How long is it taking for Mortgage Approval for switch

raxy

https://www.boards.ie/discussion/comment/119229885#Comment_119229885

I booked mine on the Friday 20th May. The valuation was done on the Monday & I think sent to Avant by the Wednesday that week

galaxy12

Received Loan offer yesterday and text that it has been issued to solicitor . Lets see if we can get everything submitted before 8th July ..

raxy

https://www.boards.ie/discussion/comment/119237473#Comment_119237473

How long after submitting last documents did it take?

galaxy12

https://www.boards.ie/discussion/comment/119237917#Comment_119237917

Submitted on 14th April .

raxy

https://www.boards.ie/discussion/comment/119241969#Comment_119241969

Was that when you submitted your application or answered any questions they had?

My original application was submitted on the 13th April. I had to send an updated statement. I uploaded it on the 12th but don't think the broker sent it until the 15th. They told me after Avant are taking 4 weeks to review new documents but before that they were coming back after about a week.

galaxy12

https://www.boards.ie/discussion/comment/119242249#Comment_119242249

I had no questions from Avant after submission .

Notsofatso

I have been working through switching to Avant over the last few months but today my solicitor said that they have been asked for a second undertaking which they aren't willing to do and have gone to the law society for clarification. Has anyone else had this issue?

Downsey77

Does anyone now where Avant's offices are in Maynooth? We are signing loan offer with solicitor on Thurs afternoon and I'd rather hand deliver them than run the risk off An Post next day letting me down.

raxy

Do they have an actual office there? The address we were told to put on our home insurance us a po box.

No hope of us completing by Friday, loan was only just approved today, annoying but atleast its nearly over.

Downsey77

https://www.boards.ie/discussion/comment/119294645#Comment_119294645

The PO box relates to an address in Maynooth, just trying to find out where though. Everything has to be back with them by Friday in order to draw down by next Friday, though I had no chance but loan pack turned up yesterday at solictors, so got a chance now but not optimistic it will go through in time to get the lower rate.

Irish Gunner

Got AIP 2 weeks ago but had to supply them with a tax form which we have only managed to get now

Avant have to issue a loan offer and legal pack to our solicitor (takes approx. 2 weeks) once you sign documents with our solicitor and they send them back to the bank funds should issue in 5 working days

Also rate we are getting is 7 Year 2.25%

Its been emotional and still not finished yet

raxy

We just got our loan offer yesterday. The broker called today to see if we can push the solicitor & seemed to think we may be able to get everything back to Avant by Friday. They're e-mailing the legal pack to speed it up apparently.

I'm not holding out much hope but would be great if we did make it. For timeline. The documents Avant requested with the approval in principle were sent in on the 14th June. They sent another query on the 30th June (on something that had already been explained more than once before). then loan offer sent on the 5th July.

I had been told Avant were putting more people on loan offers so that might speed things up.

AngryLips

The thing is, what rates will Avant change their mortgages to after the 15th? The ECB is not due to meet until the 20th to discuss rates so unless Avant are planning to change rates before an announcement is made by the central bank I don't see how this artificial deadline will work...

raxy

Before the 15th the 7yr fixed rate is 1.95%. After the 15th the rate will be 2.25%. 5yr is going from 1.95 to 2.15%. Shorter terms are staying at 1.95% for now

The 10 year rate will be 2.4% after the the 15th, I think that was 2.25% up to then but I could be wrong.

raxy

https://www.boards.ie/discussion/comment/119296803#Comment_119296803

Did you find out if there's an address you can drop them to?

AngryLips

https://www.boards.ie/discussion/comment/119303089#Comment_119303089

What LTV is that? Because those aren't the rates I was quoted.

raxy

They're less than 60%

AngryLips

Are the rates publicly available anywhere?

cython

https://www.boards.ie/discussion/comment/119307437#Comment_119307437

Increased rates are listed on their website: https://www.avantmoney.ie/mortgages/fixed-term-rates

Rates pre-hike (so presumably those which raxy is citing) have been captured by the internet time machine: https://web.archive.org/web/20220129144109/https://www.avantmoney.ie/mortgages/fixed-term-rates

raxy

Been a manic couple of days. Solicitor got the legal pack yesterday morning. Then it was numerous calls between the solicitor, the broker & my parents (for child minding).

Drove to Waterford from Dublin to sign with the solicitor after work yesterday. Took the legal pack with me & dropped it to Avant this morning. Had to leave the car in for a service too.

Realised last night a new valuation was required which we've just been told is now completed. Uploaded a few docs to the broker last night. Just waiting for them to reply now.

As far as I know we have done everything needed so hopefully we'll get the lower rate. I'll be delighted when it's finally finished & with any luck ill never be looking for a new mortgage again! Although solicitor said we've been remarkably fast & it's usually much longer.

spakman

anybody switch to haven? if so, how long did it take from AIP to loan offer?

I can't get any update on status via broker, it's been 3 weeks now...

galaxy12

Had an interesting last week scrambling for documents .

Couple of trips to the solicitor as my main solicitor was down with covid and the solicitor in place wasn't fully up to speed . What took me the longest however was to get an indemnity letter from home insurance providers with Avants interest added . Something which should be easy to do but took about a week to finally get the letter as their IT systems were apparently broken !

Anyway solicitor made submissions on Tuesday this week and now waiting to hear back from Avant .

Fawk Nin

Just starting the process to switch to Avant this week. Luckily, I am looking for the longer term mortgage (20 or 25 years) so rates are actually dropping from next Friday.

From reading this thread, it sounds like from start to finish could take about 3-4 months?

smokie72

Got drawdown yesterday with Finance Ireland. AIP back in April. Was turned down by Avant originally which was a mystery to my broker and I as I met all the criteria but I heard they are very fickle with applications. Been with KBC originally IIB Homeloans for past 16 years. Never missed a payment abd have been overpaying it past few years. Happy enough it is over now. Don't want to go through this again. Went 10 years fixed at 2.4% Mortgage should be nearly paid off or payed off by then.

galaxy12

Just heard from solicitor that we received funds from Avant today and they will now continue to redeem previous mortgage /take funds from Avant ...It has been a stressful last few months and I am glad that we locked in for the next 7 years and hope to pay off by then .

raxy

I've just heard Avant have confirmed there is nothing outstanding for our mortgage & they expect the funds will be released Friday.

Downsey77

https://www.boards.ie/discussion/comment/119322447#Comment_119322447

Heard from broker that the funds are getting released tomorrow, so just made it! Would have cost us €12k more if the new rates had of kicked in

galaxy12

Anyone knows How long does it take for existing mortgage protection to be transferred to Avant . I presume this is something they do it on their own and contact the previous lender to transfer it ?

raxy

https://www.boards.ie/discussion/comment/119335999#Comment_119335999

Your mortgage protection is linked to you, not the lender, you shouldn't have to do anything with it as long as there is enough to cover the avant mortgage amount. They would have asked for evidence it was in place but think that's all.

Actually looking at it they are listed as an assignee, all you'd have to do is e-mail & they can update that. I'm surprised Avant didn't ask for that before draw down. I had to change our house insurance to list them.

galaxy12

Thanks.they asked to add Avant as interested party for the home insurance and just details of the mortgage protection.

Spoke to previous lender/ptsb and they have informed mortgage protection/irish life about closure for their side and I think I can contact the insurer now and let them know about it as well.