PTSB mortgages

ghosty1

Hi There
I am new to this so forgive me if I am in the wrong place, I am just looking for some opinions we are getting our mortgage (hopefully) through ptsb. We were told about the 15 minute AIP, we were approved for 259k and were told once we can provide proof of all figures we gave them at the time of full application there would be no problem...also it says this on there website, and I was told I wouldn't need to make a full application or go back to the branch until we had a deposit down, I thought this was a bit odd.
anyway about a month later we found our house its 300 k we have almost 30k savings and are getting a gift of 20k from family, went in yesterday made our full application and to be honest i wasn't inspired with confidence when leaving. the guy we were dealing with was very cautious to say whether or not he thought this would be ok even though we are only looking for 86% LTV and we meet all their criteria and are within policy. his last words were even though it is within policy they could still turn it down as it is at the higher end of the scale and also because of my partners length of service (full time since oct on contact 5 months prior to that with same company). really panicked now as we have engeged a solicitor and the vendors are screaming for the engineer to go out.
is the ptsb guy just being cautious or am I after being lead up the garden path ?

gurramok

To be honest, you shouldn't be viewing\bidding on houses until you have been fully mortgaged approved and for how much. You are suppose to make a full application first, otherwise its guesswork on the figures.

Bigcheeze

gurramok wrote: »

To be honest, you shouldn't be viewing\bidding on houses until you have been fully mortgaged approved and for how much. You are suppose to make a full application first, otherwise its guesswork on the figures.

Nonsense. You can't make a full application until you have the address of the property you are proposing to buy.

The op was correct to get AIP and then bid.

The guy in the branch can't commit to anything. None of the decisions are made at branch level.

Op, why not try AIB or BOI. Both should be cheaper than PTSB. Alternatively you could use a broker if the approval is a bit tight. The poster Killers here is a broker and is recommended by various people.

gurramok

Bigcheeze wrote: »

Nonsense. You can't make a full application until you have the address of the property you are proposing to buy.

The op was correct to get AIP and then bid.

The OP hasn't a clue what amount they will be approved for. So how on earth will they know what to bid on a property?

Bigcheeze

gurramok wrote: »

The OP hasn't a clue what amount they will be approved for. So how on earth will they know what to bid on a property?

Unless the underwriting rules have changed or the OP's financial circumstances have changed the AIP amount will stand.

It's the same for everyone. No one is bidding on a house with a full mortgage offer as the offer is a fixed amount and tied to a specific property.

2013Lara

Were getting our mortgage through ptsb. Have found them great to deal with. But it did take about 4 weeks for the full approval to come through. Was the same as our AIP.

Trish56

An Approval in Principle is issued by Permanent tsb based on initial information that you give them such as Income, short term borrowings, savings, ages etc.
This is an indication of how much you may qualify for however the amount they will lend you will be based on a full credit and suitability assessment where you will provide, pay slips, salary certificates, current and savings account statements etc.. The application is submitted to the lending Department so the customer advisor could not be 100% certain that you will get approval.

As a matter of interest you can make a full application to some lenders without an address.

ghosty1

we were told that we have no need to go back to him until a deposit was paid, I questioned him at the time as I was in the branch and he assured me this would be ok.
our circumstances have not changed, the only difference is that my partner has extra income through bonuses and shift allowances, all of these were marked as either guaranteed or regular so should this in theory not strengthen the application ?

darklighter

Trish56 wrote: »

An Approval in Principle is issued by Permanent tsb based on initial information that you give them such as Income, short term borrowings, savings, ages etc.
This is an indication of how much you may qualify for however the amount they will lend you will be based on a full credit and suitability assessment where you will provide, pay slips, salary certificates, current and savings account statements etc.. The application is submitted to the lending Department so the customer advisor could not be 100% certain that you will get approval.

As a matter of interest you can make a full application to some lenders without an address.

AIB approved me in full without an address

ghosty1

I believe the banks are lending, there is no question about that, the ting i am worried about is that they would prefer to give out 10 small mortgages rather than 5/6 bigger ones like what i am looking for. I have shown a great capacity to repay the propose mortgage and still have a large cushion. i have met all there criteria, kept within all their Figures and stats... and basically i am getting the feeling that if the mortgage is refused it will be because they just dont want to give it to me.

Bigcheeze

darklighter wrote: »

AIB approved me in full without an address

They gave you a formal offer letter and sent a loan pack to your solicitor without a property address ?

Because until that happens you don't have full approval.

Everything else is AIP.

darklighter

Bigcheeze wrote: »

They gave you a formal offer letter and sent a loan pack to your solicitor without a property address ?

