Bank of Ireland Advertisement -Approving 100 mortgages per day?

Y

Yeager

Registered User
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This advertisement is everywhere at the minute. Could this be true? This is one bank in the country approving 100 mortgages per day. Surely if this is the case we will have a shortages of available properties in the not so distant future considering new housing starts are at a minimum?
 
There was an article in the Irish Times about this on Saturday.

I think BoI are only giving figures for approvals and not for actual drawdowns.

[broken link removed]
 
I wonder how many actual draw downs there is per day – Is there any way to find out?

Considering many people apply for mortgage from a few financial intuitions when looking for a mortgage…
Many apply and never draw down…
Many apply and delay draw down – offer expires and they have to apply again
Some might even apply just to see if and how much they would get, with no intention of ever drawing down…
Etc.
 
It says approvals, that's all it is. Whether people wish to go ahead with that offer is another matter altogether.
 
How many people have gone through a broker and refused - meaningless figure.
 
They don't mention how many applications they get so it could be that they are approving 1 in 10 for all we know. After that there is the chance that the application is declined on receipt of the supporting documentation.
 
Yeager said:
Surely if this is the case we will have a shortages of available properties in the not so distant future considering new housing starts are at a minimum?
Click to expand...

No we will not have a shortages. There's 300,000 empty houses and net emigration.

Will people ever stop flogging the dead horse of the property bubble??

Now is the time to buy wibble. Better get on de ladder yawn. Give me strength.
 
Saw this ad in a newspaper last week and from what I remember, the 100 per day was based on figures from March - Sep 2009 or something like that.
 
Yes I saw those dates mentioned too. Do approvals include, for example, people who are remortgaging or separated people where one person is taking over the mortgage?
 
i got provisional mortgage approval from them for my selfbuild last november...made all my plans with builder accordingly, all set to start building this summer..submitted the actual application last week and even though nothing has changed my end according to last november, they've just turned me down...the house and site would be worth 3 times the mortgage i was asking for and i could easily make mortgage repayments, so doesn't make sense to me...very disappointing and frustrating so now have to start the process all over again with some other bank...and probably won't now make my agreed scheduled start date with my builder.
 
hi bb12 sorry to hear that uv been declined . hope u get it sorted somewhere else and get building as planned

it would be approvals for any new lending so . anyone looking to switch/trade up/first time buyers/ people buying other people out etc

i woudl image that it is actual approvals rather then approval in principal . if the financial regulator is doing their job . approval in principal would be misleading . you dont have to give as much detail as a full application

@manto i dont get ur comment . how many people have gone to a broker and been declined - meaningless figures ? they are telling you that they are approving 100 applications a day so their open for business
 
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