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approval in principle

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  • 29-09-2014 6:07pm
    #1
    Cadyboo
    Registered Users Posts: 1,302 ✭✭✭


    So we got aip four months ago. Now we have an offer on house accepted and they want the guaranteed mortgage letter which our broker says doesnt work like that as we didnt have a house to get mortgage for all along. However the bank told us we now need to reapply with all our statements etc again. Im not sure why I thought we wouldnt need to do full application again but now im afraid we could lose out on the house. They want a deposit which we will give asap. How long is the norm for mortgage approval?? Any help be great thanks?


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    #2
    Woshy
    Registered Users Posts: 1,429 ✭✭✭Woshy


    What bank are you with?

    We got approval in principle with a few banks and when it came time to buy the house we went with EBS. I just called our mortgage consultant and said we had found a house and gave him the address and our solicitor's details. Then he organised a valuer and send the info off to the underwriters himself. We didn't have to provide anything else or reapply or really do anything.

    Once the underwriters had approved the mortgage for the actual house (which took just under 2 weeks) then we went in and signed contracts etc.

    The two other banks I had AIP with also said the process was the same. I've never heard of having to reapply with bank statements after doing that already to get AIP.


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    #3
    BookBook
    Registered Users Posts: 99 ✭✭BookBook


    Has your aip expired? Mine was only for 4 months each time and then we would have to submit all the statements etc since the last approval.

    I believe with some banks the aip lasts 6 months.

    For me the first time it took a month to get approval and then when our aip ran out each time it only took a few days to get a new letter. Broker would write a letter for the EA to say that I was approved for amount I was bidding.


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    #4
    miezekatze
    Registered Users Posts: 1,341 ✭✭✭miezekatze


    I think I remember that it said in our AIP letter that once we had found a house we would need to submit everything again to get approval, but in the end the bank just wanted to know the agreed price, our solicitor details and the results of the valuation survey. Maybe check with the bank again - talk directly to the mortgage advisor you were dealing with, don't bother ringing the general number etc.


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    #5
    Cadyboo
    Registered Users Posts: 1,302 ✭✭✭Cadyboo


    Thanks for your replies we just submitted it all again. Supposedly it was 4 mths.


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