Mortgage Approval in Principle Query

bing2019

Dear Sir/Madam,

I hope you  are well. I have a query regarding Bank of Ireland mortgage approval in principle. Is the approval in principle application sent to the underwriter and a credit check performed before the approval in principle letter is given to the applicant or is it just a letter stating what you may be offered based on the documents that you submitted stating your income and loans etc. I would appreciate any information. Thank you. 

Bank of Ireland: Aisling

Hi There, 

Thanks for getting in touch with us here on Boards.ie. 

If you made a general inquiry and provided us with limited information and documents, this would be a First Step AIP and in this case, a credit check would not be performed as it is indicative based on the information we have been supplied until we have a complete application and all documents are in and verified. At this point, it is submitted to underwriting and a review would be completed. If we require further information/documents, an AIP would not be issued until all documents and information have been received. 

In the case of a House Hunter, it will stay at underwritten AIP until a property is identified. 

In property-specific cases upon receipt and acceptance of the remaining documents, a formal Letter of Offer will be issued. 

This would generally be based on a case by case basis, so it may be best to link in with a member of our Mortgage Specialists Team for further information on this. The team is available Monday to Friday 9 am-5 pm by phone on 01 611 33 33. One of my colleagues will be more than happy to look into and clarify this with you. 

I hope this helps.

Thanks, Aisling

bing2019

Hi Aisling,

Thank you for your response. My AIP letter states "First Step House Hunter Approval in Principle" so I presume therefore it has not been through any underwriting process at this stage. I appreciate your response. Thank you.