AIB mortgage loan offer waiting time

LJCC

Hi, we first informed AIB on January 21 right after we placed the booking deposit on a new built house. Unfortunately, we are still waiting for the final decision at the moment. In the past one month, we have been required to submit additional documents back and forth. Now, we are in a very embarrassed situation because the contract signing deadline with the development company is coming up and we still don't know how long we need to wait for the loan offer.

When we first got the principle approval from AIB, our mortgage advisor proudly claimed that AIB is different from other banks because the principle approval from AIB is equal to the final loan offer.

Does anyone have similar situation before and how can we get more information about the mortgage status? Thanks.

GingerLily

Are you going through a broker?

Is the issue credit approval or linked to property?

I found AIB very fast, AIP in an hour and credit approval within 5 working days of submitting documents (the documents listed on their website).

How long since you've submitted all your required documentation?

LJCC

Hi, GingerLily, no, we didn't use broker, we are dealing with AIB directly. The loan offer should be linked to this property and we could't sign the contract with the development without the loan offer from lender.


We submitted all the documents on January 21, and after that AIB asked for more documents. We provided the latest document last Wednesday and our mortgage advisor said we should get reply this Monday or Tuesday.

We are very stressed at the moment and don't know if we should give up this house or not.

GingerLily

Why would you give up the house?

You should have 6 weeks from when contracts are issued?

What dates are on your contracts?

bleary

Are you using help to buy? Or are delays related to life assurance?
I wouldn't panic or be embarrassed, this sort of glitch happens all the time. While the builders and banks are used to it ,it is obviously stressful for the buyer.
They will put pressure on you ,just carry on, unless you are told the builders have sold the house to someone else then don't worry.

LJCC

I think our contract is only for 21 working days, the deadline was yesterday. Our solicitor has requested for an extension, the development company hasn't replied yet.

GingerLily

LJCC wrote: »

I think our contract is only for 21 working days, the deadline was yesterday. Our solicitor has requested for an extension, the development company hasn't replied yet.

21 days is usually the deadline for white good to be included and 54 days the deadline, it was for our house. 21 days seems very short!

Lolle06

We found the AIB mortgage process very fast as well. Underwritten AIP was issued within a day and our offer letter was issued within 5 days (it included a weekend).
But we had a great mortgage advisor who was super helpful!
Good luck!

LJCC

Hi, guys, we just got confirmation that our loan letter has been issued. Thanks so much.

myshirt

LJCC wrote: »

Hi, guys, we just got confirmation that our loan letter has been issued. Thanks so much.

What was the problem? Shower of bastids. Hope you didn't lose the appliances that come with a new build. Often you have to sign within a month to get them.

LJCC

Probably it is because we are applying for mortgage exemption that we can borrow 4.5 times of salary, so it takes longer to issue the loan offer. Some of our friends also say AIB is quick for their case. Our solicitor is fighting for the free appliance in kitchen. Finger crossed.