Mortgage approval

C

cork1980

Guest
Hi all,

I found a house for 230k, i applied to the bank for a mortgage they came back to me and approved for 165k on the basis i had the rest which i had from savings and my parents wrote a gift letter to say they would give the remainder to make up the 230k. Offer letter was sent out and signed for the 165k, however the offer i put in on the house for 190k was excepted and i put down deposit, i have now received contracts etc for the house and will be signing other bank docs soon just wondering does this matter now that i got the house for 40k less as i have the approval for 165k, the bank cant come back and reduce offer???
 
cork1980 said:
Hi all,

I found a house for 230k, i applied to the bank for a mortgage they came back to me and approved for 165k on the basis i had the rest which i had from savings and my parents wrote a gift letter to say they would give the remainder to make up the 230k. Offer letter was sent out and signed for the 165k, however the offer i put in on the house for 190k was excepted and i put down deposit, i have now received contracts etc for the house and will be signing other bank docs soon just wondering does this matter now that i got the house for 40k less as i have the approval for 165k, the bank cant come back and reduce offer???
Click to expand...

I doubt it , they were obviously happy that you can repay 165k - and the LTV is still under 92% .

Congrats on the getting the reduced price !
 
Thanks a mill Renter 27.. Hopefully this is the case as it will allow me to keep some savings and still have a good sum to renovate and furnish the house.
 
applying for a mortgage??

Hi,

I am new to the forum and I am not really sure where to post my query about a mortgage loan application....

Basically, I have 90k in savings and need a loan for 165k to buy a house.
I have just started a new job (before which i was working abroad) but it is temp work though I do have a steady income (its full time).

I am concerned that since I do not have a permanent job that I will find it almost IMPOSSIBLE to get a loan for 165k.

My parents (who are pensioners) have offered to give me the deeds to their 2nd home to use as collateral.

Could you recommend what type of mortgage would best meet my situation if i was to use my parent’s deeds to help me obtain a loan???

Thanks in advance =)
 
Stressedkat if you are not permanent in your job I dont see that any lender will give you a mortgage . EBS would not give me a loan until I was 2 years in my job , I was 1 year 11months when I applied ! I think 2 years permanancy is the norm now .
 
I dont even recommend buying if you dont have permanet job. Whats the hurry, prices are going down anyways. And remember there is a reason banks are refusing loans now for people who they see as potentially vulnerable but there is no harm in talking with bank as you have significant amount of savings that might help a bit.
 
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