# How long does it take to get mortgage approval?



## podgerodge (6 Apr 2020)

I am helping a family member apply for a mortgage.

Does anyone have any recent experience with mortgage approval times from start to finish at the moment?

One bank has told me that it takes weeks and weeks as they are losing staff to deal with the mortgage breaks for 3 months.

Anyone have experience of a nice quick turnaround for a simple straightforward application?

Thanks.


----------



## mf1 (6 Apr 2020)

"Anyone have experience of a nice quick turnaround for a simple straightforward application? "

Conveyancing is at a standstill- we can do virtually nothing at the moment- all the supports are suspended so I think the idea of  getting mortgage approval from any institution in the near future is, at best, remote. 

Nowhere to go and nothing to buy, except groceries............

mf


----------



## jim (7 Apr 2020)

mf1 said:


> "Anyone have experience of a nice quick turnaround for a simple straightforward application? "
> 
> Conveyancing is at a standstill- we can do virtually nothing at the moment- all the supports are suspended so I think the idea of  getting mortgage approval from any institution in the near future is, at best, remote.
> 
> ...



not so sure about that MF1. We re close to getting mortgage approval and I havent heard anything from the bank of late to say that it will be delayed.

what exactly does conveyancing have to do with applying for a mortgage? isnt that more to do with buying the house/mortgage drawdown?


----------



## mf1 (7 Apr 2020)

This article is behind a firewall but the gist of it is available. 



If we can't do conveyancing then mortgage approval is moot? And even if it did issue, depending on what happens, it could be amended?

We're not seeing clients, we're not able to witness contracts, mortgages, declarations etc.,etc. Clients can't get surveys or valuations. 

We've no access to the Property Registration Authority. We're stalled.

mf


----------



## housemurph99 (7 Apr 2020)

3 weeks from Ulster Bank and KBC. 
Ulster Bank required alot more documents and clarification regarding transactions.


----------



## podgerodge (8 Apr 2020)

Thanks all.  The solicitor is dealing with the conveyancing and has not raised any issues yet.  Doing everything electronically.  We got a structural survey done but it was 2 weeks ago, perhaps it is more difficult now.  

Can I ask another question - is there anything to prevent applying to 2 different banks at the same time - as I mentioned, one bank is very slow at the moment, so it would be good to have a choice.  I presume nothing stopping this?  It's a small mortgage by the way, less than 30% LTV and circa €100k.


----------



## Versandvoort (23 Apr 2020)

housemurph99 said:


> 3 weeks from Ulster Bank and KBC.
> Ulster Bank required alot more documents and clarification regarding transactions.



Hi Housemurph99

Can i ask if KBC asked for a covid employment impact letter from your employer? We are currently running around in circles with banks having had AIP which has disappeared with AIB....have a broker o to it now with other banks as spouses employers won't provide a letter specifically mentioning covid


----------



## housemurph99 (23 Apr 2020)

Versandvoort said:


> Hi Housemurph99
> 
> Can i ask if KBC asked for a covid employment impact letter from your employer? We are currently running around in circles with banks having had AIP which has disappeared with AIB....have a broker o to it now with other banks as spouses employers won't provide a letter specifically mentioning covid


No, we're sitting tight at the moment and seeing how things play out so nothing requested from KBC.


----------



## Cathbarr (23 Apr 2020)

Currently in the process of trying to get AIP with KBC. We need to send my husbands employee status form and they will assess us. Hoping to do that Monday. We are both still working. Haven't been asked anything about that as of yet but we are looking for a small mortgage and I'm a state employee and would qualify for it on my own. Will let you know how I get on.


----------



## Versandvoort (25 Apr 2020)

I have heard from a banking friend that state employees are nearly the only ones getting mortgages right now, so id say you'll be fine...best of luck




Cathbarr said:


> Currently in the process of trying to get AIP with KBC. We need to send my husbands employee status form and they will assess us. Hoping to do that Monday. We are both still working. Haven't been asked anything about that as of yet but we are looking for a small mortgage and I'm a state employee and would qualify for it on my own. Will let


----------



## jim (25 Apr 2020)

Nah thats not true anyone in a steady wellpaid job that passess affordability etc etc test will get a mortgage. Nae bother at all


----------



## Leo (27 Apr 2020)

jim said:


> Nah thats not true anyone in a steady wellpaid job that passess affordability etc etc test will get a mortgage. Nae bother at all



It seems at least one of the banks are demanding COVID-19 guarantees from employers.


