Mortgage exception taken

weser777

I have been approved in principal for a mortgage of "x" amount, where I needed an exception. I am 3 months into my approval, have finally found somewhere, went sale agreed on Wednesday, paid my deposit on Friday morning, along with also hiring my solicitor on Friday.

I then get an email from BOI on Friday afternoon, stating that all exceptions have been pulled, i.e; I cant get an exception anymore. I am absolutely devastated, as I finally got an apartment that I fell in love with, and can actually afford because of the exception - and now its all fallen apart, based on an email, and a follow up phone call - absolutely no sympathy, empathy, or detail as to why I have had my approval (with the exception) taken away, just basically that the central bank have withdrawn them, and they might be back again later in the year - what happens if I do get another exception from you later in the year, after missing out on my apartment, go through all of this again, and its then pulled again????

An absolute disgrace being approved for 6 months, and then 3 months in, after I have told my mortgage advisor in BOI that I've found somewhere, I'm then told that I am no longer approved with an exception literally in the same morning.

Bank of Ireland: Darren

weser777 wrote: »

I have been approved in principal for a mortgage of "x" amount, where I needed an exception. I am 3 months into my approval, have finally found somewhere, went sale agreed on Wednesday, paid my deposit on Friday morning, along with also hiring my solicitor on Friday.

I then get an email from BOI on Friday afternoon, stating that all exceptions have been pulled, i.e; I cant get an exception anymore. I am absolutely devastated, as I finally got an apartment that I fell in love with, and can actually afford because of the exception - and now its all fallen apart, based on an email, and a follow up phone call - absolutely no sympathy, empathy, or detail as to why I have had my approval (with the exception) taken away, just basically that the central bank have withdrawn them, and they might be back again later in the year - what happens if I do get another exception from you later in the year, after missing out on my apartment, go through all of this again, and its then pulled again????

An absolute disgrace being approved for 6 months, and then 3 months in, after I have told my mortgage advisor in BOI that I've found somewhere, I'm then told that I am no longer approved with an exception literally in the same morning.

Hi weser777,

Thanks for getting in touch with us here and sorry to hear about this situation.
I can confirm that the exceptions have been pulled by the Central Bank of Ireland and we would have to comply with this. Can I also ask you to send us a DM with when you were told that you had an exception as this should only be confirmed once you have confirmed the specific property that you would like to purchase and would be approved separately to your initial mortgage approval.
Thanks again,
Darren.    

weser777

I have a letter which is approval in principal - I have been lead to believe that I am approved in principal for 6 months. I’ve gotten somewhere, gone sale agreed, paid my deposit, and now have been told that my AIP amount is not there anymore - I guarantee if I was a nephew or a niece of someone in your bank, my AIP would have still stood - an absolute joke how you can play with peoples lives like this!!

Bank of Ireland: Darren

weser777 wrote: »

I have a letter which is approval in principal - I have been lead to believe that I am approved in principal for 6 months. I’ve gotten somewhere, gone sale agreed, paid my deposit, and now have been told that my AIP amount is not there anymore - I guarantee if I was a nephew or a niece of someone in your bank, my AIP would have still stood - an absolute joke how you can play with peoples lives like this!!

Thanks for this, and can I ask does this letter of approval include the exception? I'm just asking this because the approved in principal amount wouldn't usually include an exception as this would be applied for separately once a property has been chosen by yourself. Also please be assured that the exception withdrawal was a decision from the Central Bank of Ireland and not Bank of Ireland itself.
Thanks again,
Darren.

weser777

Bank of Ireland: Darren wrote: »

Thanks for this, and can I ask does this letter of approval include the exception? I'm just asking this because the approved in principal amount wouldn't usually include an exception as this would be applied for separately once a property has been chosen by yourself. Also please be assured that the exception withdrawal was a decision from the Central Bank of Ireland and not Bank of Ireland itself.
Thanks again,
Darren.

Letter of approval had the exception included, which states that the approval is valid for 6 months! Outrageous - was on to other banks, and they all state that they stand by their letter of approval - clearly BOI don’t though, unless I’m mis-informed?!?

Bank of Ireland: Darren

weser777 wrote: »

Bank of Ireland: Darren wrote: »

Thanks for this, and can I ask does this letter of approval include the exception? I'm just asking this because the approved in principal amount wouldn't usually include an exception as this would be applied for separately once a property has been chosen by yourself. Also please be assured that the exception withdrawal was a decision from the Central Bank of Ireland and not Bank of Ireland itself.
Thanks again,
Darren.

