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Saving/Applying for a mortgage 2020-22 Edition

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Comments

  • Registered Users Posts: 420 ✭✭ monaghanmissus


    After having the documents for the guts of two weeks, BOI application finally went to the underwriter today. Hopefully will have a decision soon.



  • Registered Users Posts: 85 ✭✭ Dylan97


    Did you go through a broker ?


    They had my documents for about 8 days. It went to the underwriter last firday. Hoping to hear back next week which they said about 8 days.


    Did they ask you any questions prior to going to the underwriter?



  • Registered Users Posts: 1,567 ✭✭✭ TheGunns


    Applying with BOI also, any idea how long it stays at 'Preparing application for underwriter review' stage?



  • Registered Users Posts: 16 deedeedee24




  • Registered Users Posts: 85 ✭✭ Dylan97


    Took 5 days for us ! They rang back and asked for the back of our driver licenses.. and then that was it. On day 6 now for the underwriter review...



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  • Registered Users Posts: 1,567 ✭✭✭ TheGunns


    Looks like it'll be sent Monday to underwriter for us, told us they have all they need!

    I presume once it's through underwriter then it goes to issuing loan documents to sign?



  • Registered Users Posts: 85 ✭✭ Dylan97


    Ye we have been told the underwriter may come back on any querys but we have a straight forward case ( good fixed income, healthy deposit, no kids, overdrafts etc etc).

    It's about 10 days and then they can issue a loan offer if you are sale agreed. I've already had our property valuated and mortgage protection secured just to speed things up.

    Then from what I understand your solicitor can review the loan offer and other details with the property and contracts etc.



  • Registered Users Posts: 158 ✭✭ AutoMan79


    Hoping to get a loan offer by end of the next week so wondering if anyone had discussion with their solicitor about putting a clause "Subject to Loan" to have a layer of protection regarding 10% deposit that is paid to the vendor. Hope I am wrong here but I have an impression that banks can request all sorts of documentations, even after the contracts are signed. Maybe I am overthinking but wouldn't be pleasant to loose 50K.



  • Registered Users Posts: 4,819 ✭✭✭ c.p.w.g.w


    Our solicitor had that In contracts for our purchase, just in case for any reason the bank decided to withdraw the offer or our circumstances chanced



  • Registered Users Posts: 4,652 ✭✭✭ CIP4


    Anyone drawdown with PTSB recently did it take long from when the solicitor requested the funds from the bank to when they released them to the Solicitor ? I know they have to do final checks just trying to gauge how long that takes ?



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  • Registered Users Posts: 4,510 ✭✭✭ This is it


    Seems to be a standard clause, I wouldn't proceed unless it was in the contract.



  • Registered Users Posts: 3 Tangerine9


    Anyone else waiting a long time for underwriter approval with Bank of Ireland? It's been over 3 weeks since it transitioned from "preparing application for underwriter review". We had to upload documents again that we've previously submitted earlier in the process but our mortgage specialist has said we have everything in now. We have our snag and survey done so it's the only thing holding us up. With initial AIP received in early September we are finding this very frustrating with the sluggish document requests. Any help would be appreciated! Thanks



  • Registered Users Posts: 328 ✭✭ JimmyCorkhill


    Edit.

    Post edited by JimmyCorkhill on


  • Registered Users Posts: 85 ✭✭ Dylan97


    We were told 10 to 12 days. Currently day 8 now and we havnt had any feedback. I'm assuming this is good but could be wrong.


    Did the underwriter ask you for anything further?



  • Registered Users Posts: 3 Tangerine9


    Hopefully it's a bit quicker for you. No request for documentations except for basic documents like ID and current account statements that we have already been submitted. The morgage special said there is a tenancy for them to get lost in the morgage hub system when it's transitioning from one stage to the next. I will keep you posted if we hear anything.



  • Registered Users Posts: 85 ✭✭ Dylan97



    I just checked my mortgage hub account today( Day 9), it seems all my documents have been assessed and accepted except for the PPSN documents. I also now have a tab under these documents called repayment ability, which has been assessed and accepted, Green ticks beside all documents.

    Waiting on a phone call now as I assume they have reviewed everything.



  • Registered Users Posts: 420 ✭✭ monaghanmissus


    Our application with BOI has been with the underwriter for 8 days now but no word yet!



  • Registered Users Posts: 85 ✭✭ Dylan97


    Ours just got approved today, it was 10 days in total.


    We were told that the issuing of the loan offer to the solicitor will take about a week or so due to big backlogs and the December 9th deadline for people drawing down on previous interest rates.


    We signed our side of the loan offer today how ever as they sent this straight over to our emails.



  • Registered Users Posts: 420 ✭✭ monaghanmissus


    10 business days or 10 days in total? Got a generic e-mail from them yesterday that they're experiencing huge delays and we'd have a decision within 10 business days. Bit ridiculous.



  • Registered Users Posts: 2 awjeez


    Anyone have any recent experience with Finance Ireland? We're in the process of selling our house to someone who's with Finance Ireland. They negotiated a discount on the place based on their survey, which we accepted, but that was back at the beginning of October and we're still waiting for their updated loan offer to come through. Apparently, all FI needs to do is send the updated loan offer pack to our purchaser's solicitor, but we heard that almost 10 working days ago. Is this normal for FI, or should we be worried?

    We were really hoping to be in our new home by Christmas, but with all these delays, it's seeming less and less likely...! 😬



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  • Registered Users Posts: 85 ✭✭ Dylan97




  • Registered Users Posts: 6 bluegiant4


    Our application went to the underwriter at the Bank of Ireland on the 17th of November and we are still waiting. We were also told to wait 10 business days but clearly that timeline has lengthened.



  • Registered Users Posts: 6,680 ✭✭✭ COH


    100% normal.

    Finance Ireland are an absolute nightmare to deal with... everything with them takes forever.



  • Registered Users Posts: 420 ✭✭ monaghanmissus


    Just checked and ours went to underwriter on Nov 22nd so I'm 3 business days behind you! Very frustrating at this stage! Nothing from PTSB either. Have AIP from EBS but they're slightly dearer.



  • Registered Users Posts: 4,510 ✭✭✭ This is it


    Went to PTSB underwriters on November 16th, got AIP on December 1st. They had our application a good while before that, would have to check dates, thankfully that bit out of the way.



  • Registered Users Posts: 6 bluegiant4


    We got it yesterday evening. Hopefully, you will have yours by the end of the week. Good luck



  • Registered Users Posts: 420 ✭✭ monaghanmissus


    Just to update, got AIP with BOI this morning! Thank goodness.



  • Registered Users Posts: 945 ✭✭✭ WhiteWalls


    Thee bank has passed the case to credit and we will have an update within 7-10 working days.

    Anyone be able to tell me what this means?!



  • Registered Users Posts: 53 ✭✭ Bada Bing Boy


    Anyone experience BOI looking for a guarantee of future employment?

    Work in the Tech industry and bank concerned about downturn, what a joke! Directly employed for years.

    Application is with the underwriter and was on course to drawdown today, they have came back with this at the last minute



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  • Registered Users Posts: 111 ✭✭ Jasna1982


    No, I work in the IT industry and was able to drawdown 2 days ago without them asking for this



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