How long from approval to drawdown when switching to avant

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Bolter

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In process of switching to Avant. Have received approval in principal, house valued and all documents now submitted.
Roughly how long till drawdown- interested in others experiences?
 
Hi, it should only take a few weeks. We found Avant quite good when drawing down.
 
Bolter said:
In process of switching to Avant. Have received approval in principal, house valued and all documents now submitted.
Roughly how long till drawdown- interested in others experiences?
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How long did Avant AIP take and the process overall?
 
Was about 4 weeks for us, allowing for repeated document requests (even though the details were the same). They tended to asks for things one at a time though, then seemingly park our file until that request was fulfilled and then continue with their review once the document was received, which slowed things down a little. Could be the case for the person handling our file - remember that there are more links in the comms because everything is routed through a broker.
 
Aip took about 2 months. But in that time there were two staff changes at the broker so
And we were a bit slow getting back to broker with documentation to be fair.
Like Rob oyle it was drip drip requests.

After aip took another 5 weeks approx.
As someone who isn't the most organised with their finances, I found it quite longwinded.
The broker was very good.
 
I'd just like to update that I am having a terrible experience with Avant switching to the point I am going to pull the plug and stick with the higher rate Bank of Ireland.

They are verging on performing a forensic audit of my entire history going back 10 years, every week there is another request. Despite completing all the mandatory requirements on their application, no history of default. We are two PAYE employees, no complications except apparently living in the UK 8 years ago is a massive complication. It was not a problem for either KBC or Bank of Ireland.

It is actually at the point I feel they are overstepping the amount of information they can ask for....for example they want a letter from a bank account closed in 2016, despite a credit report showing it close with no arrears (there was a few months of arrears previously). I assumed they only really have remit for the last 3 years?
 
Yeah, I've heard a few stories recently about the zealousness of Avant's underwriting process.

I think it's a good thing that lenders are carrying out extensive due diligence these days.
 
i am in the process of switching at the moment so will report back, given the LTV should be in the 25-30% range i am expecting it to be relatively painless!
 
Blackrock1 said:
i am in the process of switching at the moment so will report back, given the LTV should be in the 25-30% range i am expecting it to be relatively painless!
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Good luck! You could be asking for a fiver and they'd still want evidence of where your communion money came from! In all seriousness, be prepared for providing above the normal.

I think there is due diligence and there is overkill, UK credit report shows no issues or open accounts, but they additionally want evidence of accounts that are closed. The only reason I could provide a UK credit report for myself and wife was by tricking the system and provided an address of a relative in the UK who we have no history at. The report then showed a current address of the UK and despite flagging this when submitting they came back with questions on it!

If I didn't have the relative I wouldn't have been able to proceed with the switch.

Just very frustrated at a wasted 3 months of trying to switch. I can only imagine what their customer service would be like.
 
I started switching to Avant beginning December 2021 and got approval by phone this morning. That's just over two months.
 
Here is my timeline:

7-Jan = made first contact with broker
10-Jan = submitted lots of info to the broker
11-Jan = broker replies to say it looks like we meet the criteria, and instructs us to make application via broker website platform, this involves uploading loads of documents
14-Jan = we start process of applying online, and uploading photos and scans of ID, payslips, bank statements, salary certs, etc.
19-Jan = application submitted
26-Jan = broker has reviewed documents, looks for just one more statement
2-Feb = broker replies with AIP
 
I can echo the comments relating to numerous additional requests after receiving approval but I stuck with it and it's taken about an additional month from when my solicitor requested draw down.

We finalised today and are locked in now for the 7 year fixed rate under 60% ltv and its provided great peace of mind
 
CuriousGeorge11 said:
I can echo the comments relating to numerous additional requests after receiving approval but I stuck with it and it's taken about an additional month from when my solicitor requested draw down.

We finalised today and are locked in now for the 7 year fixed rate under 60% ltv and its provided great peace of mind
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Can you give an idea of the types of additional requests?
 
Would be good to get an idea of the post AIP questions. We all have varied financial history's but you would think once we all get to AIP a lot of the hard work is done. Fair enough there may be property-related issues that need to be addressed but I would not expect my finances to be poured over again if everything progresses in a timely manner.

Slightly longer timeline than protocol. All documents submitted on the 18th of January. AIP received on the 14th. Valuation taking place on Monday. Apart from questions on the property I'm not expecting any exceptional delays. Slow legal process and the bank might have lost the deeds are of course taken as given...
 
The problems only started for me when I received the AIP, in fact it started after I met their AIP conditions.

Borrowing at 75% LTV, mortgage of 2.5 x income, no other loans etc. Never had any marks on my credit history from loans, the only one bad mark was an unused UK current account that went into overdraft in 2016, it was resolved and account closed. The balance details are shown on the report, showing no more than -20GBP when in arrears before going to 0 and being closed. Avant want a letter from the bank with details.

In addition, all of this is happening at a slow pace with each response leading to more questions. Next I expect them to ask about the 150 euro communion money I deposited in 2004.

At this point, I am shocked that they are unable to make a decision and progress to drawdown. I could continue but with paying a high variable rate the benefits of switching reduce each day. BOI made an offer of 2.6% and I'm still due 1% cashback in a few years, so I am just going to stick with BOI for now.

It doesn't give a good impression that they will be good to deal with for any future mortgage requirements.

Edit: I engaged Broker in November, so this has been a long process
 
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Dublinbay12 said:
Never had any marks on my credit history from loans, the only one bad mark was an unused UK current account that went into overdraft in 2016, it was resolved and account closed. The balance details are shown on the report, showing no more than -20GBP when in arrears before going to 0 and being closed. Avant want a letter from the bank with details.

It doesn't give a good impression that they will be good to deal with for any future mortgage requirements.
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This is the (non-interest rate) price we have to pay in this country to try and get a rate that approaches the average European rate.

Avant are in the lucky position to pick and choose who they want.

As annoying as it is unless you've a really small mortgage or are overpaying it at a rate of knots the extra paperwork will be worth it.
 
skrooge said:
This is the (non-interest rate) price we have to pay in this country to try and get a rate that approaches the average European rate.

Avant are in the lucky position to pick and choose who they want.

As annoying as it is unless you've a really small mortgage or are overpaying it at a rate of knots the extra paperwork will be worth it.
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Unfortunately, they have lost my business and I've lost out on saving on my mortgage!
 
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