Problems with BOI drawdown

johnnyskeleton

Has anyone else had problema with BOI at drawdown stage? They approved me without problem for a reasonably modest mortgage but as the drawdown date approaches they seem to have lots of problems. Im self employed but im not sure that should cause as many problems as they've thrown at me.

First, they lost all my documents and we had to start again, then they wanted me to get my accounts physically signed (even though my accountant had prepared full letterheaded accounts). Of course, they never told me either of these things at any stage of the process, it was only when my solicitor requested the cheque that i was referred back.

Then, because two weeks had passed since my statements for my savings account had been given in, I was told to get up to date statements. For two weeks!

Then, they lost the valurers report, the valuer had to do it back up from scratch, then they changed their valuers form so she had to do it a third time. Now, the valuer has made a minor mistake in the address (as has he girl in the branch when filling out the application form) and since neither of these things match they say the whole process has to start again. All because of a missing letter in the address.

All the while, as they show complete contempt for me in the mortgage application, they've "upgraded" my account to a premier banking account without any input from me, but that seems to be no more than a fancy name for the same old incompetence. Ive tried to get different people to do the application through and they keep referring me back to this crazy lady who seems to shred everything I send her.

The branch manaer has called me but for all his talk hes done nothing to help.

I feel like im losing my mind a little bit! Its abundantly clear that Bank of Ireland have no real interest in giving out mortgages. They will approve you, they will walk you right into going sale agreed and hen mess you about royally just at the point of closure.

Has anyone else had any problems like this with this absolute disgrace of a bank? Their whole attitude is to nitpick over minor details, one at a time, lose documents and not tell you, causing more delays. Its as if there is no human control on their end!

alibab

Yes I had huge issues with them still waiting on contact from there complaints department. I actually hal way through the process jumped ship to aib where I was approved in 48 hours after weeks of messing around with bank of ireland . All went smooth with Aib once approved and no issue with drawdown at all in my house now .

I never even contacted boi and I heard nothing from them for 5 weeks until one day a call to say congrats you are approved with a list of stipulations as long as my arm achievable but a lot of hassle . None of this with Aib . I laughed at them told them my experience with Aib and asked for case to be referred to complaints dept . I haven't heard from them since .

So yes it was like something I have never encountered before the worst service ever and I was a customer for 25 years .

johnnyskeleton

Thanks for that - its a huge relief to know its not just me or that im not just going crazy! I normally dont get all that stressed out but this really has been the most unpleasant, unprofessional experience ive ever had to deal with!

alibab

It had me stressed to the hilt the 1 percent stamp duty money back was the reason I tried bit I was so sorry I did . They tried to convince me that it would be plain sailing once I was approved but I honestly believe that I would have met huge issues on draw down . They could not give me a reason why it took 8 weeks to approve me when it took aib 48 hours once I submitted all my bank accounts etc and salary cert . In fairness to the girl I dealt with in the bank she thought it was bizzare as on paper I was a perfect candidate . That was of no help just made me more irate

D_D

Had a very similar situation myself with BoI. Was dealing with a mad woman who seemed to lose my paperwork frequently, waited until the last minute before making ridiculous requests which delayed the whole process and just seemed incompetent overall. I was transferred between between different people because the mad woman decided it would be a great idea to go on holiday for two weeks on the draw down day which she specified...

Don't think I could go through it again.

L1011

My specified rep was someone who never updated me and seemed surprised when I didn't know stuff that had landed on her desk and went no further.

In the end it didn't delay me as there were huge probate issues on the sellers side - including one that meant I drew down and was paying insurance from a specific closing date that slipped another three weeks (luckily BOI take the first payment about 10 weeks in so I didn't have to make a payment for a house I couldn't even go in to).

The lack of proper branch phone number is another huge problem, in the end I managed to see and memorise the managers and advisors 076 numbers when *in* the branch!

johnnyskeleton

Thanks guys. I think im going to have to try out ulsterbank or someone in the morning. They probably wont like the sound of a short notice drawdown, but with a bit of luck they will accommodate me! I spoke to them after the first round of craziness and they were very nice, but someone advised me to stick to BOI since i was nearly at the end of the process with them. Big mistake looking back on it!

dublin2

Having terrible service issues with BOI, similar to your problems and I am dealing with business banking. Takes an age to get anything done, bureaucratic and pedantic beyond belief. Absolutely NO sense of who is the customer. It is like dealing with the HSE or the civil service, they are there to collect their salary and customers are a mere nuisance.

The minute I get this transaction through I am closing all my Bank of Ireland accounts. It is perfectly clear they have no interest in me or my business.

PBPumpkin

Having a similar experience ourselves - losing documents, needing to get payslips resigned by work, issues with template the valuer used then the updated report getting lost - the list goes on.

We are at the very last stage now of actually getting the cash having jumped through all of the hoops again and again so fingers crossed we will have good news today ................ otherwise I'm not sure what we will do.

We decided on BOI over KBC mainly because of the stamp duty offer - I hope we don't end up regretting our decision

jackhammer

OP, I had similar problems with BOI. Like you, I'm self-employed and your experience with BOI nearly mirrors mine. I don't believe in coincidences. I came to the conclusion that they didn't want the drawdown to happen. In the end I jumped ship and went to KBC.

