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Approval In Principle (how long?)

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  • 09-02-2015 3:27pm
    #1
    griffzinho
    Registered Users Posts: 125 ✭✭


    Hi, We recently got a formal sanction in principle with AIB for a mortgage.
    However, we are attracted to your stamp duty offer. Just a couple of questions:

    1.) Can we reuse the salary certs we got filled in for our AIB application (dated January)
    2.) How long will it take to get full aproval in principle with Bank of Ireland?

    Many thanks,
    P


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    #2
    Bank of Ireland: Sarah
    Closed Accounts Posts: 1,640 ✭✭✭Bank of Ireland: Sarah


    griffzinho wrote: »
    Hi, We recently got a formal sanction in principle with AIB for a mortgage.
    However, we are attracted to your stamp duty offer. Just a couple of questions:

    1.) Can we reuse the salary certs we got filled in for our AIB application (dated January)
    2.) How long will it take to get full aproval in principle with Bank of Ireland?

    Many thanks,
    P
    Hi griffzinho,

    Thank you for contacting us on Boards.

    We would not ask for a salary cert until we would issue you a formal letter of offer. Please note that these salary certificates would differ from the one you have filled in for AIB.
    In relation to the time period, our Mortgage team have a 24 Hour promise, however if there are further details required from you, our Mortgage team will contact you and this may then take up to 48 hours.

    If you need further information, you can request a callback from our Mortgage team here. They will be happy to help with any further queries you may have.

    Thanks,
    Sarah


  • Options
    #3
    Bank of Ireland: Alison
    Closed Accounts Posts: 1,060 ✭✭✭Bank of Ireland: Alison


    Hi griffzinho

    We'd just like to come back to your previous post today with some additional information for you.

    Technically, we don't do 'approve in principle'. Most of our mortgage applications are approved within 24 hours, and unlike other banks, our approvals are formal approvals that include a full credit assessment. This means once you have been approved with us, you can act on this approval straight away.

    We also have house-hunter mortgage approval which is approval for a mortgage amount even before you have found a suitable property. And our approval lasts for 6 months.

    You can start your mortgage application online in a few minutes at www.bankofirleland.com or speak with one of our Mortgage Advisors in a branch or over the phone at 1890 365 345. 

    We're hoping you have since been in contact with our Mortgage Team. Of course, if we can help you here please do not hesitate to ask. 

    Thanks for your interest 
    Alison


  • Options
    #4
    griffzinho
    Registered Users Posts: 125 ✭✭griffzinho


    Hi,

    Thanks so much for your reply. If we proceed it would definitely be through a branch Mortgage Advisor. It's just a pity that you don't accept salary certs from AIB. My other half isn't keen on pestering her obnoxious financial controller for another salary cert. Personally I think it's worth it for the stamp duty reduction. 

    Regards,
    Padraigh


  • Options
    #5
    Bank of Ireland: Alison
    Closed Accounts Posts: 1,060 ✭✭✭Bank of Ireland: Alison


    Great to hear from you again Padraigh.

    Yes, we'll need confirmation of salary on a BOI template but this is not needed as part of the initial application. 

    Also just to mention, regarding the documents required, each applicant needs their most recent P60, last 3 months payslips and last 6 months bank account statements (if personal account is not with Bank of Ireland). Photo ID and proof of address is also needed. Other documents that may be required will be outlined in the Offer Letter if the mortgage is approved.

    Our dedicated Mortgage Advisors in our Branches will be glad to help with any questions you may have and also if we can assist here, please feel free to ask.

    Thanks again
    Alison


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