How long is it taking for Mortgage Approval for switch

galaxy12

Currently on a 5 yr fixed with PTSB until August .

I applied for a mortgage with Avant in mid April and haven't heard since .I am being told that it is taking anything between 6-8 weeks for approvals so just wondering have anyone switched to Avant recently and how long did the approval take ?

Rates are due to go up in July .Does anyone know if this is for applications which are in the pipeline as well or fresh applicants ?

raxy

My application was submitted to Avant on the 13th April. They came back with some questions Tuesday last week.

Broker called me on Friday to say they are due to assess my application again Monday/Tuesday this week.

You have until the 15th July to draw down to get the lower rate.

galaxy12

https://www.boards.ie/discussion/comment/119099810#Comment_119099810

Thanks , Looks like it does take a bit of time . Will have to wait then and see if it comes in time for drawing down by July .

raxy

I was told I should be done in time. Valuer is coming tomorrow. Was told to remind the solicitor that I need to draw down by July to make sure there are no delays.

masterboy123

Just switched from PTSB 5 years fixed to AIB 2.15% green rate.

Whole process took 3 months and 1 week.

Geuze

https://www.independent.ie/business/irish/high-demand-for-avant-mortgages-is-leading-to-delays-41672123.html

Delays with Avant due to volume of mortgage applications.

CPTM

4 or 5 weeks to Mortgage approval when switching from KBC to Perm TSB. That's mortgage approval now, we still have some way to go with actually closing it out. Hoping to be done and dusted in the next 3 or 4 weeks if my solicitor can stay on top of things. I want to get it done before holiday season starts and people are away for weeks at a time.

I've heard Avant are inundated at the moment..

galaxy12

https://www.boards.ie/discussion/comment/119101405#Comment_119101405

Thanks . That is the reason we started in April .Mortgage up for renewal in aug and we planned to take a few weeks off around that time . With all the delays it seems like we should have started even earlier .

Hopefully we get the approval soon with the solicitor already involved ..

raxy

Could be worse, I'm on my 3rd mortgage broker.

First stopped dealing with Avant but never told us. Got us approval with ICS but they raised their rates & ended up more expensive then our current mortgage.

2nd I submitted everything & then radio silence. Tried phoning & e-mails but not reply after 7 days so went to the third. I got a reply in their document app to say they tried calling me but couldn't get through but I never missed any calls. On the day I applied to No 3 I got an email yo ask me to phone them as there was an issue with the builders quote, didn't even call me.

Third seems great. Really on the ball & everything is done ASAP. Going out of his way to try speed it up to get us drawn down before avant rate rise.

galaxy12

https://www.boards.ie/discussion/comment/119103737#Comment_119103737

Jeez .. that would have been tough .The broker seemed to be upfront that it will take 6 weeks+ for approval so I think the issue it on the banks end with application volumes as was mentioned earlier .

What I missed here was applying to other banks as the broken assured me that the approval from Avant would be straight forward .

smallmongoose

We had the same issue with broker saying avant was straightforward and 10-15 days once you had AIP.

They are not and neither are brokers.

Went sale agreed on 31st March and had AIP with avant. 4 weeks on and broker says avant won't lend because I am on maternity leave and I need an updated payslip. I return to work to get said payslip. I had already gotten a letter from my employer but apparently not sufficient.

We loose a bit of faith in the broker and Avant at this time so we start asking about other lenders. The broker said BOI would only take 65% of salary because I was on maternity leave and that's the amount I get topper you to so no point in applying. So I applied to Bank of Ireland myself and had AIP within 2 weeks and loan offer 2 weeks after that.

We continued with the broker and Avant and once I got my payslip after another 2 weeks provided it. Asked the broker would we have our loan offer within the 10-15 days and they said no.

So overall waste of time going with Avant unless you have at least 3 months to play with or more likely 4 months. Seller wasn't going to wait that long unfortunately.

raxy

I was told we'd be approved earlier this week. Told to get the valuation done early so assumed everything was OK. On Tuesday I got a call accusing me of taking a loan out without informing them.

I'd put everything into the application so I think the broker omitted something when he sent it to Avant & tried pin it on me. We are getting work done & had wanted to top up the mortgage to pay for it but because of how long it would take to draw down we took a loan to pay for most & just a small top up for the balance.

Asked for an update yesterday & was just told Avant are so busy he can't tell me when it will be approved. I think after Tuesday I was put back into a que again.

smallmongoose

You need to plan for another 4-6 weeks after Approval in principal while they re-ask for all the same information and put you back in the que.

If I were you I'd either ask the broker to lodge another application with bank of Ireland or aib or are faster just in case. Or apply direct.

Please do not rely on 1 bank for a loan offer

downtheroad

I contacted a broker on 31 January to switch to Avant. Everything got finalised this week. Confirmation letter from Avant arrived in today's post.

raxy

4 months? was there any reason it took that long, other than their workload? At what stage was it approved?

When I started I was told 4 weeks for approval & 3-4 to draw down.

