers you make on houses in the market should be down by 30k. Be realistic, this is a falling market for house prices as much because many people are like yourself - they have less borrowing capacity. Offer the lower price, and if it's not accepted walk away from the deal to the next house on offer, and there are plenty of them out there. Patience, and let your head rule, not your heart!
 
Thanks all.

I had another look at the house, and have decided I'm going to wait, consult a mortgage broker and maybe in a month or two, look at it again along with other properties.
 
solas said:
I had another look at the house, and have decided I'm going to wait, consult a mortgage broker and maybe in a month or two, look at it again along with other properties.
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Wise move.

Ruam
 
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