----------



## podgerodge (28 Apr 2020)

AIB looking for a guarantee in the case of the relative I am helping out.


----------



## Olive7 (3 Jun 2020)

Hi we had principal in approval with a bank and because i was out of work and on the covid they would not issue loan offer until i was back at work... anyway i am going back to work but the company i work for said they may avail of wage subsidy scheme in the coming weeks...do u know if i get payslips im as requested and they issue the loan offer then are we ok and can we just move on with drawdown of funds ir can they come back looking for more information even after they issue loan offer? Also does it take long for loan offer to issue once all requested documents are with them... Thanks


----------



## Loukie (4 Jun 2020)

We are in a similar situation we are sale agreed but unable to proceed as we are in receipt of Covid payment & wage subsidy. Our approval runs out on June 30th so very unsure where we stand.


----------



## Loukie (5 Jun 2020)

We’ve been told once you are in receipt of any government payment banks will not allow you draw down loan offer.


----------



## Cathbarr (6 Jun 2020)

We are waiting for AIP from KBC. The holy requested more information yesterday but I sent it straight away and when I rang to check it the assessor said we should be granted it on Monday. Will see. My husbands company is availing of the wage subsidy scheme but it wasnt reflected on the payslips we sent in at that time so will see what they say next week.


----------



## Versandvoort (11 Jun 2020)

Well we got full loan offer today with KBC with condition that husband is off covid supplement, they need one payslip showing covid gone, offer runs out end of October, up to this we were kinda being dragged along with bla bla everything on a case by case...we are buying a house for €385k with a deposit of €290k ....if you have covid on your payslip you may as well be unemployed right now, very frustrating as we have been working all along as essential services and having sold our home are literally homeless living with relatives


----------



## podgerodge (28 Jun 2020)

Versandvoort said:


> Well we got full loan offer today with KBC with condition that husband is off covid supplement, they need one payslip showing covid gone, offer runs out end of October, up to this we were kinda being dragged along with bla bla everything on a case by case...we are buying a house for €385k with a deposit of €290k ....if you have covid on your payslip you may as well be unemployed right now, very frustrating as we have been working all along as essential services and having sold our home are literally homeless living with relatives


Hope it works out well for you Versandvoort


----------



## Versandvoort (30 Jun 2020)

podgerodge said:


> Hope it works out well for you Versandvoort


Thanks


----------



## Cathbarr (3 Jul 2020)

After all the hassle with KBC we decided to throw in the towel on the mortgage app. But the local AIB branch got back to me last week and we have proceeded with them. Have all documents in to them now and can skip the AIP stage and go straight to letter of letter according to the lady dealing with it. We should have that next week. Such a pleasure to deal with compared to KBC. All documents in yesterday and letter of offer next Wednesday so one week in total!


----------



## Versandvoort (4 Jul 2020)

Great news Cathbarr, best of luck, AIB I've always found great to deal with, my past two mortgages were with them and as banks go I never had any problems with them...but unfortunately they pulled AIP on us this time because of covid on payslip .....if you think of it let us know if they follow through for you


----------



## Cathbarr (6 Jul 2020)

Versandvoort said:


> Great news Cathbarr, best of luck, AIB I've always found great to deal with, my past two mortgages were with them and as banks go I never had any problems with them...but unfortunately they pulled AIP on us this time because of covid on payslip .....if you think of it let us know if they follow through for you



I had to apply for the mortgage on my own as husband is on the WSS. So we could not count his income. Luckily for us, we are only looking for a relatively small amount of money and my wages can cover it in their own. So we are good to go. She is hoping to have the letter of offer on Wednesday so I'm hoping it will be straightforward enough after that. Although noone knows what these things could throw up.


