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Approval in Principle

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  • 28-09-2017 9:55pm
    #1
    CS2811
    Registered Users Posts: 21 ✭


    We've just applied for our first mortgage after countless meeting with banks & mortgage advisors. im trying to manage our expectations.. how long can we expect to wait before hearing if we got approval in principle? (BOI, AIB & PTSB)


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    #2
    fg1406
    Registered Users Posts: 433 ✭✭fg1406


    CS2811 wrote: »
    We've just applied for our first mortgage after countless meeting with banks & mortgage advisors. im trying to manage our expectations.. how long can we expect to wait before hearing if we got approval in principle? (BOI, AIB & PTSB)

    We got ours in may, 2 weeks after application.


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    #3
    liger
    Registered Users Posts: 756 ✭✭✭liger


    CS2811 wrote: »
    We've just applied for our first mortgage after countless meeting with banks & mortgage advisors. im trying to manage our expectations.. how long can we expect to wait before hearing if we got approval in principle? (BOI, AIB & PTSB)

    You do realise that AIP is basically just a guide and not a guarantee that you will get that. I've had AIP from Boi, Aib, Ulster and Ptsb. Underwriters knocked it on the head with 3 of 4. Each with different reasons.


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    #4
    CS2811
    Registered Users Posts: 21 ✭CS2811


    liger wrote: »
    You do realise that AIP is basically just a guide and not a guarantee that you will get that. I've had AIP from Boi, Aib, Ulster and Ptsb. Underwriters knocked it on the head with 3 of 4. Each with different reasons.

    Yes I'm fully aware AIP is only a guide tool. I was just wondering if anyone had really good / bad experiences waiting


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    #5
    GingerLily
    Registered Users Posts: 4,767 ✭✭✭GingerLily


    AIP was given almost instantly. Credit approval took about a week after we submitted all our details (maybe 4 days). That was with a bank we used for day to day banking so tends to be quicker as they had all our bank statements.


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    #6
    mloc123
    Registered Users Posts: 9,454 ✭✭✭mloc123


    Hmmm... I see varying definitions of AIP. I consider AIP to be the decision you get back after the underwriters look over your application, not the mortgage advisor.

    We submitted all our documents to PTSB and had a decision from the underwriters back in about 3-4 days


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    #7
    liger
    Registered Users Posts: 756 ✭✭✭liger


    CS2811 wrote: »
    Yes I'm fully aware AIP is only a guide tool. I was just wondering if anyone had really good / bad experiences waiting

    Well good, AIP given at first sit down within 30mins.

    bad... forms went to underwriting where they sat on someone's desk for 5 weeks "lost". was then told it would be another 4 weeks to process as the queue was busy and I ended up closing accounts with that bank.


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    #8
    Jake2
    Registered Users Posts: 66 ✭✭Jake2


    I think what you are waiting for is letter of offer or something similar. This normally takes roughly 10 days depending on bank really this goes through the underwriters. Who have you applied to? If you have submitted all your documents this is more than approval in principle this is an offer which allows you to go ahead with your house hunting.


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    #9
    stargazer 68
    Registered Users Posts: 5,117 ✭✭✭stargazer 68


    mloc123 wrote: »

    We submitted all our documents to PTSB and had a decision from the underwriters back in about 3-4 days

    Got ours yesterday. Submitted last Thursday. Bank manager told us to 'go Shopping :)


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    #10
    kala85
    Registered Users Posts: 1,894 ✭✭✭kala85


    liger wrote: »
    You do realise that AIP is basically just a guide and not a guarantee that you will get that. I've had AIP from Boi, Aib, Ulster and Ptsb. Underwriters knocked it on the head with 3 of 4. Each with different reasons.

    What reasons would they give.


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    #11
    CS2811
    Registered Users Posts: 21 ✭CS2811


    We submitted all our documents so we are hoping for an offer. We're hoping to hear back next week


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    #12
    adam88
    Registered Users Posts: 1,609 ✭✭✭adam88


    Anyone familiar with ptsb. Sent off my stuff through the bank. 2 weeks later he rang me and said everything was hunky sorry. Few terms regarding existing loans and that.

    It's just when I read his email it said approval in principle. Does this term mean different things in different banks


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    #13
    scouserstation
    Registered Users Posts: 328 ✭✭scouserstation


    adam88 wrote: »
    Anyone familiar with ptsb. Sent off my stuff through the bank. 2 weeks later he rang me and said everything was hunky sorry. Few terms regarding existing loans and that.

    It's just when I read his email it said approval in principle. Does this term mean different things in different banks

    Yes it seems that way, we are currently doing a negative equity trade down mortgage with TSB and i was told over the phone we had approval in principal but to wait for underwriters to finalise our application, we are still waiting 3 weeks later...


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