Offer accepted- Waiting for AIP

bendy1911

Hoping someone can help shed some light here.

Wife and I went house shopping without AIP, saw a home we wanted, and put in an offer on the house (Accepted 26th April) , paid a €10k booking deposit. (28th April)

We are waiting on two banks to come back to us (PTSB should be back this week (June 17th). It’s looking likely we’ll get approval but vendor is putting extreme pressure on us to close the sale immediately.

So we need to now tell them we don’t have approval yet (it hasn’t been asked yet, but is clearly coming) I suppose?

What would you do in this instance? Estate agent is ringing every second day, vendor’s solicitor is contacting our solicitor etc etc. Our solicitor received contracts on May 17th.

Would love some advice. We are expecting an answer in the next day or two and are avoiding answering calls until we hear.

Thanks 🙏

Henry Ford III

Your solicitor is ideally placed to advise you surely?

dotsman

Why not just get your approval in principle now? Just go to https://aib.ie/our-products/mortgages/first-time-buyers and use the mortgage calculator. After that, click the "Get my Approval in Principle" and a few minutes later, you're done.

I should add...

Why are PTSB and the other bank taking so long? Is there something peculiar about what you are asking for? The whole concept of Approval in Principle is that it is very quick/instant. Applying for the actual loan, on the other hand, can take ages, depending on a lot of factors, most of which are outside your control.

Jim2007

https://www.boards.ie/discussion/comment/119208075#Comment_119208075

To what purpose? The OP has is at risk of loosing their €10k deposit if they can't compete the transaction. AIP is meaningless, that is why it is so easy to get, it represents no commitment and you can't drawdown cash to complete the purchase.

Jim2007

Closing thread as OP has taken his query else where.