Are we REALLY mortgage approved ???

Janette.B

Hi all.
Here is our situation. We applied for mortgage pre-approval at the Permanent tsb. The lady who filled the mortgage application with us gave us an Application for Credit letter, stating our mortgage account number. Couple of days later we got a phone call from her in which she said that they are happy to lend us up to 170K. I asked for the letter of approval but she said there is no such letter to be issued but if any estate agent is unsure of our loan, they can give her a call. She said that because we're living in a small city, she knows them all and she'd be happy to confirm our mortgage pre-approval.

So we found the house, paid the deposit, appointed solicitor and today I made a call to ptsb to get the appointment with her and I found out that our mortgage account number is not set up!
However, I managed to speak to our lady and she took all details of our property and the solicitor's name and she said to me that she'd get in touch with the valuator and once the property is valued that she'll be happy to send a Letter of loan offer to our solicitor and this should happen within the next 10 days.

My question is - is this normal procedure and we should happilly await the Letter of loan or are we just being fooled here?
I had a pre-approval letter from other bank but I didn't like certain things on them and decided to give a go ahead to ptsb.

Our situation is - my husband earns 60k a year but I'm unemployed and we have 2 small children. We have 20k in savings and our rent payment is 750 every month.

Janette.B

guys, please, has anybody experienced something similar? is it normal just to get the things sorted over the phone? or we were supposed to get the official letter?

rahenyrover

Yes completely normal. What you have at the minute is approval in principle although she should have been able to give you that in writing. You cannot get a formal approval until after the property has been valued.

Trish56

Did you submit necessary documents to Perm tsb such as P60's, salary certificates completed by your employer, payslips etc. and sign a home loan application form or did you just have a chat with a mortgage advisor and based on your earnings she advised you would qualify for 170k?
To get a full 'Letter of Offer' all the above documents plus more has to be submitted to their lending Dept, they then request a credit report on both of you and if everything is in order then arrange a valuation of the property. Once the valuation is completed you should then receive a 'Letter of Offer'

Janette.B wrote: »

Hi all.
Here is our situation. We applied for mortgage pre-approval at the Permanent tsb. The lady who filled the mortgage application with us gave us an Application for Credit letter, stating our mortgage account number. Couple of days later we got a phone call from her in which she said that they are happy to lend us up to 170K. I asked for the letter of approval but she said there is no such letter to be issued but if any estate agent is unsure of our loan, they can give her a call. She said that because we're living in a small city, she knows them all and she'd be happy to confirm our mortgage pre-approval.

So we found the house, paid the deposit, appointed solicitor and today I made a call to ptsb to get the appointment with her and I found out that our mortgage account number is not set up!
However, I managed to speak to our lady and she took all details of our property and the solicitor's name and she said to me that she'd get in touch with the valuator and once the property is valued that she'll be happy to send a Letter of loan offer to our solicitor and this should happen within the next 10 days.

My question is - is this normal procedure and we should happilly await the Letter of loan or are we just being fooled here?
I had a pre-approval letter from other bank but I didn't like certain things on them and decided to give a go ahead to ptsb.

Our situation is - my husband earns 60k a year but I'm unemployed and we have 2 small children. We have 20k in savings and our rent payment is 750 every month.

Janette.B

We had an official appointment with their mortage advisor, who is responsible for mortgage approvals in the branch. We handed over all necessary documents and signed loads of paperwork.
She gave us a Letter of Application for Credit, but what I find strange is that she didn't send us any official letter confirming the amount they're willing to lend us. Also the mortgage account that she did set up for us doesn't exist.

Hopefully this week we'll find out was she serious about the loan or not.