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How long until I can re-apply for a mortgage approval in principle?

  • 19-07-2017 1:02pm
    #1
    leialegnocchi
    Registered Users, Registered Users 2 Posts: 1 ✭


    My husband and I are looking at getting a mortgage to buy our first home.

    We both have good savings, great situations, living in Ireland for 5+ years, in permanent positions for 2+ years etc.. but there are a few tiny 'issues' in our files.
    Nothing dramatic but basically our Mortgage broker told us that he would prefer to not risk submitting our application in case it would fail to pass because of it.

    When we went directly to some banks a couple weeks ago, we were very upfront to them on these specific issues and all the lenders that we met with told us that given our good situation, this shouldn't be an issue.

    Here's then my question.
    I would still like to apply directly to a bank for this mortgage without going through our broker as he doesn't want to submit our application.
    However, if they end up rejecting our submission, how long will we have to wait until we can re-apply with the same lender/bank?

    Thanks!
    Tagged:


Comments

  • #2
    awec
    Administrators Posts: 54,424 Admin ✭✭✭✭✭awec


    I don't think there is a exact answer for this, it would depend on what the issue was. For example if they take issue with an existing loan or debt I imagine you'd be wasting your time re-applying until you've cleared it.

    If the banks are advising you it shouldn't be an issue then it's probably worth proceeding, at least with one bank to see what you get.


  • #3
    whiskeyman
    Registered Users, Registered Users 2 Posts: 12,564 ✭✭✭✭whiskeyman


    Once those issues are resolved (if they are even issues) you can re apply.
    They bank may actually provisionally approve you in principle so long as all conditions are met.
    I'd recommend you apply asap. Different banks will look at things differently, so apply to a few and look for best rate.


  • #4
    mirrorwall14
    Closed Accounts Posts: 6,751 ✭✭✭mirrorwall14


    leialegnocchi wrote: »
    My husband and I are looking at getting a mortgage to buy our first home.

    We both have good savings, great situations, living in Ireland for 5+ years, in permanent positions for 2+ years etc.. but there are a few tiny 'issues' in our files.
    Nothing dramatic but basically our Mortgage broker told us that he would prefer to not risk submitting our application in case it would fail to pass because of it.

    When we went directly to some banks a couple weeks ago, we were very upfront to them on these specific issues and all the lenders that we met with told us that given our good situation, this shouldn't be an issue.

    Here's then my question.
    I would still like to apply directly to a bank for this mortgage without going through our broker as he doesn't want to submit our application.
    However, if they end up rejecting our submission, how long will we have to wait until we can re-apply with the same lender/bank?

    Thanks!


    I went directly to the bank having informed them of my our issue. I was told on multiple occasions by different people all was absolutely fine and we would be grand. They turned around when we tried to actually buy a house and underwriting almost rejected it. The mortgage people you talk to are sales people in my experience and AIP has zero reflection of the reality that kicks in with underwriting when you draw down


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