Letter of approval had the exception included, which states that the approval is valid for 6 months! Outrageous - was on to other banks, and they all state that they stand by their letter of approval - clearly BOI don’t though, unless I’m mis-informed?!?

Thanks for confirming this with me weser777. If you would like to raise this as an official complaint I've given a link here that shows the process for doing this and the advisers in this section will be happy to investigate into this for you.

Thanks again,
Darren.

Dubgal18

Dear BOI, the exact same issue as described above has happened to my partner and I. We were issued with a letter of approval that was valid for 6 months. Within 3 months we had found a property, paid a deposit and gone sale agreed. We promptly notified our solicitor and BOI. To our utter horror, we received a response from BOI advising that the exceptions were no longer available and therefore our approval in principle was void. This does not demonstrate "consumer protection" and I don't accept comments that the Central Bank have pulled the exceptions as described above. I've been reliably informed that the exceptions are to be managed by the banks whilst adhering to the thresholds set out by the Central Bank. It is up to the bank to manage the volume of exceptions that are issued and I don't see how using up the entire annual quota by the end of April 2018 is good business practice, the repercussions of which have a detrimental effect on consumers.

lawred2

that's a complete shambles - seriously bad form

Bank of Ireland: Darren

Dubgal18 wrote: »

Dear BOI, the exact same issue as described above has happened to my partner and I. We were issued with a letter of approval that was valid for 6 months. Within 3 months we had found a property, paid a deposit and gone sale agreed. We promptly notified our solicitor and BOI. To our utter horror, we received a response from BOI advising that the exceptions were no longer available and therefore our approval in principle was void. This does not demonstrate "consumer protection" and I don't accept comments that the Central Bank have pulled the exceptions as described above. I've been reliably informed that the exceptions are to be managed by the banks whilst adhering to the thresholds set out by the Central Bank. It is up to the bank to manage the volume of exceptions that are issued and I don't see how using up the entire annual quota by the end of April 2018 is good business practice, the repercussions of which have a detrimental effect on consumers.

Hi there,

Thanks for getting in touch with us and for this feedback.
I'd ask you to raise this with our complaints department and they'll be more than happy to have a look into this for you. I've given a link here that shows all the ways in which you can raise an official complaint with us.

Thanks again for getting in touch.
Darren.

weser777

Any chance you can tell me what making a complaint about this can do?! Is it actually gonna get people their approval back?! Doubtful - an absolute disgrace the way you have treated the “customer”...what would happen if I wait until the next bunch of “exceptions” come, and this happens again?! People spend time, money, and go through a hell of a lot of emotional stress while looking for an affordable and sufficient place to live in..bidding wars etc..then if you manage to actually get an offer accepted after going through all of that, you’re then told “sorry, exception gone”...do me a favour Darren, really...”here’s a link to make a complaint”...that’s the worst cop out of an excuse you could give a “customer”, and quite frankly, an absolutely insult to people’s integrity.

I plan on raising this issue with the local radio stations, and see what the public response to this is like, because the way you treat people is absolutely disgraceful.

I happened to be pro-active and go to a broker who managed to help me out, but that was after two weeks of an absolute nightmare scenario, all due to the incompetence of BOI!

Bank of Ireland: Darren

weser777 wrote: »

Any chance you can tell me what making a complaint about this can do?! Is it actually gonna get people their approval back?! Doubtful - an absolute disgrace the way you have treated the “customer”...what would happen if I wait until the next bunch of “exceptions” come, and this happens again?! People spend time, money, and go through a hell of a lot of emotional stress while looking for an affordable and sufficient place to live in..bidding wars etc..then if you manage to actually get an offer accepted after going through all of that, you’re then told “sorry, exception gone”...do me a favour Darren, really...”here’s a link to make a complaint”...that’s the worst cop out of an excuse you could give a “customer”, and quite frankly, an absolutely insult to people’s integrity.

I plan on raising this issue with the local radio stations, and see what the public response to this is like, because the way you treat people is absolutely disgraceful.

I happened to be pro-active and go to a broker who managed to help me out, but that was after two weeks of an absolute nightmare scenario, all due to the incompetence of BOI!

Hi weser777,
Thanks for getting back to me and sorry that you were unhappy with my response.

The reason why I would have suggested the complaints process is that the advisers there will be happy to investigate into this by looking into all of account specific and application specific details that we wouldn't be able to check here. With this in mind however please be assured that we do note all feedback given here through boards.

