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After Mortgage Approval in Principle

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  • 27-04-2015 6:25pm
    #1
    TheQuietBeatle
    Registered Users Posts: 614 ✭✭✭


    Hi all,

    Hope you might be able to help us with this quick question.

    We supplied all our documentation such as payslips and P60's, etc. and thankfully we got mortgage approved in principle last week.

    We hope to have a house sale agreed tomorrow morning. What is the process after this? Do we need to supply more payslips and other documentation again? Or are we good at this stage to just fill out the details of the house in a form and then proceed with deposit?

    Any help would be appreciated.

    Thanks.


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    #2
    gaius c
    Registered Users Posts: 3,528 ✭✭✭gaius c


    You went directly to the bank?
    Do we need to supply more payslips and other documentation again?
    Oh absolutely. You will need to provide a lot more documentation than you did for AIP. Bank will also want a valuation.
    Or are we good at this stage to just fill out the details of the house in a form and then proceed with deposit?
    Very unlikely.


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    #3
    TheQuietBeatle
    Registered Users Posts: 614 ✭✭✭TheQuietBeatle


    Hi there,

    Yep, directly to the bank.
    Oh absolutely. You will need to provide a lot more documentation than you did for AIP. Bank will also want a valuation.

    What documentation will they require? How quick is the process?

    Thanks for you quick response.


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    #4
    MarkAnthony
    Closed Accounts Posts: 6,934 ✭✭✭MarkAnthony


    It all depends on the bank really. I had an awful time with Ulster Bank after the AIP, KBC were great. Others will vary. Typically once you have approval from your bank you'll need the following:

    A Valuation - Ulster Bank pay for this, others you pay. Relatively quick, maybe a week or two.

    Once that's in your solicitor will start to check the title, I'm yet to come across a sale where there wasn't some sort of issue here. I've relatively limited experience though so who knows. Assuming the solicitor signs off on title you can then look at sorting closing dates etc.

    Oh and you'll also need all your insurance in place.

    Average time to complete a sale at the moment is 4 1/2 months.

    You may find the bank want to do additional checks near drawdown, such as whether you're still employed etc.


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    #5
    cat123456
    Registered Users Posts: 37 ✭cat123456


    It really depends on the bank. Some banks such as AIB and Bank of Ireland give you a full approval letter of offer after you submit your docs to the underwriters. We recently applied to EBS and they gave us an approval in principle letter. They said that we won't get a full offer letter until we assign a house. I submitted all relevant docs such as: payslips, p60's, bank account, credit card , savings and loan statements, salary certs, work contracts, gift letters. If you haven't submitted all of these then assume that they will be definitely be asking you for them at some point.

    We went sale agreed with AIB and the process was that we paid the booking deposit to the auctioneer and gave them the name of our solicitor, we selected a valuer from the banks list of approved valuers (this took 1-2 days) rang bank and gave them the address of the property and our solicitors details. The bank then send you and your solicitor an official offer and mortgage pack for that property. Valuation is sent to bank. The rest then is down to the solicitors going back and forth about the contracts etc. the last two things you will need for the bank are your life cover and home insurance. This is required just before draw down so you have a good bit of time to organise it. You shouldn't need a structural survey for the bank unless the house is over 100 yrs old. This is more for your own piece of mind.

    During the couple of months we were sale agreed we weren't asked for more salary certs, bank statements ect but as far as I know the bank might ask for these docs again after 3-6 months. If your loan offer or AIP expires after 6 months you will need to resubmit everything but if you are sale agreed it sort of renews the 6 months again if that makes sense? So if you are approved until July but go sale agreed in June you will have until Dec for the sale to go through not July.

    Hope this helps. Good luck with it :-)


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    #6
    Millem
    Registered Users Posts: 7,729 ✭✭✭Millem


    Ok so we are now sale agreed on our third house :eek: but are first time buyers.
    We got our full approval with AIB, then we picked a valuer from their list who did the valuation the day I rang. They emailed the valuation the next day and posted a hard copy to AIB. We then got our letter of offer the next day and our loan pack sent out to our solicitor. Our approval runs out in July and we have been told we will need to resubmit everything then.


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