Because until that happens you don't have full approval.

Everything else is AIP.

Nope, I did all the paperwork etc before making any offer on a house and was "approved" up to a certain amount.

I had gone through the initial AIP process at an earlier stage and got AIP for $30k more than what I was finally approved for

Trish56

Bigcheeze wrote: »

They gave you a formal offer letter and sent a loan pack to your solicitor without a property address ?

Because until that happens you don't have full approval.

Everything else is AIP.

The difference between the perm tsb AIP and AIB is that perm tsb just give you an AIP from a verbal chat where you inform them of your income, savings etc. when you do find a property you then submit a full loan application form with supporting documentation. With AIB you submit a full application with supporting documentation with address to be advised. You can apply for the max. available based on your income thereby allowing you to shop around for a property that you know you can bid on. When you find a suitable property you just advise them of address and purchase price and you should have full loan approval within a few days.

gurramok

Trish56 wrote: »

The difference between the perm tsb AIP and AIB is that perm tsb just give you an AIP from a verbal chat where you inform them of your income, savings etc. when you do find a property you then submit a full loan application form with supporting documentation.

TSB have a 2nd meeting where you submit the documentation waiting on the decision to fully approve you which comes from head office.
https://www.permanenttsb.ie/whatweoffer/mortgages/my-first-mortgage/

When you're ready for the full application, you'll need to bring in proof of how much you earn and your loans - find out what documents we may need here. If these all match the information you've provided and the credit check we run comes back ok, your full approval shouldn't differ from the amount we've approved in principle.

~Bigcheese wrote:

It's the same for everyone. No one is bidding on a house with a full mortgage offer as the offer is a fixed amount and tied to a specific property

I think TSB is different than from wherever you stated. Once they give you approval from head office after that 2nd meeting, then start house hunting with the knowledge that you have been approved for the max amount.(which is what I meant in my first post on this topic)

OMD

gurramok wrote: »

TSB have a 2nd meeting where you submit the documentation waiting on the decision to fully approve you which comes from head office.
https://www.permanenttsb.ie/whatweoffer/mortgages/my-first-mortgage/




I think TSB is different than from wherever you stated. Once they give you approval from head office after that 2nd meeting, then start house hunting with the knowledge that you have been approved for the max amount.(which is what I meant in my first post on this topic)

Totally wrong. Have you any experience of PTSB mortgage or any mortgage provider or are you just trying to wing it here.

gurramok

OMD wrote: »

Totally wrong. Have you any experience of PTSB mortgage or any mortgage provider or are you just trying to wing it here.

Yes I do. What's wrong with it or are you just disagreeing for the sake of it.

Post #7 from Trish56 is correct, they give you a mortgage quotation letter after the 2nd meeting. Then they approve you after a credit check, not an actual letter of approval if that was what you or the others were thinking.

Also you get the letter of approval once they receive a property valuation.

OMD

gurramok wrote: »

Yes I do. What's wrong with it or are you just disagreeing for the sake of it.

Post #7 from Trish56 is correct, they give you a mortgage quotation letter after the 2nd meeting. Then they approve you after a credit check, not an actual letter of approval if that was what you or the others were thinking.

Also you get the letter of approval once they receive a property valuation.

You get approval in principle.
You then put an offer on a property.
You then have this mysterious second meeting you are referring to.
They then either approve the loan or they don't. This is the only decision that counts.
If they don't you withdraw your bid.

Almost everyone who puts an offer on a house has only approval in principal. Some don't even have this.

Trish56

gurramok wrote: »

Yes I do. What's wrong with it or are you just disagreeing for the sake of it.

Post #7 from Trish56 is correct, they give you a mortgage quotation letter after the 2nd meeting. Then they approve you after a credit check, not an actual letter of approval if that was what you or the others were thinking.

Also you get the letter of approval once they receive a property valuation.

Just to clear things up... I worked for Perm tsb for 21 years and I now deal with them as a Mortgage Broker. The 15 minute 'Approval in Principle' is not worth the paper it is written on. It is issued by a branch and is based on a verbal chat whereby you inform them of your earnings, outgoings, savings etc. It gives you an idea of how much you would qualify for and allows you look for a suitable property.
Once a property is found a full application must be submitted to Head Office with supporting documents, 6 months current a/c, savings a/c and credit card savings, evidence of income, salary cert., P60, payslips etc.. You also need to fill in a household expenses form. Your application is then assessed by an underwriter and a credit report completed and if approved you will be requested to arrange a valuation on the property by a valuer on their panel. Once received and approved a loan offer will then issue with copies to your Solicitor and broker who will need to comply with the conditions.

gurramok

OMD wrote: »

You get approval in principle.
You then put an offer on a property.
You then have this mysterious second meeting you are referring to.
They then either approve the loan or they don't. This is the only decision that counts.
If they don't you withdraw your bid.

