Applying for mortgage approval with 2 banks?

blarb

Hi folks,

Just wondering if anyone knows of a downside of applying for full mortgage approval with two different banks? We have approval in principle with two, PTSB via a broker, and AIB directly with them.

PTSB are cheaper (for now, although they are probably going to increase their rates before we get to drawdown). But I have heard multiple reports of PTSB being slow to drawdown these days. It took 4.5weeks for us to get approval in principle with them.

AIB are a bit more expensive but they gave us approval in principle in less than 2 weeks, which gives me more confidence with them, and might cause less stress when we are trying to draw down.

Has anyone got any thoughts? So far the only downside I can see is paying for 2 valuations?

Thanks in advance!

Zenify

A very unhappy broker if he is working off commission.

blarb

True - they are on commission. I didn't use a broker before with previous mortgage and I had it in my head that there would be some benefit e.g. they would be quicker to get approval, or be more forthcoming with advice, or that they would apply to multiple banks on our behalf but so far I have not found a benefit really.

It's just we have found our dream home and I guess I'm being a bit impatient, I just want to do everything in our power to ensure we secure it! We are selling and buying at same time so we are already not ideal buyers, but thankfully we're the only ones bidding and they've accepted out offer. I'm just paranoid that someone will swoop in with a higher bid if we end up stalling it all while waiting on a slow bank to approve/draw down.

herbalplants

https://www.boards.ie/discussion/comment/119875315#Comment_119875315

You are allowed to get approvals for a mortgage with few banks, it is your business after all.

But to be honest, I find unfair of you putting in an offer on your dream house while you are not sure of your mortgage approval and didn't go sale agreed of your home.

Are you 100 % sure you can afford this offer?

blarb

https://www.boards.ie/discussion/comment/119877654#Comment_119877654

Thanks for your input. Yes we have approval in principle with two banks which we obtained before we bid on any houses.

We are now in the process of applying for the actual mortgage on the property we have found and have agreed a price on with the seller.

Until a price has been agreed with the seller of the house, you can't get the valuation for the bank done for full mortgage approval, so it's fairly standard practise.

The estate agent is fully aware of the situation anyway. And we are sale agreed on our own home.

herbalplants

https://www.boards.ie/discussion/comment/119878857#Comment_119878857

Brilliant, good luck!