We got mortgage approval!

This will be a short and sweet post, as there's not much to it, but as you can tell from the title.....we got mortgage approval!!!

If you haven't read my previous post on how we started the whole mortgage process, you can read it here.

As before, to keep things on a timeline we got the (first) mortgage approval on February 7th after meeting the mortgage broker for the first time on January 21st. Our application was a bit delayed as we didn't have all our documents together for our meeting, and we needed a gift letter.*

*Myself and Dean had received a gift (of money like 😉) from mine and his parents, so they just had to sign a form saying it was a gift and we did not owe it back to them. Click here for the template I used.

Once all our documents were in, it took about a week for us to hear back from our mortgage broker with the approval.

 I was in work with a client and I could see Dean ringing my phone like mad, but I couldn't answer. As soon as I was free I rang him back (not knowing what he was calling for), and simultaneously noticed an email from our broker. The minute I read 'Please find attached approval from KBC' my heart stopped. My nerved were actually gone! Even though we had been expecting news on the application I still wasn't prepared for the realness of it. I'll be honest...I got a little teary eyed over the shock and excitement of it all.

So drum roll please......we got approval of 4.5 times our income! I actually couldn't believe it. I'm still waiting for someone to come back to me and say it's a mistake! Now we have no major expenses or loans (sort of*) so I'm sure that definitely worked in our favour.

*KBC requested I clear my very small Credit Union loan before the mortgage will be issued.

You literally just get a letter (well these days it's an attachment) saying the bank is willing to give you X amount of money. I don't know what the repayments are, I don't know what the rates are. I don't even know how to find out those details yet! 

Our next step is to go house hunting, yes HOUSE HUNTING!!! Then we go back to the broker and get the ball rolling on actually buying the house.

As always, I'll keep you updated on how things are going 😊

*Update...we have since received another mortgage offer from Ulster Bank, they offered just under four times our income.