How long is it taking to get mortgage approval these days?

thetimes1234

Hi,

How long is it taking people to get mortgage approval these days?e are waiting to sell a house and the potential buyer is waiting to get approval from the bank. I know approval in principal is probably straight forward but when it comes down to the next step how long is that taking?

Thanks

troops

can get it in principal over the phone.

once you've all documents sent in about 2 weeks. they only give it for 3 months at a time then.

imo people shouldn't be making offers if they're not properly approved

NIMAN

Mine at the end of last year took about 3 months, as there was a few delays along the way.

Senna

Approval is no longer valid for a set amount of time (used to be 3 months), now the banks will give you approval in principal in minutes, but you need to submit all paper work to get actual approval. The bank will then ask for more documentation (or the same doc's but up-to-date) again and again before they approve any loan. Unless the buyers are looking for a tiny mortgage with a very low LTV, i would always assume there will be delays and it could take months for the loan to be approved.
Dont assume anything is sold until you get them to sign contracts.

Learpholl

troops wrote: »

can get it in principal over the phone.

once you've all documents sent in about 2 weeks. they only give it for 3 months at a time then.

imo people shouldn't be making offers if they're not properly approved

I've met with both BOI & AIB only 2 days ago and neither could offer any kind of approval in principal over the phone. Both required all paperwork be submitted before they could get me any kind of approval. I had all the necessary paperwork going into both meetings and BOI told me they would have an answer for me in 5 working days and AIB said they would have one in 3 working days. Whether this actually happens or not is another thing too.

However, I've no doubt that when it came to actually drawing down the mortgage that they would probably both then request even more forms filled in and more statements so maybe its at that stage which could take most of the time.

Supercell

Approval in principle with BOI took a week for us. Took us a couple of months to find the right house, bank then wanted new payslips and savings account details too - they didn't ask for that initially, just accepted the most recent statement from that.
Formal approval wasn't received until we had the house surveyed, and got insurance and life assurance arranged. We had a right nightmare getting the savings account statements - Ulsterbank takes two weeks to send out a bank statement when you ask for one and they sent out the wrong one 3 times (didn't cover long enough period). That was the main cause of delay with our house buying. Due to close next Friday, fingers and toes crossed!

thetimes1234

Thanks a million for the replies.

Best of luck to all buying or selling!