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How reliable is "provisional acceptance"?

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  • 06-10-2011 3:52pm
    #1
    DrPhilG
    Registered Users Posts: 12,328 ✭✭✭✭


    Have been with the bank lately about a mortgage, and the manager was more than happy with the application (it's only for €50k) and said he could see no reason not to accept it. Only thing is of course, he doesn't make the decision and it has to go to head office for confirmation.

    He has given a letter of provisional acceptance to keep the Estate Agent we're dealing with at bay, but isn't expecting a confirmation/refusal from head office til early next week.

    Has anyone been in a similar situation? Is it likely for the bank manager to be so cheery about our prospects only for head office to flatten it? I mean this fella wasn't just optimistic he was practically acting like it was a done deal.

    It's with Ulster Bank btw, who I've heard from a few people in the industry are one of the few banks who actually have money to lend at the minute.


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    #2
    Snakeblood
    Registered Users Posts: 4,466 ✭✭✭Snakeblood


    DrPhilG wrote: »
    Have been with the bank lately about a mortgage, and the manager was more than happy with the application (it's only for €50k) and said he could see no reason not to accept it. Only thing is of course, he doesn't make the decision and it has to go to head office for confirmation.

    He has given a letter of provisional acceptance to keep the Estate Agent we're dealing with at bay, but isn't expecting a confirmation/refusal from head office til early next week.

    Has anyone been in a similar situation? Is it likely for the bank manager to be so cheery about our prospects only for head office to flatten it? I mean this fella wasn't just optimistic he was practically acting like it was a done deal.

    It's with Ulster Bank btw, who I've heard from a few people in the industry are one of the few banks who actually have money to lend at the minute.

    I'd be reasonably confident as long as your personal circs. don't change in the interim. If they didn't feel happy about giving you the mortgage, I don't think they'd give you even that*.

    *E&OE.


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    #3
    DrPhilG
    Registered Users Posts: 12,328 ✭✭✭✭DrPhilG


    Snakeblood wrote: »
    I'd be reasonably confident as long as your personal circs. don't change in the interim. If they didn't feel happy about giving you the mortgage, I don't think they'd give you even that*.

    *E&OE.

    No change in circumstance at all.

    Nothing I can do about it of course, just that the wife is a bag of nerves so I'm not sure if I should encourage her that it's going to be fine, or prepare her for the worst unnecessarily!


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    #4
    TwoShedsJackson
    Closed Accounts Posts: 9,438 ✭✭✭TwoShedsJackson


    DrPhilG wrote: »
    No change in circumstance at all.

    Nothing I can do about it of course, just that the wife is a bag of nerves so I'm not sure if I should encourage her that it's going to be fine, or prepare her for the worst unnecessarily!

    You could tell her what my mother always says at times like that: '(s)he who forsees disaster suffers it twice over'.


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    #5
    Milk & Honey
    Banned (with Prison Access) Posts: 1,950 ✭✭✭Milk & Honey


    At the moment, nothing is reliable until the money is handed over. the lengths banks are going to in order to stall and delay parting with money are incredible.


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    #6
    The_Conductor
    Moderators, Society & Culture Moderators Posts: 32,285 Mod ✭✭✭✭The_Conductor


    Milk & Honey wrote: »
    At the moment, nothing is reliable until the money is handed over. the lengths banks are going to in order to stall and delay parting with money are incredible.

    Very very true.
    Where simple loans might have been handled in a couple of days in branch in the past- now they're forwarded to a committee, and can take literally months.

    OP- how reliable is 'provisional acceptance'? Not very........


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    #7
    hunkydory1
    Registered Users Posts: 93 ✭✭hunkydory1


    http://www.boards.ie/vbulletin/showthread.php?t=2056412727

    Same or similar boat to you OP..

    The wait is just awful


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    #8
    DrPhilG
    Registered Users Posts: 12,328 ✭✭✭✭DrPhilG


    smccarrick wrote: »
    OP- how reliable is 'provisional acceptance'? Not very........

    Well in this case it wasn't far out!

    Mortgage fully approved this morning!


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