Mortage Approval: Received an AIP for 255,000 92% LTV... Please translate.

Sago

Registered User
Messages
28
Hi

I've just received my mortgage approval and it says the following - Received an AIP for 255,000 92% LTV...

Can someone translate this for me?

Does this mean I get 255k or 234.6k

Thanks
 
Re: Really silly question....

You're approved for up to €255,000 as long as it doesn't exceed 92% of the property price so you could buy for up to €277,174 (to be precise!).

Sarah

www.rea.ie
 
Re: Really silly question....

Oh great!!!!!!

Thanks - sorry again about the daft question.
 
Re: Really silly question....

Sago said:
Received an AIP for 255,000 92% LTV...

Can someone translate this for me?
AIP = approval in principle, LTV = loan to value (i.e. the ratio of the loan to the overall house price), so 255k is no more than 92% of the house price.
 
Back
Top