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Approval in principle to loan offer

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  • 29-09-2016 3:40pm
    #1
    pawdee
    Registered Users Posts: 550 ✭✭✭


    We received AIP from EBS a few months ago. It went before an underwriter at the time and he/she went through everything in fine detail. We gave them everything they asked for at that point - statements, P60s, IDs, you name it. The AIP is valid until December. We're sale agreed, deposit in place, valuation done, insurances sorted etc. Does everything have to go before an underwriter again? What are the chances of the AIP not becoming a loan offer at this stage? Just a bit worried cos I'm paranoid about this kind of thing!


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    #2
    SB_Part2
    Closed Accounts Posts: 1,951 ✭✭✭SB_Part2


    Yeh it needs to go through everything again.


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    #3
    MissElle
    Registered Users Posts: 244 ✭✭MissElle


    Im going with EBS too and I was told that we don't need to re submit anything as you are within the 6 months of getting AIP as everything went to the underwriters already. I'm waiting on loan approval too and I was told that there'll be no problem as none of my circumstances have changed. Best bet is to ask your mortgage advisor OP just to be sure!


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    #4
    pawdee
    Registered Users Posts: 550 ✭✭✭pawdee


    Thanks. What a painful process this is.


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    #5
    Prismatic
    Registered Users Posts: 32 ✭Prismatic


    MissElle wrote: »
    Im going with EBS too and I was told that we don't need to re submit anything as you are within the 6 months of getting AIP as everything went to the underwriters already. I'm waiting on loan approval too and I was told that there'll be no problem as none of my circumstances have changed. Best bet is to ask your mortgage advisor OP just to be sure!

    We are also waiting for loan approval from EBS. May take up to 10 days they say. How long it it take for you?

    Wondering should we sort out and pay for the mortgage protection and home insurances now or wait for full approval? How long does the process take to receive life policies and the letter of indemnity from the insurance companies? Really don't want anymore delays at this stage!


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    #6
    sez1312
    Registered Users Posts: 2 ✭sez1312


    We also have AIP with EBS. Waiting on the loan offer, when i checked on Monday it was with their credit department waiting for the formal offer letters. Today they have said all going well we should have the letters by cob tomorrow. They said the volume of applications is why it is taking so long...


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    #7
    machalla
    Registered Users Posts: 1,523 ✭✭✭machalla


    Prismatic wrote: »
    We are also waiting for loan approval from EBS. May take up to 10 days they say. How long it it take for you?

    Wondering should we sort out and pay for the mortgage protection and home insurances now or wait for full approval? How long does the process take to receive life policies and the letter of indemnity from the insurance companies? Really don't want anymore delays at this stage!

    House insurance should be very quick unless its an unusual build or in a flood area. What you should do is put through the details online of the house to see if it throws up any problems.

    The one that often takes longer is mortgage protection. Depending on your age and medical history this can really drag on and there is no guarantee you will get it if you have any major medical issues. Even relatively minor ones sometimes.


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    #8
    Prismatic
    Registered Users Posts: 32 ✭Prismatic


    machalla wrote: »
    House insurance should be very quick unless its an unusual build or in a flood area. What you should do is put through the details online of the house to see if it throws up any problems.

    The one that often takes longer is mortgage protection. Depending on your age and medical history this can really drag on and there is no guarantee you will get it if you have any major medical issues. Even relatively minor ones sometimes.

    Thanks for the info! I was approved for mortgage protection, just need to confirm I want to proceed and pay. Should I do this before full loan approval? Just worried that actually receiving the life policy documents will take a while and then won't be able to assign them to the bank for a few weeks or something. Can that wait until just before drawdown? Or does it need to be assigned well in advance? Sorry for all the questions, totally clueless as I'm a FTB!


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    #9
    mugsymugsy
    Registered Users Posts: 1,569 ✭✭✭mugsymugsy


    Be careful about mortgage protection especially if you are going through bank. Often useful to shop around through a broker. Bank will say it's easier via them but broker was far cheaper and and clued in.


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    #10
    apeking
    Registered Users Posts: 492 ✭✭apeking


    We are going through this process at the minute. Didn't have to provide any additional info, just waiting on valuation to be done before they will issue offer letter


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    #11
    The_Conductor
    Moderators, Society & Culture Moderators Posts: 32,285 Mod ✭✭✭✭The_Conductor


    apeking wrote: »
    just waiting on valuation to be done before they will issue offer letter

    Just be careful- the loan offer is based on their valuation of the property- and not on what you have offered to pay for the property. They're not always the same thing.........


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    #12
    apeking
    Registered Users Posts: 492 ✭✭apeking


    The_Conductor wrote: »
    Just be careful- the loan offer is based on their valuation of the property- and not on what you have offered to pay for the property. They're not always the same thing.........

    Ye hopefully it goes through ok. I am a bit worried about it to be honest. Although we went sale agreed at asking price the asking price was high compared to comparable evidence in the area.


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    #13
    machalla
    Registered Users Posts: 1,523 ✭✭✭machalla


    Prismatic wrote: »
    Thanks for the info! I was approved for mortgage protection, just need to confirm I want to proceed and pay. Should I do this before full loan approval? Just worried that actually receiving the life policy documents will take a while and then won't be able to assign them to the bank for a few weeks or something. Can that wait until just before drawdown? Or does it need to be assigned well in advance? Sorry for all the questions, totally clueless as I'm a FTB!

    As were we all as a FTB, so no worries on that score.

    Once you are approved there shouldn't be much in the way of delay getting the details assigned to the bank. That's just administration. The difficult part is getting approval for mortgage protection.

    You are a long way down the line of the whole process if you have all that done so best of luck with it.


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    #14
    pawdee
    Registered Users Posts: 550 ✭✭✭pawdee


    Update.....just got our loan offer from EBS. I was bricking it that they'd ask for more paperwork but they didn't. Signing contract next week. Over the moon cos we're so sick of renting! Best of luck to everyone here going through the mortgage process.


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    #15
    Prismatic
    Registered Users Posts: 32 ✭Prismatic


    machalla wrote: »
    As were we all as a FTB, so no worries on that score.

    Once you are approved there shouldn't be much in the way of delay getting the details assigned to the bank. That's just adminisitration. The difficult part is getting approval for mortgage protection.

    You are a long way down the line of the whole process if you have all that done so best of luck with it.

    Cheers, that has me more at ease. Still nerve wreaking waiting on approval though!


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