What banks are giving out mortgages

Have heard from a lot of people that they are having trouble getting a mortgage even where they have good jobs, no loans etc. Are any of the banks lending at the moment or is there a good broker out there to go to? People have to go to a lot of trouble to make an application and are often made to jump trhough hoops in supplying more and more documentation. Whilst I understand the need to be careful surely they should not have to do so several times just because banks are not lending.

It all depends on your situation, the more of a deposit, the better the type of house, i.e. not an apartment or in a rural village, the amount u want to borrow, ur financial circumstances i.e. borrowings, income, length of time in your job etc.
I applied for mortgages a few months ago. AIB drove me around the twist looking for documentation, it took ages to get approval, very slow process. BoI were quicker. EBS was inbetween. I didn't go near PTSB as their variable rate was too high at the time. I'd start with your own bank first then go onto BoI then AIB. I am a customer of AIB and not BoI so I am not working for BoI incase someone thinks I do.
Best of luck
Mike

Many-perhaps most -posters here will tell you there's little point going to a broker. I disagree. Good brokers should know where from and how much you can borrow.

They may even help you obtain a loan from the same bank that refuses you -as was the case with me. My own bank for 25 years where I had a good track record offered me less money at a higher rate than my broker obtained from the same bank. (same bank not same branch).
This was 5 years ago and I accept things have changed.

We got ours this year from BOI. I applied with AIB too but the manager who I dealt with was the most unprofessional I have ever come across. He made absolutely no small talk with me when I was in his office, while not being directly rude (he did not introduce himself, offer his hand or even smile to be honest), he certainly did not give the impression he wanted to do business. At the end, I gathered up my documents, asked him his name, told him mine, extended my hand, shook his and left.
I found BOI great to deal with. I feel AIB do not want to do business at all.

I've just sold my mother's house in Dublin (for a pittance!). The buyer's bank was AIB. So maybe there is a little chink opening in the banks vaults.

We drew down an AIB mortgage 5 weeks ago - 66% LTV and about 2.6 times our joint salary. We are both AIB customers.

regards

Bob

I've been approved from both AIB & BOI in the past couple of weeks so both are still lending. 90% LTV from BOI & 92% LTV from AIB.

Thanks for the replies at least I know that some people are getting approved.

Gcsm9 said:

I've been approved from both AIB & BOI in the past couple of weeks so both are still lending. 90% LTV from BOI & 92% LTV from AIB.

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Hi Gcsm9, did it take you long to get approved from when you applied. I've heard that AIB can take a long time, ie if they have a query you are put back to the end of the queue again.... also in relation to your statements, how up to date must they be? if you receive your statements in October and you apply in Jan, is this sufficient or must you get statements for Nov & dec also?
Thanks very much and congratulations!

I was talking to a friend at the weekend. Her neighbours have sold and are now seeking €100,000 to buy again. They have had approval for quite some time but once they found a house, had all the valuations etc done, the bank are now dithering and the money is not forthcoming..yet. They are absolutely in shreds that their €500,000 proceeds from their house sale will disappear if the euro goes wallop...and they will end up with no house and no money..

The bank approvals by all accounts do not mean what they used to. There is much anecdotal evidence from people who were approved but then were refused when seeking to draw down. Approving mortgage applications is not lending.

You should probably focus on AIB/BoI. KBC may be worth talking to also. As you'll notice, some banks (PTSB) have effectively withdrawn from the market by virtue of their uncompetitive rates.

mwhich said:

Hi Gcsm9, did it take you long to get approved from when you applied. I've heard that AIB can take a long time, ie if they have a query you are put back to the end of the queue again.... also in relation to your statements, how up to date must they be? if you receive your statements in October and you apply in Jan, is this sufficient or must you get statements for Nov & dec also?
Thanks very much and congratulations!

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Hello mwhich.

No it didn't take long at all and went very smoothly so far I must say. Similar to yourself, I had also read that people had a lot of trouble with AIB and wasn't looking forward to dealing with them because of it but I've had no trouble at all.

I arranged a meeting with them in December when I realised the house I wanted was available at a price i was willing to pay. Prior to the meeting, I printed off 6 months worth of payslips from myself and my partner and 6 months worth of current, loan & savings account statements for my partner as she's a BOI customer. I didn't need those as I'm with AIB anyway. They sent me a sanction in principal letter 3 working days later and said I could negotiate with the EA for anything up to that amount. I was told if I wanted to drawdown and get the formal letter of approval & mortgage pack sent to my solicitor, I'd need a valuation report done on the house and original current account statement from BOI as I had only used online versions for the sanction in principal application.

Got the valuation done and the original statements and sent them in to the bank and less than a week later, my solicitor received the mortgage pack from them with the loan offer ready to draw down. Now that solicitor has the mortgage pack, I'm pretty much done dealing with them as far as I know and it only took 2 meetings with them and about 3 weeks in total to get to this stage. Although, thats not to say the bank won't try hold it up as the other user mentioned above but I've seen nothing to date to suggest that.

I'm not sure if that answers your question regarding the statements but I dont know exactly what the requirement is in that scenario because it all moved so quickly for me once I started the application. If you've any other questions, just let me know.

I dealt with BOI College Green, they were very helpful and werent hard to deal with.

Thanks Gcsm9, I'm hopefully going to apply soon. The only thing that I think they can hold against us is that we both use our overdrafts. Who knows though. Did you have to provide original bank statements for your partner or were AIB happy to accept B365 statements? Thanks again for your input.

mwhich said:

Thanks Gcsm9, I'm hopefully going to apply soon. The only thing that I think they can hold against us is that we both use our overdrafts. Who knows though. Did you have to provide original bank statements for your partner or were AIB happy to accept B365 statements? Thanks again for your input.

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Any particular reason you need to use your overdrafts? Wouldn't have thought that'd be advisable when planning on getting a mortgage in the near future but it never came up for me so maybe the banks would be ok with it since it is an option they provide to people.

They took B365 statements for the sanction in principal but needed originals for the actual loan offer. Not hard to get though. BOI will order duplicates for you. We were told we'd be charged a certain amount per page but never were in the end.

Any other questions, just let me know as I've just gone through all this in the past couple of weeks.