Getting a loan after approval

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Chris2014

Registered User
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Hi

I've gotten mortgage approval after getting everything together from Ulster and EBS @ 3.7%.

I have approval for 100k. A perfect house has been listed for 95k.

Is it possible to take out a CU loan in case i get outbid or would they recheck and cancel the mortgage? Would i have to reapply for a higher mortgage instead (which i would need to save extra deposit for)? Do they recheck everything after bidding?

I'm trying to figure out all my options

First time single buyer. Calculator says i can get about 120k but i applied for 100k.

Thanks
 
They may go back and do another credit check. If another loan comes up the whole thing could fall apart. You are better going back to your bank and asking for the maximum amount. If you don't use it, fine. Don't risk losing it all by taking out more debt before you've drawn down the mortgage.


Steven
http://www.bluewaterfp.ie (www.bluewaterfp.ie)
 
That does make sense alright.

If i was reapplying for slightly more after being approved for 1 month would i need to resubmit all documents or could they reuse the existing?

Maybe just show the increased savings for the extra deposit i would assume.
 
Why not apply for the €120,000 as a mortgage? This will make things a lot easier.
You do not have to draw down the full amount offered and even if you get offered €110,000 it will give you a bit more flexibility.
 
Chris2014 said:
That does make sense alright.

If i was reapplying for slightly more after being approved for 1 month would i need to resubmit all documents or could they reuse the existing?

Maybe just show the increased savings for the extra deposit i would assume.
Click to expand...

Depends on how old the documents were that you submitted. Do as Easel suggested, contact your bank and tell them you may need a bit more and you would like to get the highest amount of mortgage approval for your circumstances. If you don't need the full amount, you won't have to take it but at least you'll know your limit.


Steven
http://www.bluewaterfp.ie (www.bluewaterfp.ie)
 
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