AIB Mortgage approval - My experience

Karlitto

Got approval for a lesser amount than what we asked for, we managed it. Sale agreed on the house we wanted.

WOOOOOPPPPPP!!!

Trish56

Great news Karlitto....Congratulations.

King Krib

crazy_kenny wrote: »

Use a broker. I applied to AIB directly for a mortgage of 160k. They offered 130k. Went to a broker and got 160k approval in less than a week from AIB.

Do you mind me asking what broker you went with?

crazy_kenny

King Krib wrote: »

Do you mind me asking what broker you went with?

Anita Cambie. She is based in Waterford. Very easy to deal with and keeps you updated regularly. WWW.anitacambie.ie/

ggg21

got approval today from AIB for 211K and with my 20k deposit gives me 230 purchase price. Delighted with that. Thanks for the feedback and input on here also, it is spot on. One thing which i would like feedback on is buying a house which needs renovation. I have viewed an old house which is on the market for 130k but needs 100k put into it. i am hoping to get bit cheaper than 130k if i go ahead with it but i would like some advice on the situation as a whole. I am been told that in this situation you get your mortgage for 130k and then have to submit the renovation reciepts after the work is complete to draw down the rest in stages after work is complete. I would like to hear any feedback on this. The reason i ask is it seems if i go this way i will need a deposit for the first 130k and then will have to have a substantial amount myself besides my initial deposit for renovations as no builder will complete all the work before they have been paid. I just want to understand what my options are and will the bank allow me use my full 100k remainder on renovating the house.

Trish56

ggg21. AIB and most lenders are not keen on renovation projects mainly due to cost over runs. You will need to have the renovations supervised by a qualified Architect/Engineer who must submit detailed costing's of the work and certify stage payments. Initially they will approve you for up to 92% of the lower of total cost or valuation by an AIB approved Valuer.

They will issue 92% of the purchase price to purchase the property and then issue stage payment as the work progresses and on receipt of interim stage payments certificates from your supervising Architect/Engineer. They will retain 10% until the work is finished and a final valuation report is received.

You may also have to apply for planning permission which will take approx. 3 months.

Trish 56

Jenni76

Hi there,
Is there anyone out there that can put a positive spin on the mortgage approval process with aib ?? Anyone who has actually been granted an approval ?? ......... Would really love to find out more on this subject

mel.b

I have been granted approval, should have keys in two weeks time. I used Killars1 who is highly recommended on this forum and he was a massive help, not just with the mortgage but with other bits and pieces and helped make the whole process straightforward and easy.

A friend i work with also got approval with AIB. They went direct to AIB and went from sale agreed to moving in in less than 12weeks

Jenni76

And can I possibly ask we're you as an investment a pretty safe bet : i.e did you have anything that you thought might of caused any issues for the application, just asking because I have heard all these stories that aib will refuse unless you are crystal clean ??

mel.b

I'd say i was relatively good - permanent public sector worker, no missed payments etc on loans, credit cards, no overdraft. No outstanding loans but a small outstanding balance on credit card. On the other side, i'm not an a non -EU national, having been in Ireland for a bit over 5yrs when i applied and had only been saving for about 9months but had saved a significant amount (all saved myself, no gift or inheritance, saved each month a bit more than twice what my repayments will be) in that time, so was able to demonstrate repayment capacity easily. Prior to that had been spending all my money on travelling!