Mortgage Application & Approval

Q

Qwerty29

Guest
Hello there


I have a query with regards to a mortgage application I made last May and just wondering if anyone has been in same situation. The approval in principal was granted by the broker but there has been no communication between us since the middle of last summer. I did not find a property I was interested in buying and haven’t really been looking since before Christmas.

However, I intend to start looking again soon and was wondering if my mortgage approval is still valid? I think I read somewhere that the approval was valid for up to a year and there have been no changes in my circumstances since then. Also, the broker was charging a fee of €700, I presume that this does not have to be paid unless the mortgage goes through? To be honest, I think I would simply go direct to bank if I have to reapply.

Thanks in advance for any advice!
 
During the good times, AIP used to last up to a year. These days, it's usually in the order of 3-6 months. At a rough guess, I would say your AIP has expired.

Brokers fees are usually only payable on drawdown, in my experience.
 
My AIP lasted 3 months when I applied a year ago.

I went direct to PTSB so didn't pay a broker, but I think you will have more chance of getting higher approval if you go with a broker. Banks don't like crossing brokers!

As for requirements, if it was a couple of months a few payslips might be grand but they'll probably want the works again (P60's, etc)
 
We used a broker to buy our property in 2006 and we didn't pay the broker; the bank did.
 
Also we used a broker to get a mortgage recently and the bank paid him not us. So I would consider changing broker to one who takes payment from bank not client.
 
AIP's are usually only valid for 30 days now.
You will need to reapply.
Not all brokers charge fees.. the bank will pay the broker so try another broker that doesn't charge fees
 
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