Mortgage approval, how long and what required?

Sassypants

We have found a house we really want to buy (first time buyers), we have mortgage approval in principle but will be officially applying for a mortgage this afternoon.

Has anyone got any idea how long it takes to get approval from PTSB?

Also, what do we need to bring with us taking into account that we bank with PTSB anyway?

Cheers

Hollywood130

Sassypants wrote: »

We have found a house we really want to buy (first time buyers), we have mortgage approval in principle but will be officially applying for a mortgage this afternoon.

Has anyone got any idea how long it takes to get approval from PTSB?

Also, what do we need to bring with us taking into account that we bank with PTSB anyway?

Cheers

Hi there
Wondering how long the process took you? Im hoping to get in this week to apply!

alan3t

Also interested in how long the process takes as we bank with PTSB too. Will be going in to manager in the next few weeks with all our paperwork. P60 and two of last three payslips, a salary cert, six months bank statements, completed household cash flow planner, current ID, Utility bill, statements from any loans or savings and valuation report on current property. That's just the start of it I suspect.

Hollywood130

Alan3t I'm at your stage too, we left all that paperwork in last week including Engineer report on finishing the house, the bank gave us another form that the engineer needs to fill out, certification of something or other can't remenber the name of it now, the mortgage advisor said once we get that back to him we will have an answer in 10 days, as in an approval in principal, once that happens the bank sends out their valuer, not sure how long that takes but I'll keep you posted! It's such a long process it's driving me mad, not the most patient person in the world!

paddy138

We have currently applied through a broker to ptsb and the start of the process was mid febuary the have come back twice looking for extra paperwork and engineers reports, its a very long process, our broker isnt the problem its the underwriters with ptsb they are supposed to be very busy with all new mortgage applications. Our broker has said we should definitly know those week. So if we do that would be between 6-7 weeks, its a long process but hopefully worth it

Trish56

If the mortgage application is packaged properly by either the mortgage advisor or your broker it will take 10 working days. If the underwriter requires clarification on any item such as bank lodgement/withdrawals etc. this will hold up the whole process.
The following are items that will be required:

• 2013 P60
• Salary certificate completed and stamped by your employer
• 3 recent payslips
• Copies of passports or drivers licence
• Recent utility bill in your present address
• 6 months recent current account statements if banking with another bank
• 6 months recent Credit Card statements
• 6 months recent savings statements
• 6 months recent short term borrowing statements
• Gift letter if applicable
• Planning permission if building
• Letter's from Supervising Architect/Engineer if building or renovating
• Details of costs if building/renovating
• Rent payments must be evidenced on bank statements

Hope the above helps and best of luck with your applications.

Hollywood130

We have ALL of the above paperwork finally handed into the tsb today, they said it will take 10 working days for an answer with tomorrow being Day 1, I don't have much hope that they will actually have everything gone through tomorrow, I'm so afraid it'll take longer, it took me a week to get in touch with the Mortgage advisor, that was a number of phone calls to the branch and a number of emails before I got just an email back

red face dave

We went with a mortgage broker and we had word back from PTSB in 2 weeks. We have been approved and so far a delay by the auctioneer processing the valuation has been the only hold up. As above once you have all the paperwork together and correct there should be no real hold up.

Hollywood130

All I'm afraid of is that the Mortgage Advisor delays sending it off, after it taking him so long to get in touch maybe he might be slow making the application too... I emailed him yesterday to say I'd be starting my counting from today (Day 1 of 10) but got no reply from him so I'm wondering when will the ten days actually start. All we were short was the Engineers cert of the site and the cashflow planner, they both went in yesterday, surely they should be fine to get off asap. Fingers crossed it all goes to plan, we love the house we found, we've been looking at it for ages it's exactly what we want

Trish56

Hollywood130 wrote: »

All I'm afraid of is that the Mortgage Advisor delays sending it off, after it taking him so long to get in touch maybe he might be slow making the application too... I emailed him yesterday to say I'd be starting my counting from today (Day 1 of 10) but got no reply from him so I'm wondering when will the ten days actually start. All we were short was the Engineers cert of the site and the cashflow planner, they both went in yesterday, surely they should be fine to get off asap. Fingers crossed it all goes to plan, we love the house we found, we've been looking at it for ages it's exactly what we want

Household Expenses Form (HEF) is no longer required by Perm Tsb to process a mortgage application as and from 9th April.

Hollywood130

No way?? Well our Mortgage Advisor gave us one on the 8th of April to fill in and give back to them which we did yesterday, do you think he will use it still as part of the process??

Trish56

Hollywood130 wrote: »

No way?? Well our Mortgage Advisor gave us one on the 8th of April to fill in and give back to them which we did yesterday, do you think he will use it still as part of the process??

If you already have an AIP your application will be assessed under old format up to 30th June.
New System of assessing applications will be Repayment
Capacity and Minimum Disposable Income Requirement.

Just checked new system of assessment starts 14th June not 9th April as stated by me on previous post.

Hollywood130

Ok, thanks for that Trish, I just can't wait to find out, it really is such a long process, I suppose the 10 day countdown is on now and we're over the worst of it I suppose, its just a yes or no really from here, I just hope it happens in 10 working days even if it went to 11 or 12 I wouldn't mind...

Trish56

Hollywood130 wrote: »

Ok, thanks for that Trish, I just can't wait to find out, it really is such a long process, I suppose the 10 day countdown is on now and we're over the worst of it I suppose, its just a yes or no really from here, I just hope it happens in 10 working days even if it went to 11 or 12 I wouldn't mind...

Stop worrying you should be fine, I do know they are very busy and the HEF was making things far more complicated and time consuming so the fact that it is gone should help the mortgage decision process.

Hollywood130

Yeah hear there are alot of applications going through at the moment, the waiting game is just horrible!! Thanks a million for your responses!

Hollywood130

Just an update, we applied for a fully finished house with TSB and once all the paperwork was in they were back to us in 3 days with an approval

activegal

Trish56 wrote: »

If the mortgage application is packaged properly by either the mortgage advisor or your broker it will take 10 working days. If the underwriter requires clarification on any item such as bank lodgement/withdrawals etc. this will hold up the whole process.
The following are items that will be required:

• 2013 P60
• Salary certificate completed and stamped by your employer
• 3 recent payslips
• Copies of passports or drivers licence
• Recent utility bill in your present address
• 6 months recent current account statements if banking with another bank
• 6 months recent Credit Card statements
• 6 months recent savings statements
• 6 months recent short term borrowing statements
• Gift letter if applicable
• Planning permission if building
• Letter's from Supervising Architect/Engineer if building or renovating
• Details of costs if building/renovating
• Rent payments must be evidenced on bank statements

Hope the above helps and best of luck with your applications.

Hi Trish could you advise the extra paperwork/details required by a FTB couple consisting of a Self Employed Sole Trader (10 years) & a Company Director (whose business is trading 12 months- is this long enough for mortgage approval?)..

Kind regards

Activegal