Timeframe for mortgage with AIB

familyman5

We applied in early august 2012, so we are in week 6 now. We have approval in principle since last week but it was pending submission of letter confirming wife will return to work after maternity - which we submitted (in less than 24 hours). They've been "processing" the letter for the last week now and we are left hanging.

Family of 5 living in the mother-in-laws spare bedrooms - unfair and unsustainable for everyone involved! Plus the deal will no doubt fall through if they dont cop on to themselves and push this through, meaning everyones effort will be in vain.

Financially, we are reasonably lucky and have been cleared - the amount we are looking to borrow is about twice our combined gross annual income. Only thing going against us is a second property (not in negative equity and rented for last 3 years). I know all about how they discount rental income etc., but as I say, financially they've given us the tick.

My question: has anyone got a mortgage with AIB recently (last 3 months)? and whats your timeframe been like?
I've heard all about the backlogs, and the supposed spike in mortgage applications ....but frankly I'm sick of listening and their refusal to give us any sort of expectation on a timeframe. And I feel sorry for my broker coz I still keep asking!

Want to know if there is any point in waiting, or do I abandon hope and go to another bank (and pay an extra couple of hundred a month on their variable rate)

Thanks

Huggles

Hey,

I did, I think it was about 7 working days before my solicitor got the approval pack. I went through branch directly with lots of help from Killers1 . I got approval on July 17th.....two weeks away from signing now mainly down to insurance crap and solicitor messing. Hope that helps.

familyman5 wrote: »

We applied in early august 2012, so we are in week 6 now. We have approval in principle since last week but it was pending submission of letter confirming wife will return to work after maternity - which we submitted (in less than 24 hours). They've been "processing" the letter for the last week now and we are left hanging.

Family of 5 living in the mother-in-laws spare bedrooms - unfair and unsustainable for everyone involved! Plus the deal will no doubt fall through if they dont cop on to themselves and push this through, meaning everyones effort will be in vain.

Financially, we are reasonably lucky and have been cleared - the amount we are looking to borrow is about twice our combined gross annual income. Only thing going against us is a second property (not in negative equity and rented for last 3 years). I know all about how they discount rental income etc., but as I say, financially they've given us the tick.

My question: has anyone got a mortgage with AIB recently (last 3 months)? and whats your timeframe been like?
I've heard all about the backlogs, and the supposed spike in mortgage applications ....but frankly I'm sick of listening and their refusal to give us any sort of expectation on a timeframe. And I feel sorry for my broker coz I still keep asking!

Want to know if there is any point in waiting, or do I abandon hope and go to another bank (and pay an extra couple of hundred a month on their variable rate)

Thanks

norrie rugger

familyman5 wrote: »

We applied in early august 2012, so we are in week 6 now. We have approval in principle since last week but it was pending submission of letter confirming wife will return to work after maternity - which we submitted (in less than 24 hours). They've been "processing" the letter for the last week now and we are left hanging.

Family of 5 living in the mother-in-laws spare bedrooms - unfair and unsustainable for everyone involved! Plus the deal will no doubt fall through if they dont cop on to themselves and push this through, meaning everyones effort will be in vain.

Financially, we are reasonably lucky and have been cleared - the amount we are looking to borrow is about twice our combined gross annual income. Only thing going against us is a second property (not in negative equity and rented for last 3 years). I know all about how they discount rental income etc., but as I say, financially they've given us the tick.

My question: has anyone got a mortgage with AIB recently (last 3 months)? and whats your timeframe been like?
I've heard all about the backlogs, and the supposed spike in mortgage applications ....but frankly I'm sick of listening and their refusal to give us any sort of expectation on a timeframe. And I feel sorry for my broker coz I still keep asking!

Want to know if there is any point in waiting, or do I abandon hope and go to another bank (and pay an extra couple of hundred a month on their variable rate)

Thanks

Got it yesterday after 2 weeks. Went through a broker

killers1

familyman5 wrote: »

We applied in early august 2012, so we are in week 6 now. We have approval in principle since last week but it was pending submission of letter confirming wife will return to work after maternity - which we submitted (in less than 24 hours). They've been "processing" the letter for the last week now and we are left hanging.

Family of 5 living in the mother-in-laws spare bedrooms - unfair and unsustainable for everyone involved! Plus the deal will no doubt fall through if they dont cop on to themselves and push this through, meaning everyones effort will be in vain.

Financially, we are reasonably lucky and have been cleared - the amount we are looking to borrow is about twice our combined gross annual income. Only thing going against us is a second property (not in negative equity and rented for last 3 years). I know all about how they discount rental income etc., but as I say, financially they've given us the tick.

My question: has anyone got a mortgage with AIB recently (last 3 months)? and whats your timeframe been like?
I've heard all about the backlogs, and the supposed spike in mortgage applications ....but frankly I'm sick of listening and their refusal to give us any sort of expectation on a timeframe. And I feel sorry for my broker coz I still keep asking!

Want to know if there is any point in waiting, or do I abandon hope and go to another bank (and pay an extra couple of hundred a month on their variable rate)

Thanks

If AIB came back to you last week with an 'approval in principle' as opposed to a 'seek further information' and the only condition is that your wife is returning to work, the loan is approved. You should be submitting a valuation report at this stage and going straight to loan offer. It's not that it takes them a week of looking at the letter to make a decision, it's a case that it takes a week to work its way through scanning and arrive at the top of the underwriters queue and back on their desk. You have nothing to worry about, the approval is a formality if that's all that was required so hang in there. I'd suggest instructing the valuation, that way the vendor will see things are progressing.

familyman5

Thanks killers1, hard to see it from where we're standing sometimes, but hope you're right! Should have mentioned Crèche fees once the wife does go back are being looked at too, but hoping that doesnt cause a big fuss seen as they gave us approval in principle already. You hear all sorts of stories about approval getting retracted.

Valuation, surveys, mtg protection, contract prep all done - so literally waiting for loan pack so we can close.

I'll post the outcome once we have it. Thanks all

killers1

familyman5 wrote: »

Thanks killers1, hard to see it from where we're standing sometimes, but hope you're right! Should have mentioned Crèche fees once the wife does go back are being looked at too, but hoping that doesnt cause a big fuss seen as they gave us approval in principle already. You hear all sorts of stories about approval getting retracted.

Valuation, surveys, mtg protection, contract prep all done - so literally waiting for loan pack so we can close.

I'll post the outcome once we have it. Thanks all

Crèche fees can be an issue as they are considered in the same way as an existing loan repayment. Without knowing the figures it's hard to give you an indication but best of luck, hope it goes to loan offer