Advice-Applying for mortgage

smoothseany

Hi Guys,
I am in the process of geting paper work together for mortgage application to AIB, anyone have experience with them and their mortgage process.
I have payslips and everything else required, wondering if they need the originals or should I photo copy them and send them in with application, and do the same for P60.
I am on 30k, house is 120000, I have the 12k deposit, any one want to rate my chances...
I have no loans, no bills apart 4m usually incl rent.

wetdufflecoats

smoothseany wrote: »

Hi Guys,
I am in the process of geting paper work together for mortgage application to AIB, anyone have experience with them and their mortgage process.
I have payslips and everything else required, wondering if they need the originals or should I photo copy them and send them in with application, and do the same for P60.
I am on 30k, house is 120000, I have the 12k deposit, any one want to rate my chances...
I have no loans, no bills apart 4m usually incl rent.

You should have a decent chance once you can show you've been in the job for a decent amount of time and that your savings have been built up and not a gift from someone. The big thing in your favour is that you've no loans outstanding etc. They will need original documents on the day but they will make their own copies and hand you back the originals.

dufferlover

I recently got my mortgage with AIB and they were great to deal with. Photocopies of everything will be fine and just keep the originals in case you need them. If you have a lease I'd also include that in your application.
Can't really rate you're chances as I'm far from an expert plus ours was a joint application but best of luck with it and keep us posted as to how you get on.

smoothseany

I have heard horror stories from a friend of them sending in the application four times after the bank kept ''losing'' the paperwork, so i guess photcopies is best, just in case...

I have only being in this job for a year and a half, have heard others saying it might go against me if in position for less than two years...

dufferlover

smoothseany wrote: »

I have heard horror stories from a friend of them sending in the application four times after the bank kept ''losing'' the paperwork, so i guess photcopies is best, just in case...

I have only being in this job for a year and a half, have heard others saying it might go against me if in position for less than two years...

Not with AIB it won't go against you. My other half had only been in his current job seven months when we got approval, plus for almost two years before that he was unemployed.

I certainly had no problems with paper work but I did call up a couple of days after posting everything to confirm they got them and kept doing that to make sure everything was going smoothly and I found them very good to deal with.

killers1

smoothseany wrote: »

Hi Guys,
I am in the process of geting paper work together for mortgage application to AIB, anyone have experience with them and their mortgage process.
I have payslips and everything else required, wondering if they need the originals or should I photo copy them and send them in with application, and do the same for P60.
I am on 30k, house is 120000, I have the 12k deposit, any one want to rate my chances...
I have no loans, no bills apart 4m usually incl rent.

If you can tell me what age you are & how much you pay monthly to savings & rent I'll be able to tell you if you are likely to qualify for that amount from AIB?

smoothseany

Just thought Id let ye know, got AIB approval for next three months,Delighted...
I also have the house picked out, what should I do now...
I guess I need to contact local AIB branch and inform them I have a house in mind,( I applied for mortgage directly to Dublin)...

Do I need to have details of the house to show AIB, what kind of details apart from address, size, no of bedrooms, estate agent...

Not sure where to go from here as I have not being in contact with anyone from AIB other then the initial application to have application form sent out...

dufferlover

smoothseany wrote: »

Just thought Id let ye know, got AIB approval for next three months,Delighted...
I also have the house picked out, what should I do now...
I guess I need to contact local AIB branch and inform them I have a house in mind,( I applied for mortgage directly to Dublin)...

Do I need to have details of the house to show AIB, what kind of details apart from address, size, no of bedrooms, estate agent...

Not sure where to go from here as I have not being in contact with anyone from AIB other then the initial application to have application form sent out...

Congrats on getting the AIP!

If you think it's the house for you then what you need to do next is put an offer on it. If that's accepted then contact the bank with the details of the house and details of your solicitor.

Learpholl

dufferlover wrote: »

Congrats on getting the AIP!

If you think it's the house for you then what you need to do next is put an offer on it. If that's accepted then contact the bank with the details of the house and details of your solicitor.

AIB will also give you a list of approved valuers in your area to get a valuation report done on the house you want to purchase. All the details regarding the house they need will be included in that report so I don't think you need to anything else with regards to providing them with information about the house itself. As mentioned, its worth agreeing the purchase price with the EA before doign any of that though.

killers1

smoothseany wrote: »

Just thought Id let ye know, got AIB approval for next three months,Delighted...
I also have the house picked out, what should I do now...
I guess I need to contact local AIB branch and inform them I have a house in mind,( I applied for mortgage directly to Dublin)...

Do I need to have details of the house to show AIB, what kind of details apart from address, size, no of bedrooms, estate agent...

Not sure where to go from here as I have not being in contact with anyone from AIB other then the initial application to have application form sent out...

Congrats! No real surprise that you were approved! As Dufferlover said your next step is to have an offer accepted on the property. At the stage the valuation is arranged and you give the bank your solicitors details and decide on the rate & term that you want to borrow over. You also pay a booking deposit (fully refundable) to the estate agent. Then you need to have a structural survey done on the property prior to signing contracts. The conditions on the loan offer will be that you have life cover, home insurance and a completed AIB direct debit mandate sent to the bank prior to the funds being released. When you have your offer accepted let me know and I'll talk you through it.. Congrats again!

smoothseany

Thanks Guys, Ill make an offer so, and see what happens...

smoothseany

If I agree a price with the EA are AIB likely to follow through with the loan, is their any chance the loan will not go ahead as long as survey is ok...

killers1

smoothseany wrote: »

If I agree a price with the EA are AIB likely to follow through with the loan, is their any chance the loan will not go ahead as long as survey is ok...

What conditions are on the AIB approval in principle that they gave you?