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Mortgage Approval Delays

  • 09-02-2015 4:10pm
    #1
    rabwaygal
    Registered Users, Registered Users 2 Posts: 159 ✭✭


    Folks,

    Am here just looking for peace of mind more than anything. Has anyone found the mortgage approval process to be extremely slow at the moment? Our situation is (and this has dragged on for a while) we applied for mortgage approval back in Aug/Sept.

    I have significant savings but my OH dipped into her savings. Consequently she was told she had to save for three months without touching her savings (which is fair enough), bringing us back up the end of Dec.

    I got back in contact with the bank in Jan to get the ball rolling again. We were promised mortgage approval by last Thursday, but didn't hear anything back. After following up we were told the application has still not being processed. Please tell me this is not normal!

    And just as an FYI we are not looking for a massive mortgage. Looking for approx. 200K (have a deposit of approx. 40K) and the ratio will be x2.3 times our combined salary


Comments

  • #2
    mickman
    Closed Accounts Posts: 4,661 ✭✭✭mickman


    pretty normal. if they said last thursday then add a week or two on to it


  • #3
    um7y1h83ge06nx
    Closed Accounts Posts: 5,029 ✭✭✭um7y1h83ge06nx


    Just waiting on a few statements myself to come through and my application will be submitted. Was told they are up the walls at the moment with people trying to get approval before the new rules come in.


  • #4
    rabwaygal
    Registered Users, Registered Users 2 Posts: 159 ✭✭rabwaygal


    Thanks Folks,

    Yeah I was told that the whole business area is crazy busy trying to push approvals through before Wednesday. I just felt that the whole thing could have been handled quicker.


  • #5
    Gumbo
    Moderators, Society & Culture Moderators Posts: 40,340 Mod ✭✭✭✭Gumbo


    It's very slow at present.

    We went from APproval in Principle to Approved (go get the valued) :

    PTSB : 7 weeks before Approval arrived
    KBC : 4 weeks before approval arrived
    Ulster Bank : still waiting (3 weeks)


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