fear aisteach
Registered User
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- 1
-We are first time buyers
-Combined income of 65K
-Sale agreed on a house for 230K
-150K offer from one institution (insufficient offer)
-Awaiting letter from second institution, but it will most likely look like this:
80% LTV on €230,000. Mortgage of E184,000 over 25 years at 2.95%
-The balance is made up with my savings.
We should qualify for all outlined conditions, except an insufficient offer from second institution.
My bank account will show savings of 50K.
Addition 50K available through family loan.
I would be mad not to apply to more institutions in order to get one more 'insufficient offers'.
Risk: We don't know how long the application procedure takes. The Auctioneer may force us to pay up before we are sanctioned for the County Council loan.
Any thoughts?
P.S. The home was never lived in, built in 2007, sold by receiver.
We don't think this will qualify for First Time buyers grant as builder is in receivership
-Combined income of 65K
-Sale agreed on a house for 230K
-150K offer from one institution (insufficient offer)
-Awaiting letter from second institution, but it will most likely look like this:
80% LTV on €230,000. Mortgage of E184,000 over 25 years at 2.95%
-The balance is made up with my savings.
We should qualify for all outlined conditions, except an insufficient offer from second institution.
My bank account will show savings of 50K.
Addition 50K available through family loan.
I would be mad not to apply to more institutions in order to get one more 'insufficient offers'.
Risk: We don't know how long the application procedure takes. The Auctioneer may force us to pay up before we are sanctioned for the County Council loan.
Any thoughts?
P.S. The home was never lived in, built in 2007, sold by receiver.
We don't think this will qualify for First Time buyers grant as builder is in receivership