AIB Mortgage approval rate
- Thread starter dewdrop
- Start date
I presume it's a matter of interpretation.
If myself and my wife arrange a meeting with the bank complete the application form but don't meet the criteria for the €250k we are looking for our application is not accepted. So despite making an application we would not be viewed as not having made an application by the bank.
So surely the rate should be 5 out of 5 but perhaps there are issues that arise after the application is accepted with credit rating etc.
If myself and my wife arrange a meeting with the bank complete the application form but don't meet the criteria for the €250k we are looking for our application is not accepted. So despite making an application we would not be viewed as not having made an application by the bank.
So surely the rate should be 5 out of 5 but perhaps there are issues that arise after the application is accepted with credit rating etc.
Brendan Burgess
Founder
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Hi dewdrop
Yes, but the people who get mortgages don't complain. So the sample is a bit biased.
Having said that the 4/5 seems high. If I apply for a mortgage of €300k and they approve me for a mortgage of €200k , does that count as an approval or a rejection?
I suspect that it's an approval from AIB's point of view, but it's clearly a rejection from my point of view.
Brendan
Yes, but the people who get mortgages don't complain. So the sample is a bit biased.
Having said that the 4/5 seems high. If I apply for a mortgage of €300k and they approve me for a mortgage of €200k , does that count as an approval or a rejection?
I suspect that it's an approval from AIB's point of view, but it's clearly a rejection from my point of view.
Brendan
As Joe90 states above, a bank will only submit an application if the figures look good to the branch staff - they're trained to perform the initial analysis.
Of the applications that the bank staff agree to submit, 4 out of 5 are approved by the underwriters. This seems about right.
Ulster Bank in the North have similar advertising but are more forward about it, i.e. "Based on average of accepted applications over the past 12 months".
Of the applications that the bank staff agree to submit, 4 out of 5 are approved by the underwriters. This seems about right.
Ulster Bank in the North have similar advertising but are more forward about it, i.e. "Based on average of accepted applications over the past 12 months".
And you believe anything a bank tells you, you just got to know that there is no way this is true, it's in the small print somewhere
How many people have we on AAM who cannot get a mortgage, and you only have to look at house sales to know the truth.