6 June 2019
You’ve been approved for a mortgage. Go on, pop a bottle of bubbly and give yourself a pat on the back. But don’t go overboard with the celebrating because the cheque hasn’t been issued yet. Here’s permanent tsb’s quick guide to life in mortgage approval limbo…
If you haven’t already found the house you want, consider your mortgage approval as the kick starter to finding a place you can afford. Now you know your budget, you can match it to a property you’re comfortable with buying.
Remember, you have credit approval in principle for six months only. After this you’ll need to resubmit some information to us. That means you should keep up the good saving behaviour and repayment ability efforts you were making for the original application.
Bidding on a property? Don’t worry about asking for more money if the price is going up. We understand bidding wars are part and parcel of buying a home. You can come back to us to request a new amount at any point during this six months, without having to resubmit full documents again. It’s not a start over.
Remember, your insurance and assurance costs will change if the price of the property you’re bidding on rises. One of the advantages about using us as a one-stop shop is that we’ll account for these additional changes in parallel with the new mortgage amount requested.
You’ll need a solicitor to complete your purchase. Eliminate delays by having someone on your side from the start. You could ask a friend or family member to recommend someone they’ve trusted before and get in touch.
You’re almost there and can probably already see yourself sitting on a couch in your new living room. It’s an exciting and busy time for any home buyer. So, stay focused, stay realistic and don’t forget to stay in touch with us.
Lending criteria, terms and conditions apply. Security and Insurance required. permanent tsb p.l.c is regulated by the Central Bank of Ireland.