Thinking of looking for a mortgage from AIB

Hi guys
AIB appear to have the best variable rate in the mortgage market at present,would you have any concerns getting a mortgage off a largely nationalized/state owned bank?What with the current Irish economy and risk of bank failures within the Eurozone banks.Realise that none of the Irish banks are in a particularly healthy state.
Selig

The word on the street at the moment is that getting money from AIB is as difficult as taking meat off an alsatian.

However, I don't know how true that that is as I have no experience of trying.

When you think about it, AIB is a bank that has been re-capitalised so they have to lend to somebody sometime.

I'd be very intersted to know how you fared if you eventually try. Good luck with your attempts!

I contacted AIB about a switch from my lender (no names but the highest SVR in the country 6.15%).
Even though we have 2 good incomes (both private sector admittedly) with excellent payment records (have accelerated payments to reduce from 35 to 15 years in the life of the mortgage to date (circa 5 years).
AIB were uninterested.
Assume I'm in negative equity so thats probably the reason. I even offered to have the property valued and would pay down some capital to bring it in line to <80% LTV...Still no bite.. Getting meat from an alsation is a great analogy at the moment.
Perhaps if we were in guaranteed public sector jobs it would be different, even though salaries may be less..who knows? Mortgage lending is an unknown at this point in time. I wish you the best.

As a credit policy, AIB don't do switches. See this thread.

I just got a mortage from AIB (Loan offer letter issued to solicitor, not drawn down yet). There were a few hoops to jump through, but it is possible.

I just got one, and am drawn down. Be warned with them, - the whole process was dragged out beyond belief. The end was very touch and go as they took a few extra days than normal to wire the money through. We are both private sector in reasonable jobs. Having savings was a plus for them.

Got a mortgage from them this year.

We both have decent jobs, had savings (good deposit) and house was well priced. But it still took a good few months. As mentioned, plenty more hoops to jump through this time compared to my 1st mortgage from them a few yrs back.

selfassessed said:

I just got a mortage from AIB (Loan offer letter issued to solicitor, not drawn down yet). There were a few hoops to jump through, but it is possible.

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RMCF said:

Got a mortgage from them this year.

We both have decent jobs, had savings (good deposit) and house was well priced. But it still took a good few months. As mentioned, plenty more hoops to jump through this time compared to my 1st mortgage from them a few yrs back.

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Either of you got time to expand on the hoops you had to jump through? I'm planning on getting a mortgage in the next couple of months and my intention was to go with AIB also?

From our experience they are not interested in trade uppers. We were advised that our house would need to be sold when putting through an application, or the response would probably be negative.

I couldn't believe they didn't even want to process an application. I asked for a letter stating all this which never arrived. I imagine this helps with their figures of x% applications approved.

I had sold my PPR several months ago so I did not have a chain and the equity from the sale was in an AIB account. Business accounts at same branch and have good relationship with them which definitely helped. But they were keen to ensure I had no other debts.

As self employed had to go through all the to-and-fro of getting last 3 years accounts (they always ask for audited accounts without really understanding that most of us are audit exempt), current management accounts, letters from accountants stating tax affairs were up to date, etc.

Usual payslips, stamped and signed salary certs (P60s no good any more apparently), bank statements from non AIB banks, independent valuation done by one of their panel of auctioneers (can't choose your own any more) accompanied by an ordnance survey map of the site (which I had to buy), stamped and signed by the valuing auctioneer.

So just lots of to-and-fro really, seems to be a lot more i's and t's to dot and cross these days.

Mrmr said:

From our experience they are not interested in trade uppers. We were advised that our house would need to be sold when putting through an application, or the response would probably be negative.

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Unusual they wouldn't even put you forward for an approval in principal but I think in the current market maybe it is reasonable to not even look for approval until you are at least sale agreed on current property. It could be a complete waste of time otherwise.