Advertisement
If you have a new account but are having problems posting or verifying your account, please email us on hello@boards.ie for help. Thanks :)
Hello all! Please ensure that you are posting a new thread or question in the appropriate forum. The Feedback forum is overwhelmed with questions that are having to be moved elsewhere. If you need help to verify your account contact hello@boards.ie

AIB new mortgage approval system - Approval in principle

Options
  • 16-04-2019 6:57pm
    #1
    Vicxas
    Registered Users Posts: 15,365 ✭✭✭✭


    Hi All,

    We're going for our first mortgage and we met with an advisor who told us that we should hear via text within 30 mins but at a max a few hours.

    My question is has anyone else used this system? Was there a delay in getting the approval for you? Or should we expect the worst?


Comments

  • Options
    #2
    awec
    Administrators Posts: 53,823 Admin ✭✭✭✭✭awec


    Vicxas wrote: »
    Hi All,

    We're going for our first mortgage and we met with an advisor who told us that we should hear via text within 30 mins but at a max a few hours.

    My question is has anyone else used this system? Was there a delay in getting the approval for you? Or should we expect the worst?

    I am pretty sure AIBs new approval in principle process is basic online calculator type stuff. Nobody signs off on it before you're "approved", so it's pretty worthless.

    If you haven't got the text I'd guess technical glitch, because to get rejected at that stage you'd have to be asking for something nuts.


  • Options
    #3
    Vicxas
    Registered Users Posts: 15,365 ✭✭✭✭Vicxas


    awec wrote: »
    I am pretty sure AIBs new approval in principle process is basic online calculator type stuff. Nobody signs off on it before you're "approved", so it's pretty worthless.

    If you haven't got the text I'd guess technical glitch, because to get rejected at that stage you'd have to be asking for something nuts.

    Even when it's made by a mortgage advisor in branch? I'm just trying to set my expectations.


  • Options
    #4
    bigslick
    Registered Users Posts: 992 ✭✭✭bigslick


    Spoke with an AIB mortgage advisor last week at an event where I was told if we visited the branch with a copy of one month payslip, we would get approval in principle issued on the spot.....Found this odd as have been dealing with EBS and Ulster Bank for approval and they asked for a ton of paperwork up front before saying would be 10 business days before we found out.

    May just be a new method to get people through the door without the underwriters getting involved, and then there is more scrutiny when full approval is requested. Was no talk about a text though.


  • Options
    #5
    awec
    Administrators Posts: 53,823 Admin ✭✭✭✭✭awec


    Vicxas wrote: »
    Even when it's made by a mortgage advisor in branch? I'm just trying to set my expectations.

    Mortgage advisor is really just a sales / customer service person. They don't decide anything.


  • Options
    #6
    kevgaa
    Registered Users Posts: 321 ✭✭kevgaa


    I have recently completed this process myself a few months ago. basically meet advisor in branch with no documentation ( you will be asked salary, loan details, pension etc) thankfully I could look them all up on phone. Walked out with approval in principle after 45mins. Advisor said that’s the max AIB will loan us and it won’t change as long as the info you provided is correct. Also said speak to them if our property we want is over our approval in principal amount. (Thankfully it was under)

    They then registered us for a new app that we used for uploading all our documentation etc it was easy just took a pic on our phone. It kept us up to date on the process and if anything wasn’t right or they needed anything we got a sms message or a message in the app.


  • Advertisement
  • Options
    #7
    Vicxas
    Registered Users Posts: 15,365 ✭✭✭✭Vicxas


    kevgaa wrote: »
    I have recently completed this process myself a few months ago. basically meet advisor in branch with no documentation ( you will be asked salary, loan details, pension etc) thankfully I could look them all up on phone. Walked out with approval in principle after 45mins. Advisor said that’s the max AIB will loan us and it won’t change as long as the info you provided is correct. Also said speak to them if our property we want is over our approval in principal amount. (Thankfully it was under)

    They then registered us for a new app that we used for uploading all our documentation etc it was easy just took a pic on our phone. It kept us up to date on the process and if anything wasn’t right or they needed anything we got a sms message or a message in the app.

    This is what I'm referring to. I guess there was a glitch or something.


  • Options
    #8
    kevgaa
    Registered Users Posts: 321 ✭✭kevgaa


    Our first code had expired ( I think they only last a few hours) but I rang them the following day and they issued a new one.

    I think we got the first sms while we were still in the branch.


  • Options
    #9
    charlietheminxx
    Registered Users Posts: 2,579 ✭✭✭charlietheminxx


    I've been using it and found it great. We are at the final stages now, the mortgage portal made everything clear and easy to follow.


  • Options
    #10
    ontheditch2
    Registered Users Posts: 372 ✭✭ontheditch2


    Used it and went through smoothly in about 3 hours. Helped as we wanted to put a bid on a house and the estate agent wouldn't accept a bid without mortgage approval.
    Over the following few days we got all the info that they required e.g. payslips, savings, etc. and it was grand.


Advertisement