Mortgage - reapplying

chrisp2281

Hi All,

I was approved for a mortgage at the beginning of february. All was going well and I had signed contracts on ahouse and the vendor pulled out at the last minute. (2 days before drawdown of the funds was required). I've not gone back to the drawing board and found a new house and had an offer accepted. AIB have told me I now need to go through the full application process again including sending in my Salary cert and Payslips. Is this the norm?

Thanks,
Chris

djmcr

My mortgage offer expired due to paperwork issues on the house that we have agreed to buy and I had to furnish the bank with current payslips and they accepted the salary cert as it was dated for this year. The loan offer was extended when they received the most up to date payslips. This was with BOI and I've done all my banking with them

chrisp2281

Wish I had gone with BOI now. AIB told me that they don't reissue or extend anymore. I have to say I think given that things go wrong, it is a bit unfair

TheDriver

curious but did the vendor also have contracts signed and was there any consequences for them pulling out??

chrisp2281

TheDriver wrote: »

curious but did the vendor also have contracts signed and was there any consequences for them pulling out??

Basically, I was told they had signed and that the contracts would be back a few days later. Then there was an issue but I was promised it would be sorted by Monday May 20th. On May 25th, I was told that there was a delay but the contract would be returned by courier on the 28th. Instead they returned my deposit

TheDriver

sorry to hear that, i wish people would come out with the truth and be honest. Sick of looking at houses where the vendor clearly has no intention of selling unless they get a silly asking price.

chrisp2281

Tell me about it. My gut told me they were messing about from 6 weeks in. I'll trust my instinct next time

killers1

chrisp2281 wrote: »

Hi All,

I was approved for a mortgage at the beginning of february. All was going well and I had signed contracts on ahouse and the vendor pulled out at the last minute. (2 days before drawdown of the funds was required). I've not gone back to the drawing board and found a new house and had an offer accepted. AIB have told me I now need to go through the full application process again including sending in my Salary cert and Payslips. Is this the norm?

Thanks,
Chris

Hi Chris,
If your original AIB application is less than 6 months old you only need to supply an up to date payslip and bank statement as per their credit policy. I understand them saying that a new application is needed because it's a different property but this is simply an internal thing where a new reference number will be allocated to the file. The majority of the info you supplied will still be valid if as I said the original application was dated less than 6 months ago (from when submitted, not approved in principle).