Current Mortgage Wait Time

shellconn

Hi everyone

Anyone have any idea of the current “real” wait times are for second time buyer?
We were told by the bank that applications are at an all time high?

5.11 Tactical

Myself and my other half are currently waiting on a letter of offer from AIB, we have had to submit our documents 3 times (Because the 30 day period had timed out) this is down to AIB being slow.

To date we have submitted 70 plus documents, have a sizeable deposit and secure jobs, the application has been going now for 2 months and I am at the point of loosing the plot.

So yes it is taking a massive amount of time with AIB as for other banks I cannot comment.

They have gone from one extreme to the other and causing serious unnecessary stress on people who are well covered to get a mortgage.

Trish56

Depends on the lender KBC are taking approx. 1 month to process application and issue an Approval in Principle. AIB/Haven are taking approx. 2 weeks however that depends on a correct application with all documentation being up to date. All income documents and bank statements must be within one month so if they have to revert for some document then another may be out of date by the time the first one is received.

km79

Trish56 wrote: »

Depends on the lender KBC are taking approx. 1 month to process application and issue an Approval in Principle. AIB/Haven are taking approx. 2 weeks however that depends on a correct application with all documentation being up to date. All income documents and bank statements must be within one month so if they have to revert for some document then another may be out of date by the time the first one is received.

Was told exactly this by AIB today
It’s slow and if it goes over a month some documents such as wage slips have to be sent again

5.11 Tactical

km79 wrote: »

Was told exactly this by AIB today
It’s slow and if it goes over a month some documents such as wage slips have to be sent again

Be prepared to upload your paylsips and salary cert at least twice if not three times.


A work colleague told me it took 3 months to complete everything and also has a complaint in with the ombudsman.


I'm not sure what other banks are doing or timeframes but this should be straight forward when you have the deposit,all required documentation and a clear indication that your a model customer.

franglan

About 5 working days in October 2020 with BOI. Really straightforward.