PBPumpkin, I'd advise you to start the application process with another bank, just as a contingency.

koheim

I feel your pain.
We got a mortgage for self-build and are at the final draw down stage now, but when it comes to documentation they seem to be making it up as they go along.

The amount of documentation is unreal, but the biggest issue is that as soon as we have sent them on piece of information/documentation they then ask for something more, or something else or a clarification. Every time it delays the cheque with another 2 or 3 weeks. They do this instead of telling us exactly what is required and when they need it.

A very frustrated process to deal with, and BOI is not making it easy

UncleChael

Jesus is this is actually happening to me as we speak, thought nothing of it until now. Finally got a date of completion, requested drawdown and now all these nit picky things are popping up.

gaius c

We were on the other side of the deal with BOI and experienced the same frustrations as the OP to the point that the buyer was signaling that they might need to go elsewhere.

McGrath5

Just be aware OP if you go with Ulster Bank, they took 3 weeks from the day I applied to the day of drawdown, and that is taking into account the fella I was dealing with in the branch "speeding up" my application as he liked to call it.

liam7831

We got our mortgage off BOI drawn down at start of September. I think to be fair to the staff they are overwhelmed with applications and are very short staffed, btw I don't work there

I would advise ppl to update their bank statements every few weeks throughout the process so not to slow down the thing once its time to draw down the money

sarkozy

We had nothing but problems with BOI. Similar starting point: good downpayment, low enough mortgage, got approved, then the trouble began. They didn't lose our documents, but they didn't check the pack properly which led to the same issues. Many more delays, etc., all the while we were running up costs with an increasingly impatient vendor threatening to withdraw. The final straw was when they suddenly realised they'd made a mistake in the loan conditions which we could never make because they input the information incorrectly. By then, we'd signed the loan agreement and it, I assume, became a legal/contractual issue. Major crisis meeting leading to back-and-forth between the mortgage advisor, underwriters, senior underwriters. Eventually, we got the loan after I had to write a CV and get a letter form my employer. It was an absolute disaster and I could only ever see it thereafter as BOI playing games to look good on paper but treating people like absolute crap after their f-ups.

You are not alone. But be dogged in your determination. Phone them up every day. Email them. Bother them until it happens.

radharc

Going back about three years we had a very similar situation with AIB. The mortgage approval in principle is a PR exercise, it is only when they are faced with coughing up that they actually take it seriously.

2013Lara

We had terrible issues with Ulster bank, they were a disaster. We have our mortgage with Ptsb and found them great to deal with. I'm also self employed, no issues at all.

cpoh1

Its funny because I had a great experience when dealing with BOI for our mortgage, they are thorough but once you have what they were looking for its very straightforward. Fully approved in less than a week.

I would be very wide of Ulster bank, found them very loose and fluffy when we were looking for a mortgage. AIB not much better. Agree with other approval in principle is not worth the paper its written on anywhere.

Fozzie Bear

Drew down our mortgage in the past 2 weeks. Only issue we had was with our house insurance policy. The insurance company put "Bank of Ireland Mortgages" as the interested party on my policy.

BOI rejected this and made us go back, get the policy changed and all new documentation because, ironically enough, of the word "Mortgages" in their name. They just wanted "Bank of Ireland" on the policy. Out from that no hassle for us. Mind you we used a broker so maybe they had loads of grief we never heard of:pac:

The broker and our solicitors did mention that the Banks have gone from one extreme to the other. Whereas 6/8 years ago they were throwing out mortgages and money now they want ever "t" crossed and "i" dotted. Incredibly picky about every little detail being correct. Which I suppose is the right way to do things.

jackal

I had an ok experience, but maybe they are more inclined to flash the cash for a PAYE worker?

The guy I dealt with in my branch of BOI was clear, communicative and helpful, he wanted to get the mortgage over the line as much as I did. He has moved on now unfortunately, but yeah, overall a good experience.

As someone else said, the approval in principle part is all but meaningless. Approvals are not given at branch level, all approvals go through a central underwriter who can and will request further information once it gets to the serious stage.

surpy

back in april we had similar problems. paye, permanent, big deposit, years of savings, healthy incomes, quick approval for reasonable amount.
then hoop after hoop, was in the branch so many times, getting new forms, same forms in different format.
about 4 weeks in we did an online applicaton with AIB, was in the house within another 4 weeks and BOI still ringing me (got stalkerish) asking for stuff, despite me telling them over and over we were with AIB.

in the process of moving all my accounts out of BOI at the moment, never dealing with them again tbh

doubter

jackhammer wrote: »

OP, I had similar problems with BOI. Like you, I'm self-employed and your experience with BOI nearly mirrors mine. I don't believe in coincidences. I came to the conclusion that they didn't want the drawdown to happen. In the end I jumped ship and went to KBC.

PBPumpkin, I'd advise you to start the application process with another bank, just as a contingency.

I've just completed my application to KBC-how long did it take with you until you had a final answer?

jackhammer

doubter wrote: »

I've just completed my application to KBC-how long did it take with you until you had a final answer?

I had the offer letter after 4 weeks. Drawdown took another 2 weeks.

doubter

jackhammer wrote: »

I had the offer letter after 4 weeks. Drawdown took another 2 weeks.

brrrrrrr..did you get any feedback before that?