Thanks again,
Darren.

Captain Flaps

I've a Bank Of Ireland mortgagesaver account which I'm closing and emptying today, won't ever be dealing with you again.

Bank of Ireland: Tara

Captain Flaps wrote: »

I've a Bank Of Ireland mortgagesaver account which I'm closing and emptying today, won't ever be dealing with you again.

Hi there,

We're sorry to hear you feel this way and that you're closing your account. If there's anything we can help with here, please let us know.

Thanks
Tara

jaffa20

I thought approval in principle didn't mean anything really until you submit all documents for full approval. Is there any underwriting involved in approval in principle other than a phone call to go through details; income, savings etc?

weser777

jaffa20 wrote: »

I thought approval in principle didn't mean anything really until you submit all documents for full approval. Is there any underwriting involved in approval in principle other than a phone call to go through details; income, savings etc?

I hardly went bidding on an apt based on a phone call or an internet approval ffs

Meself

Similar think happened to me. Had loan approval on a property but decided against it. Rang boi who said they would transfer the approval to different property once found.  I found a house 2 weeks later and  surprise surprise I was told that my exception was pulled.  I did put in a complaint which entails a call center manager ringing me back to say ' not the banks fault... all central banks fault. They have pulled excepions for all banks'  I later discovered that this was nonsense. Thankfully I got sorted with PTSB with an exception. It wasn' without a he'l of a lot of stress.

I'l be pulling my mortgage saver account and eventually my entire accunt will be going elsewhere. 

Cessee

Bank of Ireland: Darren wrote: »

weser777 wrote: »

I have been approved in principal for a mortgage of "x" amount, where I needed an exception. I am 3 months into my approval, have finally found somewhere, went sale agreed on Wednesday, paid my deposit on Friday morning, along with also hiring my solicitor on Friday.

I then get an email from BOI on Friday afternoon, stating that all exceptions have been pulled, i.e; I cant get an exception anymore. I am absolutely devastated, as I finally got an apartment that I fell in love with, and can actually afford because of the exception - and now its all fallen apart, based on an email, and a follow up phone call - absolutely no sympathy, empathy, or detail as to why I have had my approval (with the exception) taken away, just basically that the central bank have withdrawn them, and they might be back again later in the year - what happens if I do get another exception from you later in the year, after missing out on my apartment, go through all of this again, and its then pulled again????

An absolute disgrace being approved for 6 months, and then 3 months in, after I have told my mortgage advisor in BOI that I've found somewhere, I'm then told that I am no longer approved with an exception literally in the same morning.

Hi weser777,

Thanks for getting in touch with us here and sorry to hear about this situation.
I can confirm that the exceptions have been pulled by the Central Bank of Ireland and we would have to comply with this. Can I also ask you to send us a DM with when you were told that you had an exception as this should only be confirmed once you have confirmed the specific property that you would like to purchase and would be approved separately to your initial mortgage approval.
Thanks again,
Darren.    

Exception pulled by CBI, really?? [Snipped] I also needed an exception earlier last month so this is what actually happened..

CBI prudential rules require banks and all financial institutions to comply with certain rules - LTI and LTV, nets limits, etc. But there is a 20% allowance provided so each year a bank can have its new loans business portfolio with 20% breaching these rules. At the start of each year this allowamce is fresh at 20% so banks can accept exception applications openly. Around summertime when mortgage applications are in full swing, these limits get consumed and by quarter 3, most banks would have run out of their 20%. They either freeze exception applications or tighten the criteria in such a way that only very excrptional cases (high income/ net worth people) only could qualify. 

At the background CBI monitors the levels of each banks on where they are at on the 20% cap. If a bank is very near the cap, CBI would require a remediation plan on how the bank woild ensure that they dont spill the limit by year end (drawdown loans is the basis). So most banks would do some purging ("use it or lose it") to AIPs as at AIP stage the bank is yet to be binded. Some banks would give an ultimatum to customers to progress the AIP to loan offer otherwise they lose the AIP and other banks (like BOI in this case) would simply take the call and withdraw the AIP without warning. In this way, they control which applications would actually proceed to drawdown so theyd maintain their compliance to CBI rules. Non compliance could result to fines by CBI. To say that CBI just pulled out the exception is a LIE! CBI dont just pull something like that. Everything is set for the year and its with every bank to manage. 

I feel sorry for customers [Snipped]. Dont mess with people's lives!!