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Mortgage Process after approval

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  • 13-02-2012 3:18pm
    #1
    chrisp2281
    Registered Users Posts: 127 ✭✭


    Hi All,

    Just a quick question. I got mortgage approval last week valid for 3 months.
    All I need to do is supply them with the property details. I just have a couple of questions I hope people can help me with.

    If it takes me 10 weeks to find a property and at this stage, i give the details of the house, do I technically have 2 weeks to get the deal closed before having to apply for finance again or is the period extended at this stage?

    Once I put a bid in, do I need to pay a deposit before the bank have sent in accessors etc or do I wait until after?

    Any help is much appreciated.

    Thanks,

    C


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    #2
    DublinDilbert
    Registered Users Posts: 5,367 ✭✭✭DublinDilbert


    chrisp2281 wrote: »
    Hi All,

    Just a quick question. I got mortgage approval last week valid for 3 months.
    All I need to do is supply them with the property details. I just have a couple of questions I hope people can help me with.

    If it takes me 10 weeks to find a property and at this stage, i give the details of the house, do I technically have 2 weeks to get the deal closed before having to apply for finance again or is the period extended at this stage?

    Once I put a bid in, do I need to pay a deposit before the bank have sent in accessors etc or do I wait until after?

    Any help is much appreciated.

    Thanks,

    C

    I know with AIB the approval starts from when you sign the inital application, which can be 4 weeks before getting approval in pricipal, so that means you've 8 weeks to find a house.

    I've gotten aproval twice, but failed to find some where suitable within the 8 weeks so the approval timed out. Its a bit of a silly system, but it seems to be how they are working at the moment.


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    #3
    chrisp2281
    Registered Users Posts: 127 ✭✭chrisp2281


    Thanks for this. I got my approval from AIB but it says on the letter that it's 12 weeks from the 7th of Feb.

    Given it takes 6 weeks minimum to sign off on everything, it really is very little time.


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    #4
    dufferlover
    Registered Users Posts: 140 ✭✭dufferlover


    DublinDilbert wrote: »
    I know with AIB the approval starts from when you sign the inital application, which can be 4 weeks before getting approval in pricipal, so that means you've 8 weeks to find a house.

    I've gotten aproval twice, but failed to find some where suitable within the 8 weeks so the approval timed out. Its a bit of a silly system, but it seems to be how they are working at the moment.

    Same here. Our AIP was dated for three months from the date the letter was posted so for example the letter was posted on December 21, we have until March 21 until the AIP expires.


  • Options
    #5
    killers1
    Registered Users Posts: 1,443 ✭✭✭killers1


    You all seem to have approvals from AIB? The way their AIP works is as follows. Once the AIP is granted it will have an expiry date 3 months in the future. The expiry date is not the date by which you need to have closed the purchase but is the date by which you need to have had a formal loan offer issued (you then have 3 months from the date of the loan offer to close). If you haven't found a suitable property within the 3 months of the AIP you can have the AIP extended by a further 3 months by providing an up to date payslip & recent bank statement as long as it has been less than 6 months since the date of your original application (not the AIP date). Hope this helps everyone..


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    #6
    chrisp2281
    Registered Users Posts: 127 ✭✭chrisp2281


    killers1 wrote: »
    You all seem to have approvals from AIB? The way their AIP works is as follows. Once the AIP is granted it will have an expiry date 3 months in the future. The expiry date is not the date by which you need to have closed the purchase but is the date by which you need to have had a formal loan offer issued (you then have 3 months from the date of the loan offer to close). If you haven't found a suitable property within the 3 months of the AIP you can have the AIP extended by a further 3 months by providing an up to date payslip & recent bank statement as long as it has been less than 6 months since the date of your original application (not the AIP date). Hope this helps everyone..

    Thank God. I thought I had to have the sale completed by the end of the AIP. Thought it was a silly rule given how long it takes to complete sale


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