How long does a Mortgage approval take

S

Sean1888

Registered User
Messages
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My broker has put in the application to AIB and Ulster Bank on the 17/2/2016 but there has been no word since.

I have contacted the broker but have had no response.

I am just wondering is there a usual timeframe for approval to come through?

Does anyone have experience in contacting the banks directly after the application has gone in.
 
Your broker most probably hasn't heard anything back. He should at least phone you to say so.

How long is very dependent on how busy they are and how well packaged the application is. You should have heard back by now, so you will probably hear something in the next week.

The mortgage application process is a long one. I know there's a lot of excitement and nervousness in making an application but be patient.

Steven
http://www.bluewaterfp.ie (www.bluewaterfp.ie)
 
We applied for a Mortgage in early February last year, and didn't get it until July. There was no issue with any of our details or circumstances, its just the bank were very slow. We were not in a chain, and had well more that the required deposit for a small mortgage. Sometimes we were weeks waiting for a returned call or mail. In fact they were so slow, we had to get the valuation done a second time, at our own cost, as it was only valid for three months. It was KBC bank, and we dealt with about 4 different people, who didn't seem to communicate well with each other. It was almost impossible to get a straight answer as to what more they would be requesting. I think also that they were just getting to grips with the new central back rules so the requests we were getting from them were drip fed. It was overall a very frustrating process, so be prepared for that.
 
The banks are all taking much longer than usual at the moment, often up to around 3 weeks. Either way, your broker should be getting back to you with an update. As your application was submitted through a broker, you wouldn't have a direct line into the banks, but that shouldn't be necessary.
 
Thanks everyone for the responses.

Seems to be no way to speed it up and just back to waiting with fingers crossed.

Is it worth looking at houses now? The broker has indicated the amount he is applying for and there are houses to be had in that price range but without approval we are reluctant to do anything.
 
It depends on how quickly your sellers wants the process to move. The house I'm buying went Sale Agreed on Friday and we have only started the process of getting mortgage approval. The seller is aware of this and is OK with it as they haven't found a place they want yet and are happy not to be under pressure. It's always worth looking as you never know what the sellers circumstances might be.
 


Thanks for the reply,

May I ask if you are worried you may not get approval? It's something that's a worry as we are FTBs, I don't think there is anything to stop us getting a mortgage but I'm a bit of a pessimist
 
I'm personally not too worried. According to the high level formula I was given (3.5 times combined salaries) we are borrowing 100k less than we could possibly get approval for. I have a bit of a concern around the fact that I'm only in my current job since December but our broker is submitting our application to 4 different banks and is confident that we'll get approval from at least one of them. I've had to send my CV with my applications in case it comes up to prove that I have good employment prospects should my job fall through. This says to me that the approval decision isn't a hard and fast calculation and they will look at the big picture. I'm a little bit concerned about my job tenure being an issue but the worst that can happen is that we don't get to buy the house we want and get our deposit refunded and will have to look again in a few months when I'm longer in my job (I REALLY don't want to lose the house). But I this is unlikely to happen in my book but then I'm a big optimist Try not to worry!
 
Thanks GXer for the optimism.

Maybe I am worrying more than I should be and just put the nervous energy into viewing some houses.

Hopefully everything goes well for yourself in the future.
 
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