mortgage approval?

janandbren

hi

just wondering any opinions if we will get approval. application gone in today!
we are renting last 3 and a half yrs of 800 a month, had loans for yrs, but we cleared all in january so none now, but we got credit reports today and there is a few missed payments on both. partner hasnt had a missed one in 2 years but did have quite a few then!
on mine all past loans perfect but one, had arrears of 1 month for 3 months, 2 months arrears for 2 months directly after that, cleared in december!
we have the deposit and are saving 600 a month since january on top of rent?

do you think the missed payments will kill us off any chance!??

killers1

janandbren wrote: »

hi

just wondering any opinions if we will get approval. application gone in today!
we are renting last 3 and a half yrs of 800 a month, had loans for yrs, but we cleared all in january so none now, but we got credit reports today and there is a few missed payments on both. partner hasnt had a missed one in 2 years but did have quite a few then!
on mine all past loans perfect but one, had arrears of 1 month for 3 months, 2 months arrears for 2 months directly after that, cleared in december!
we have the deposit and are saving 600 a month since january on top of rent?

do you think the missed payments will kill us off any chance!??

Unless you have gave a very reasonable explanation for this missed repayments it's highly unlikely you'll be approved to be honest.

chris85

killers1 wrote: »

Unless you have gave a very reasonable explanation for this missed repayments it's highly unlikely you'll be approved to be honest.

Would have to agree with this also. Loans are being given out but the applicants need to have near perfect finances.

Marie1307

Hi Guys,

My partner and I are first time buyers and sent off all applicable documents to AIB Mortgage Center in Naas. The advisor on the phone told us it would take 15 working days from date of receipt of the documents..In order for the documents/application to get there quickly i sent them by express post with a signature. They received the documents first thing on the 2nd of May 2013. I rang them yesterday evening to see if they had all the documents and the same advisor that I had been dealing with said that the documents hadnt even been looked at yet..and that it would be 15 working days from the time the lending assessors get there hands on our application...I asked her when that would be and she said that there are delays and that the assessors are more than a week behind...she couldnt give me any indication as to when the assessors will be in a position to review our application.

Its very frustrating as we've found a house we really like and we may miss out, if the application isnt assessed promptly..

Anyone else experiencing delays?

We're also thinking of trying PTSB and BOI...or should we go through a broker...will it speed up the process??

Any advice would be greatly appreciated..

chris85

Marie1307 wrote: »

Hi Guys,

My partner and I are first time buyers and sent off all applicable documents to AIB Mortgage Center in Naas. The advisor on the phone told us it would take 15 working days from date of receipt of the documents..In order for the documents/application to get there quickly i sent them by express post with a signature. They received the documents first thing on the 2nd of May 2013. I rang them yesterday evening to see if they had all the documents and the same advisor that I had been dealing with said that the documents hadnt even been looked at yet..and that it would be 15 working days from the time the lending assessors get there hands on our application...I asked her when that would be and she said that there are delays and that the assessors are more than a week behind...she couldnt give me any indication as to when the assessors will be in a position to review our application.

Its very frustrating as we've found a house we really like and we may miss out, if the application isnt assessed promptly..

Anyone else experiencing delays?

We're also thinking of trying PTSB and BOI...or should we go through a broker...will it speed up the process??

Any advice would be greatly appreciated..

Really the mortgage should be approved prior to searching for a house to make sure that delays like this dont stop you getting a house you see and like. Generally you apply for a mortgage before searching for a house, the bank give you approval in principle and then you go off house hunting and when you see a place you want a valuation on the property is done and a letter of offer is issued to you which outlines the terms and you have the money then.

If you are only applying now expect some delays, it can take time and they may come back looking for more documents or asking questions on the documents they have received.

Marie1307

Thanks Chris..I just need to be patient and all will work out..My granny always said 'What's for you...won't pass you by'.

Thanks again for your advice

drunkmonkey

Marie if its not processed take everything to your local AIB and get them to submit it. (They may also be able to give you approval in principal straight away). It's a lot easier deal directly with your local bank.
There will more than likely be query's on what you've sent in which will drag on the process well beyond the 15 days.