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Approval in principle and putting down an offer

  • 31-12-2018 1:16pm
    #1
    Lauren131415
    Registered Users Posts: 10 ✭


    Just wondering if anyone can help, myself and my partner have mortgage approval in principle. We got it online through AIB and have the option of uploading documents (p60s etc) onto the portal but we’d rather do this in person and haven’t gotten to do it yet. We have some viewings coming up and we’re wondering if you can put an offer on a house with just approval in principle, not full approval? Thanks.


Comments

  • #2
    amcalester
    Closed Accounts Posts: 4,121 ✭✭✭amcalester


    You can offer but your bid might be taken more seriously if you have full approval that covers the bid.

    Having said that I bought a new build earlier this year and when I met the auctioneer I had neither but explained my situation, that I was confident of getting approval, no chain etc and he was happy to take my deposit.


  • #3
    Lauren131415
    Registered Users Posts: 10 ✭Lauren131415


    amcalester wrote: »
    You can offer but your bid might be taken more seriously if you have full approval that covers the bid.

    Having said that I bought a new build earlier this year and when I met the auctioneer I had neither but explained my situation, that I was confident of getting approval, no chain etc and he was happy to take my deposit.

    Thank you! That’s very helpful.


  • #4
    dudara
    Registered Users, Registered Users 2 Posts: 33,518 ✭✭✭✭dudara


    It doesn’t sound like you have proper approval in principal just yet. The underwriters won’t issue that until they’ve gotten all your paperwork and crunched the numbers. It sounds like you just have a very basic approval based on salaries etc. You need to secure the full AIP. You will get final final approval once you have chosen your property and the sale price is known.

    Having said all that, there’s nothing stopping you in theory from making an offer. But you will need to have the AIP sorted by the time your bid is accepted and the process starts.


  • #5
    leburg
    Registered Users Posts: 19 ✭leburg


    Lauren131415 wrote: »
    Just wondering if anyone can help, myself and my partner have mortgage approval in principle. We got it online through AIB and have the option of uploading documents (p60s etc) onto the portal but we’d rather do this in person and haven’t gotten to do it yet. We have some viewings coming up and we’re wondering if you can put an offer on a house with just approval in principle, not full approval? Thanks.


    I would advise against going any further with AIB online drop into a Branch and talk to an advisor. I went through this last year and got full approval from the underwriters and found the process very slow. You submit your forms and once all is approved from the underwriters you can bid problem is if you miss house you update the portal with new house details and wait again,
    I found the process just didn’t have that personal connection you would get from an advisor in the bank.

    I went with another bank as the advisor was great to deal with and answered any questions I had quickly something I just didn’t get from the AIB portal.


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