Bank of Scotland takes 4 weeks to approve mortgages

[Brendan Burgess]

from The Sunday Business Post:


15 May 2005 By Louise McBride
Bank of Scotland Ireland (BoSI) is struggling to service its residential mortgage business in Ireland, taking almost seven times longer to process mortgage applications than other lenders.

According to brokers, BoSI takes about four weeks to issue approval in principle after it receives a mortgage application. This compares to between three and five days for other lenders. Approval in principle is an indication of the amount a lender is likely to lend a potential borrower.
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[zardebt]

According to brokers, BoSI takes about four weeks to issue approval in principle after it receives a mortgage application. This compares to between three and five days for other lenders.

Other lender takes five days for approval in principle but can take months with gentle
prodding to get approval from the underwriter and then let you know that they
cannot accommodate you for the amount you requested originally or better still they loose your documents .............

Is other banks just giving out approval in principle upfront so that they maintain your interest .........


I have no experience with BoSI - how long does it take to complete the full transaction and compare that then to other bank ?????