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Mortgage sanctioned in principle

  • 12-09-2014 11:30pm
    #1
    millionmystery
    Registered Users Posts: 53 ✭✭


    Hi all,
    Looking for some help here from people that know the mortgage process! I applied for a mortgage and just got sanctioned in principle for the amount today. It was with AIB. I'm just wondering what this really means and has anyone had difficulties even after getting this, is this the term they use for 'approved' or is it something else.
    Very grateful for advice on this thanks!


Comments

  • #2
    chris85
    Registered Users Posts: 4,502 ✭✭✭chris85


    millionmystery wrote: »
    Hi all,
    Looking for some help here from people that know the mortgage process! I applied for a mortgage and just got sanctioned in principle for the amount today. It was with AIB. I'm just wondering what this really means and has anyone had difficulties even after getting this, is this the term they use for 'approved' or is it something else.
    Very grateful for advice on this thanks!

    Its basically approval. AIB appear to use term sanction but it means you have a been approved for certain amount based on info provided. Essentially you can then bid and need valuation of property before mortgage is approved completely depending on how much info was needed for application at the start.

    Good luck with the search!


  • #3
    millionmystery
    Registered Users Posts: 53 ✭✭millionmystery


    chris85 wrote: »
    Its basically approval. AIB appear to use term sanction but it means you have a been approved for certain amount based on info provided. Essentially you can then bid and need valuation of property before mortgage is approved completely depending on how much info was needed for application at the start.

    Good luck with the search!

    Thanks for your reply Chris, it's very helpful. Just one thing, do I need to supply the bank anything else (apart from valuation report) or is this application complete at this stage? Nearly afraid to look at any house in case the bank pulls out!! This is my first time getting a mortgage so tge whole phrasing of it 'sanction in principle' is sort of throwing me!


  • #4
    chris85
    Registered Users Posts: 4,502 ✭✭✭chris85


    millionmystery wrote: »
    Thanks for your reply Chris, it's very helpful. Just one thing, do I need to supply the bank anything else (apart from valuation report) or is this application complete at this stage? Nearly afraid to look at any house in case the bank pulls out!! This is my first time getting a mortgage so tge whole phrasing of it 'sanction in principle' is sort of throwing me!

    Nothing is 100% until you get loan offer to sign before signing for the house but its as good as you can get at this stage. If really old house they may want a building survey done also.


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