----------



## Versandvoort (7 Jul 2020)

I really hope it runs for you.....we are only looking for 85k to complete our 385k purchase, its a misery


----------



## RentingD (7 Jul 2020)

We are looking for a relatively small home improvement mortgage (whatever the correct term is) from Bank of Ireland. Got approval in principle over the phone, gathered all the documentation and went into local branch to ask address to post them to. Rang today to see what was next step or was more information required. Passed from Billy to Jack with pretty unhelpful staff. Apparently it was sent to the wrong address, nobody can tell me what has happened to all my private information or really seems to give a toss either. This is really turning me off the bank, am considering just applying elsewhere.


----------



## Leo (8 Jul 2020)

RentingD said:


> This is really turning me off the bank, am considering just applying elsewhere.



BoI have mortgage specialists the cover multiple branches in an area, the rest of the staff won't know what's going on. Phone the central mortgage team or arrange an appointment with the mortgage specialist that covers your area. From that point on you will deal with that individual only.


----------



## RentingD (8 Jul 2020)

Thanks Leo, got in touch with our original mortgage specialist who is really helpful and is going to follow up on the issue. Printed and scanned all our info again so off we go!


----------



## Gazzaman (10 Jul 2020)

Versandvoort said:


> Great news Cathbarr, best of luck, AIB I've always found great to deal with, my past two mortgages were with them and as banks go I never had any problems with them...but unfortunately they pulled AIP on us this time because of covid on payslip .....if you think of it let us know if they follow through for you



Any luck with this since apparently they have stopped taking the "covid" payment into account


----------



## Cathbarr (10 Jul 2020)

Got our letter or offer today from AIB. Application was submitted last Thursday.


----------



## Cathbarr (10 Jul 2020)

Gazzaman said:


> Any luck with this since apparently they have stopped taking the "covid" payment into account


AiB wouldn't take my husbands income into consideration due to the fact he is on the WSS.


----------



## Cloudd (11 Jul 2020)

I've spoken to 4 banks in the past 2 weeks (UB, BOI, KBC, AIB).

AIP across all 4 ranged from 2 working days to 6.


----------



## Merowig (11 Jul 2020)

Waiting now for over a month with AIB - the issue is that they can't yet decide if they accept half of my bonus to be taken into account or not and ask every 1-2 weeks for something new. Sent on Friday the paperwork in regards to AIB's latest request to them and hope that was now everything.... 
Meanwhile the house we want went sale agreed today as far as I know - so we will need to revert to gazumping to try to get it still.


----------



## random2011 (12 Jul 2020)

We got all our documents into KBC last week. Confirmed on Thursday that they will now proceed to assessment and we should have a decision within 10 working days. Our last fixed rate monthly payment with BOI is Aug 15th so I hope we have enough time to get over the line assuming we get approval. If it takes longer I’m ok to go to variable with BOI for a few days/weeks up to until we close rather than fix in again.


----------



## flynny50 (12 Jul 2020)

We received mortgage approval with an exemption in February & then went sale agreed in March.
We got letter of offer from bank but then the sale fell through.
We are unaffected by Covid & both work in public sector.
We have since gone sale agreed on a new house but when we contacted the bank they told us we can only have amount on letter of offer which is 20k less than the new house.
Has anyone experienced this before?
Is it common practice?


----------



## Leo (13 Jul 2020)

flynny50 said:


> Has anyone experienced this before?
> Is it common practice?



New house & new offer, they are entitled to review.


----------



## Versandvoort (13 Jul 2020)

Gazzaman said:


> Any luck with this since apparently they have stopped taking the "covid" payment into account



No luck Gazzaman, looks like the AIB reviewing TWSS recipients was more or less a PR thing, they still will not let you draw down if you are on the scheme I've been told.....already have full offer from KBC but same situation, cant drawdown, have returned contracts to seller having offered 360k cash (got cash help from family) on the 385k sale agreed price....was too stressful and we literally couldn't get any credit anywhere, pretty scarey TBH...anyway may look for a cash purchase or rent. Have to keep on going!


----------

