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New Rules Applying for Mortgage

  • 30-01-2017 04:05PM
    #1
    sabinalee
    Registered Users, Registered Users 2 Posts: 195 ✭✭


    Hi,

    Can you explain what is written below is not really accurate info for a potential first time buyers with BOI? ( below quote come from the post in 2015)

    We don't do 'approve in principle'. Most of our mortgage applications are approved within 24 hours, and unlike other banks, our approvals are formal approvals that include a full credit assessment. This means once you have been approved with us, you can act on this approval straight away.

    Today you only do approval in principle? Am I correct? This is something new you do now?
    I ment to apply for a mortgage application today but I was only issued with approval in principle.

    What does it mean?
    I search for a property, then pay a deposit for a sale agreed and then I apply for a full mortgage?


Comments

  • #2
    Bank of Ireland: Nicola
    Closed Accounts Posts: 735 ✭✭✭Bank of Ireland: Nicola


    sabinalee wrote: »
    Hi,

    Can you explain what is written below is not really accurate info for a potential first time buyers with BOI? ( below quote come from the post in 2015)

    We don't do 'approve in principle'. Most of our mortgage applications are approved within 24 hours, and unlike other banks, our approvals are formal approvals that include a full credit assessment. This means once you have been approved with us, you can act on this approval straight away.

    Today you only do approval in principle? Am I correct? This is something new you do now?
    I ment to apply for a mortgage application today but I was only issued with approval in principle.

    What does it mean?
    I search for a property, then pay a deposit for a sale agreed and then I apply for a full mortgage?
    Hi sabinalee, thanks for getting in touch.

    If you haven’t chosen a property yet then we provide 'House-Hunter mortgage approval in principle' which means you can apply for your mortgage before you've found your property.

    This approval in principle lasts for six months, you can see our latest mortgage information and get in touch with one of our mortgage advisers here.

    Please let me know if you need anything else, thanks.
    Nicola


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