Mortgage amount question

I'd be grateful if someone could give me some advice on this please. Myself and my boyf a deposit on a new house and have been with a mortgage advisor about the mortgage. We both have loans and we've been told one of the loans must be cleared in order to get the mortgage amount we want. However, when I've entered my details (including the 2 loans) onto the PTSB website, they have said that we have approval in principle. The mortgage advisor has checked PTSB and said we'd still have to clear one of the loans. My question is this - do you think we should approach PTSB ourselves rather than go with the advisor?

From what I been told (haven't tried it myself) you could put an income of €1 and loan required of €1,000,000 into the PTSB website and you'd still get approved! By all means try PTSB directly but I would be 99% sure that your broker is correct; PTSB, like all lenders, work on your net disposable income being sufficient to cover the mortgage and any existing loans will reduce the amount you can borrow.

Sarah

www.rea.ie

No, when I've put in a higher loan amount, it says we fall short of being able to borrow it but when I put in a lower amount, the amount we actually want, it gives us approval in principle. Does it make any difference to the Bank whether we go directly to them or through the broker?

Why don't you just go talk to the bank for the lark? Won't hurt, and the bank doesn't care who you deal with once they get the business.

If I go to the bank myself, will they have a record I went to the mortgage advisor if she applied to PTSB for me? I don't want to approach them and then have them tell me that they already have an application in for me. I haven't given the broker full documentation yet so she may have been only applying for approval in principle for us.

Lending criteria is lending criteria, doesn't matter which approach you take. And if you haven't given your broker all your documentation there may be factors she's not aware of. It's a mortgage application, not an application to join the secret service!

Sarah

www.rea.ie

Ok, I don't know if you were being smart there or not, I'm guessing not? Anyway I rang the PTSB direct and they told me the same as my broker so looks like their online approval in principle method is useless. I gave the guy the exact same info over the phone that I input into the online calculator yet he gave me a difference answer. Strange one....Thanks for the input anyway!