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Ulster Bank mortgage application - 3 months?

  • 08-08-2019 5:43pm
    #1
    maciek87
    Registered Users Posts: 542 ✭✭✭


    Hi,

    We`ve applied for a mortgage in the middle of May - till now neither nay nor yay from the bank.
    Broker can`t get any information from the bank.

    Paperwork submitted was completed, or so I believe.

    Is 2.5 months normal?


Comments

  • #2
    r93kaey5p2izun
    Closed Accounts Posts: 3,962 ✭✭✭r93kaey5p2izun


    I got AIP from UB through a broker recently. It took 6 days.


  • #3
    questionmark?
    Registered Users, Registered Users 2 Posts: 3,074 ✭✭✭questionmark?


    Got mine from KBC. Took a week.


  • #4
    lawred2
    Registered Users, Registered Users 2 Posts: 24,423 ✭✭✭✭lawred2


    Went to my local ptsb and got aip in about two days.


  • #5
    phormium
    Registered Users, Registered Users 2 Posts: 3,345 ✭✭✭phormium


    A bit odd! Your broker should be able to get some sort of info, have they even got confirmation that the application arrived in Head Office? Are you sure it left their desk :) I used to listen to my manager spinning all sorts of HO delay excuses to customers when I knew the paperwork was still sitting on his desk.

    I think I'd be ringing underwriting myself to ensure it's there and what the status is.


  • #6
    Trish56
    Registered Users, Registered Users 2 Posts: 1,256 ✭✭✭Trish56


    I'm not too sure your Broker is being totally honest with you.
    I'm a mortgage broker myself and once submitted to lender they should be back with either an 'Approval in Principle' or a clarification within 5/6 working days. New Central Bank Regulations introduced in January 2019 ref. CP112 states the lender must give you a decision within 10 working days. If the application is not complete then they can stop the decision timeline until a full application with supporting documentation is received.

    You need to discuss the above with your broker as if lender came back looking for further information the broker would have had to contact you within the guidelines of Central Bank.


    maciek87 wrote: »
    Hi,

    We`ve applied for a mortgage in the middle of May - till now neither nay nor yay from the bank.
    Broker can`t get any information from the bank.

    Paperwork submitted was completed, or so I believe.

    Is 2.5 months normal?


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  • #7
    Jim2007
    Moderators, Business & Finance Moderators Posts: 10,358 Mod ✭✭✭✭Jim2007


    maciek87 wrote: »
    Hi,

    We`ve applied for a mortgage in the middle of May - till now neither nay nor yay from the bank.
    Broker can`t get any information from the bank.

    Paperwork submitted was completed, or so I believe.

    Is 2.5 months normal?

    Sounds very odd, the broker should have contacts in the bank after all and should be able to come up with something.

    My guess is that the broker dropped the ball... per has the application has only gone it...... or went in when you contacted them...


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