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Approval in principle??

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  • 18-10-2016 8:54pm
    #1
    stickman22
    Registered Users Posts: 46 ✭


    Hi,
    We have put a deposit down on a new build (due to be completed in Spring) & applied for our mortgage 2 weeks ago. We provided all the information to the (super helpful & professional) mortgage advisor in our branch & recieved our AIP letter today. We are a bit confused as we applied for the mortgage 2 weeks ago & the AIP letter is requesting documents we have already submitted, why is this?
    We are a bit surprised as the AIP for BOI is a full credit check & they are requesting the same information again.
    Do we drop the documents requested from the AIP letter back to branch once we have them ready or do we send them somewhere else
    Also as it is a new build & we may not be drawing down the mortgage within 6 months eg if build is delayed etc would we have to reapply all over again?
    Also I just want to say we are very happy with Bank of Ireland so far & the mortgage advisor in our branch is absolutely brilliant, very imformative, cheerful & really seems to love her job.


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  • Options
    #2
    Bank of Ireland: Nicola
    Closed Accounts Posts: 735 ✭✭✭Bank of Ireland: Nicola


    stickman22 wrote: »
    Hi,
    We have put a deposit down on a new build (due to be completed in Spring) & applied for our mortgage 2 weeks ago. We provided all the information to the (super helpful & professional) mortgage advisor in our branch & recieved our AIP letter today. We are a bit confused as we applied for the mortgage 2 weeks ago & the AIP letter is requesting documents we have already submitted, why is this?
    We are a bit surprised as the AIP for BOI is a full credit check & they are requesting the same information again.
    Do we drop the documents requested from the AIP letter back to branch once we have them ready or do we send them somewhere else
    Also as it is a new build & we may not be drawing down the mortgage within 6 months eg if build is delayed etc would we have to reapply all over again?
    Also I just want to say we are very happy with Bank of Ireland so far & the mortgage advisor in our branch is absolutely brilliant, very imformative, cheerful & really seems to love her job.
    Hi stickman22, thanks for getting in touch and I’m glad to hear that you’re happy with the service.
    Let me check this further for you and I'll come back to you shortly with more information.
    Thanks
    Nicola


  • Options
    #3
    Bank of Ireland: Nicola
    Closed Accounts Posts: 735 ✭✭✭Bank of Ireland: Nicola


    Bank of Ireland: Nicola wrote: »
    stickman22 wrote: »
    Hi,
    We have put a deposit down on a new build (due to be completed in Spring) & applied for our mortgage 2 weeks ago. We provided all the information to the (super helpful & professional) mortgage advisor in our branch & recieved our AIP letter today. We are a bit confused as we applied for the mortgage 2 weeks ago & the AIP letter is requesting documents we have already submitted, why is this?
    We are a bit surprised as the AIP for BOI is a full credit check & they are requesting the same information again.
    Do we drop the documents requested from the AIP letter back to branch once we have them ready or do we send them somewhere else
    Also as it is a new build & we may not be drawing down the mortgage within 6 months eg if build is delayed etc would we have to reapply all over again?
    Also I just want to say we are very happy with Bank of Ireland so far & the mortgage advisor in our branch is absolutely brilliant, very imformative, cheerful & really seems to love her job.
    Hi stickman22, thanks for getting in touch and I’m glad to hear that you’re happy with the service.
    Let me check this further for you and I'll come back to you shortly with more information.
    Thanks
    Nicola
    Hi stickman22,

    Approval in principle is usually for 6 months but this can be extended if you haven’t found a property yet and there’s been no significant change to your circumstances.

    As you've already chosen a property it’d be best to make sure that all the documents requested in the AIP letter are provided so we can issue you with a formal mortgage offer letter.  You’ll then have a further 6 months from the date of the formal offer letter to draw down the mortgage; again this can be extended if necessary.

    Updated documents (e.g. salary certificates) are often needed closer to mortgage drawdown to confirm circumstances haven’t changed in the meantime. These documents can be returned directly to the branch mortgage adviser or sent by post to the mortgage business at the address on the offer letter.

    I hope this helps, please let me know if you need anything else.
    Thanks
    Nicola


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