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Quick mortgage for a quick close

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  • 18-01-2021 1:06pm
    #1
    keewan
    Registered Users Posts: 13 ✭


    Hi.
    I wish to close quickly on a house purchase. Ulster Bank seem to be taking ages to approve, even though they approved me for a similar situation less than 2 years ago (since lapsed).
    Should I be looking elsewhere?
    Is there a faster route to approval with other lenders?
    Where are the good deals to be had?
    Ta
    Tagged:


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    #2
    lawred2
    Registered Users Posts: 24,293 ✭✭✭✭lawred2


    Gone through the mortgage process 4 times in the last 5 years - 4 different banks

    Each time - took about 3 - 4 months to conclude

    It's a dreadfully slow process


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    #3
    Q&A
    Registered Users Posts: 554 ✭✭✭Q&A


    I imagine it's a busy time of year as people gear up for house hunting whenever they can. So it's probably going to be slow across the board

    If you can there's no harm in tapping up all the banks for a mortgage. No point having you eggs in one basket until the very end.

    It's been a few years but I think AIB were the first to order an almost totally vitural mortgage process. I also think KBC turned my application around reasonably quickly. But if it's logistically possible to apply for them all you'll find out who is the quickest.


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    #4
    keewan
    Registered Users Posts: 13 ✭keewan


    I only need 60k over max 10 years. Should I maybe think about a straight loan from somewhere?


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    #5
    Q&A
    Registered Users Posts: 554 ✭✭✭Q&A


    keewan wrote: »
    I only need 60k over max 10 years. Should I maybe think about a straight loan from somewhere?

    60k isn't a lot. Some banks have a minimum amount they will lend for a mortgage. Anything under that and they may not give you a mortgage. The potential problem with the non-mortgage loan are the higher rates. I can't remember the specifics for each bank but I seem to remember €100k being the threshold.

    If you're bringing a lot of equity to the table perhaps hold some of it back. Nothing to stop you paying off a large chunk on day 2 of the mortgage.


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    #6
    Trish56
    Registered Users Posts: 1,256 ✭✭✭Trish56


    Lenders are dealing with a huge volume of mortgage applications since mid Summer and also a majority of staff are working from home and because of Covid there are extra requirements such as submitting regular income and bank statements on a monthly basis at each stage of the process.

    You're looking at 3/4 weeks to get an 'Approval in Principle' then if you want to go to Offer because of level 5 majority of Valuers aren't working which will hold up the valuation and the Offer letter. Once the offer letter is issued then it's down to your Solicitor to complete the mortgage and drawdown the funds.


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