Almost everyone who puts an offer on a house has only approval in principal. Some don't even have this.

TSB's AIP is in 2 stages, that is 2 meetings, different from yours.

The 2nd meeting has to have taken place before the credit check. The 2nd meeting is to prove your eligibility for the verbal 15 minute AIP from the first meeting, they require you bring your proof( personal documents like passport, utility bill, P60, 2 payslips, savings evidence, Salary Cert completed and that Household Expense Form) to the 2nd meeting. Then they give you a mortgage quotation letter.
You then wait a couple of weeks on a decision from the lending department(I call it head office ) that what you submitted as evidence of repayment capacity is valid.
Then you start putting offers on a property and so on.

on_my_oe

Trish56 wrote: »

Once a property is found a full application must be submitted to Head Office with supporting documents, 6 months current a/c, savings a/c and credit card savings, evidence of income, salary cert., P60, payslips etc.. You also need to fill in a household expenses form. Your application is then assessed by an underwriter and a credit report completed and if approved you will be requested to arrange a valuation on the property by a valuer on their panel

How long does the approval from Head Office following meeting number two take? (I know, as long as a piece of string). We've had our AIP where they suggested €225k over 34 years (I quickly realised this was fluff, OH sadly believes this was wonderful news). We are looking for around €120k over 20 years, with 52k joint earnings, 20k deposit, a €1,100 per month savings history and no debts. OH is part time but there 10 years; I'm full time permanent but only there since October. We went back for meeting number two on Monday morning, and are on tenderhooks because although we have seen a property we like, we don't want to make an offer incase we don't have a hope of getting a mortgage... OH is worried we'll upset the estate agent by offering prematurely and then they won't show us properties in the future.

OMD

gurramok wrote: »

TSB's AIP is in 2 stages, that is 2 meetings, different from yours.

The 2nd meeting has to have taken place before the credit check. The 2nd meeting is to prove your eligibility for the verbal 15 minute AIP from the first meeting, they require you bring your proof( personal documents like passport, utility bill, P60, 2 payslips, savings evidence, Salary Cert completed and that Household Expense Form) to the 2nd meeting. Then they give you a mortgage quotation letter.
You then wait a couple of weeks on a decision from the lending department(I call it head office ) that what you submitted as evidence of repayment capacity is valid.
Then you start putting offers on a property and so on.

No. You quoted Trish56's post earlier. You thanked her last post. She is saying exactly the same as I am saying.
You get approval in principle, online or 15 minute chat or whatever. As she said this is purely an indication and is not by any means written in stone.
You then bid on a house and only then does your second meeting (which I said is the only important one take place). You cannot do this before you put in a bid. It is only done afterwards.
Read her posts and my post again.

gurramok

OMD wrote: »

No. You quoted Trish56's post earlier. You thanked her last post. She is saying exactly the same as I am saying.
You get approval in principle, online or 15 minute chat or whatever. As she said this is purely an indication and is not by any means written in stone.
You then bid on a house and only then does your second meeting (which I said is the only important one take place). You cannot do this before you put in a bid. It is only done afterwards.
Read her posts and my post again.

No, you're wrong. Trish56 is saying similar to what i'm saying. The 2nd meeting as explained occurs before you start bidding. They give you a mortgage quotation letter after this using an example of your target property price and once your credit check is clear, you get a decision to say the initial AIP is valid.

Hollywood130

We're looking at buying a partially built house, I know TSB will treat it as a build.
They will give 90% of the initial price to buy the property but with regard the costings to finish the house, am I correct in saying that we would be able to drawdown 75% of the amount required to have the house habitable with the remainder being released once everything has been signed off by the Engineer?

Hope someone can answer my question, did ring the bank but waiting 2 days so far for them to get back to me and I'm not the most patient person!!

alibab

I am waiting on full approval from ptsb . I dont know if different for me as using a broker. I went with a broker as my application was complicated divorced etc and other issues. Basically I was told very quickly that yes they would lend me the amount etc based on info I gave .

I then moved onto next stage filling out income / expenditure sheet and every bit of paperwork needed . My understanding is that this is gone to underwriter and then once approved I have mortgage approval to look at houses . I would not dream of looking based on initial approval and should have a dissision soon I did not have to give a actual house but full application gone to underwriters