How long from approval to drawdown when switching to avant

Dublinbay12 said:
Unfortunately, they have lost my business and I've lost out on saving on my mortgage!
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If you're planning on staying with BOI anyway, why not just let the process run its course with Avant?
Are they looking for documentation you don't have, or did something in particular happen which has prompted you to pull the plug?
 
mojoask said:
If you're planning on staying with BOI anyway, why not just let the process run its course with Avant?
Are they looking for documentation you don't have, or did something in particular happen which has prompted you to pull the plug?
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It is unclear how much road is left to run in the process. I am now on a variable rate, so each day I am accruing interest at 4.5% which reduces the financial benefit of switching. It is costing me ~600 euro per month in additional repayments vs my old fixed rate payments.

They are asking for documentation I don't have, and I don't know if I can get at all or without significant time and hassle. This information should not be needed, if they had the ability to adequately assess the information provided to them. I have told them as such, and it has been escalated internally, but we all know how that will go...'it is our internal policy blah blah', so I expect to be pulling the application after 4 months of effort. To be specific, the stumbling block involves a £20 overdraft on an account closed with a 0 balance ~10 years ago, and no red flags in a credit report!

It actually appears like they are doing whatever they can to not lend me money.

The moral of the story is add on extra time when looking to switch to Avant
 
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evil_g said:
That makes no sense.
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It did for both financial and non financial reasons, and for clarification they said they would move to loan offer, but I didn't actually get it yet.

  • Non Financial - The overall experience dealing with Avant left a sour taste and as I will be likely seeking equity release in 2 years I didn't want to risk it.
  • Financial - Current bank came back with an offer of 2.6% (1,2,3 yr options) vs Avants 2.15% (4 years). When considering costs and cashback over 4 years remaining with BOI results in a 1.5k better result. I also have the option to extend my term with current bank which makes monthly payments lower than Avants.
 
I lent my nephew 2.5k towards college fees. He was paying it back 200 a month. Avant wanted to know who the 200 payment was from and the purpose.
(This was money coming IN to our account)
They had no problem with explanation but I thought it a bit zealous.
I can see how the inability to lengthen term might be a problem.
I think boi allow mortgage run till 70?
Still we got a good rate and fixed for 7 years.
 
Here is my timeline, updated

7-Jan = made first contact with broker
10-Jan = submitted lots of info to the broker
11-Jan = broker replies to say it looks like we meet the criteria, and instructs us to make application via broker website platform, this involves uploading loads of documents
14-Jan = we start process of applying online, and uploading photos and scans of ID, payslips, bank statements, salary certs, etc.
19-Jan = application submitted to broker
26-Jan = broker has reviewed documents, looks for just one more statement
2-Feb = broker replies with AIP
Loan Offer four weeks after AIP.
 
I started this switch process in mid January. I received the AIP on 4/2 and received the formal offer from Avant on 1/3, similar to Protocol above.
Just waiting on solicitor to finalise now.
 
Same, Avant are asking me for incredible amounts of detail on irrelevant items. I'm very disappointed with them, still going through the process since December. 2 PAYE applicants.
 
Currently in the process of switching to Avant, and found them to be very 'nitpicky' about everything too.

First contacted broker in mid-Jan, got loan offer on March 1st. That day the broker contacted me to tell me to contact the solicitor to arrange to sign documents. I contacted them and was told that it would be a couple of days before they had everything from Avant and that they'd contact me once they had it. I haven't heard from them since.

I did receive a printed copy of the loan offer in the post myself on March 2nd, so I'm sure the solicitor must have received it that week too. Does anyone know how long it usually takes for a solicitor to do this? I don't want to be a pest contacting them about it if this is normal, but would also like to get it done and dusted.
 
Depends on your solicitor, some are faster than others. Given the announcement on ICS, I would get on to your solicitor asap and set the appointment to sign it.
 
mojoask said:
Depends on your solicitor, some are faster than others. Given the announcement on ICS, I would get on to your solicitor asap and set the appointment to sign it.
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Thanks, yes I saw that post and that's what had me wanting to get it moving as quickly as possible!
 
My case:

Day 1 = Loan Offer received by me in e-mail from broker
Day 6 = Loan Offer received in post by sol
Day 8 = signed Loan Offer in sol's office

Sol hoping for day 13 for drawdown, but I feel that is ambitious.

Day 8 = MPP issued by insurer, and documents sent to mortgage broker
 
Paul F said:
You're paying the solicitor for a service. Don't be afraid to contact them frequently!
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Thanks. Yes you're absolutely right. It's my first time switching, so I honestly wasn't sure whether this time frame was normal, etc. Have contacted them this morning and arranged to go sign everything, so hopefully it'll be all sorted soon.
 
I found Avant OK in terms of detail wanted. They did ask for a fair amount but I'm a proprietary director and my wife is part time sole trader, part time PAYE on an 11 month contract, so their requests didn't seem excessive. Will post timelines when the switch is complete.
 
I'm almost over the line with Avant but they want my wife's driving licence for this ID Pal app. Is there anyway to get your identity verified without this app complete?
 
Am now stuck getting the title deeds from Bank of Ireland, who happily have me on a variable rate mortgage at the moment. Requested a month ago. Apparently it takes 'several weeks'.
 
In process myself.

Started tentative equities with broker end of Nov 21.

Delayed a bit as had to clear second mortgage first but this was made clear to broker from start.

Gathered all paperwork required over that time

AIP at beginning of March

Loan offer 2 weeks ago.

Signed loan offer with solicitor yesterday.

Drawdown imminent (I hope).

Although the process was a bit nit picky re additional documents and questions I thought it was quite smooth. Our broker was excellent and everything was done through online document submission. Really handy.
 
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