Our survey is done & the solicitor has already requested the deeds from the bank so I'm hoping the rest goes through quicker. I'm not in any real painc to get switched so not the end of the world, I'll be annoyed if the rate increase happens before I draw down but not the end of the world if it does.

The J Stands for Jay

Emailed a broker about switching to Avant on 8 February. The mortgage was switched last week. Most of that delay was on me not following up and taking my time filling in the forms. Infinitely quicker than getting the original mortgage from KBC.

spakman

Got AIP from ICS in March, then they put up their rates, so tried Haven instead. Still waiting decision from them, been with them at least 6 weeks I'd say.

By the time I get AIP they'll probably increase their rates too :(

galaxy12

https://www.boards.ie/discussion/2058246963/how-long-is-it-taking-for-mortgage-approval-for-switch

So got a post from Avant on Friday regretting the delay in processing .By evening I had a text from them confirming approval in principal and that I should contact broker for next steps . Hope we get this sorted by Mid july when my mortgage ends and Avant raises rates ...

Irish Gunner

started process early March and so much documentation is required

Broker upload it to avant on 31st March and no feedback from them if approved and broker saying below

unfortunately Avant’s situation is out of our control and I didn’t want to reply without having some kind of realistic guideline. I was just on to them again today & clarifications are taking 2 weeks plus to be reviewed. I know it’s crazy, but Avant Money has stopped all their marketing campaigns until they get on top of their back log & are heavily recruiting as we speak

raxy

I applied April 13th. Had queries 2 weeks ago, again last Monday.

Broker called last night to say we have AIP but they want an updated bank statement & clarification on the reason for our top up before they will issue the loan offer. The broker told them already but they want a letter from us anyway.

We're now away for 2 weeks but going to try send screenshots to see if they will accept it.

Irish Gunner

Update after 2 and a half months

"Underwriters are spending this week underwriting all returned clarification cases this being one of those"

No AIP or anything to give us indication if accepted or if we will get the €1.5 for Legal fees (we applied before deadline)

Hopefully get good news next week

raxy

Applying before deadline doesn't matter. To get thec1.5k you had to draw down.

galaxy12

Does the draw down require both parties one to be physically present ? My wife needs to travel in july though I will be here .My Solicitor said we only need to sign sign once and be on site and I am hoping things happen before mid July ...

awec

https://www.boards.ie/discussion/comment/119173918#Comment_119173918

Nobody needs to be present for drawdown.

Usually the only time you ever need to actually meet your solicitor is when you sign contracts.

Irish Gunner

https://www.boards.ie/discussion/comment/119170875#Comment_119170875

Just checked on this

There was no requirement to have drawn down by the end of March. All we needed was have our application in before April (and not before January), be a customer of Ulster or KBC and draw down within 6 months of receiving the offer letter.

The offer states they will pay out within two months. There is a range of 6-8 weeks for payout in practice.

ixoy

Applied with Avant for a mortgage switch in Mid-march. Got AIP over a month later. Valuation report was done quickly but now I'm waiting ages for the formal letter of offer which I'll need very soon if I want to be able to switch before the mortgage rates go up. Frustrating since, based on the original timelines they gave the mortgage brokers, I should have had plenty of time. Rates going up will cost me thousands.

daheff

Got our formal loan offer this week from Avant.......with the wrong rate on the document. Broker told us to sign it anyways. Had to tell the broker a number of times it's a legal document governing the agreement and it needs to be corrected. Eventually they went back to ask Avant for the corrected contract.

Very frustrating experience with Avant & the broker asking drip feed for documents and having stupid questions.

raxy

I'm finding the same. We applied for €15k top up & added that we also had applied hor a personal loan. The reasons were all included in the application.

The broker phoned & tried to tell me I applied gor a loan without telling him. He also wanted to know what the €15k was for as he was unaware. Then a week later I was asked to detail what the 15k was for in writing so I sent a mail to the broker which he said was good enough. Another week later & they want us know in writing what the €15k was for.we're away now so can't upload anything until next week but how many times do I need to explain the same thing.

Really get the feeling they are just delaying to charge the higher rate. They should have to honor the rate we applied gor since its their fault its raking so long.

galaxy12

Still haven't heard back from Avant or the broker since valuation report received by them . Nothing to solicitor until last week although the broker did ask for their details which means that  Avant haven't issued a formal Mortgage Offer yet .

Heaven know how long will it take after mortgage offer untill completion or drawdown but I dont think we will have things in place by 15th July .

We are with PTSB as of now and they have given a deadline towards the end of july with dates .Am I correct that PTSB will move us to the highest rate they have mentioned or do I have to still inform them of the current situation ?

raxy

Looking at avant rates it's the 5 & 7 yrs that increased. 4yrs is still 1.95%.

Since its looking like I won't make the deadline I'm thinking of fixing for 4yrs instead & hoping for the best with rates increasing after that.

If rates rise by up to 1% the difference would be marginal. Time to get the magic 8 ball out!

AngryLips

https://www.boards.ie/discussion/comment/119100111#Comment_119100111

How long are people waiting for valuation after booking it with Avant? Booked Friday, nothing back yet.