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AIP letter timeline

  • 10-11-2022 9:37am
    #1
    PSFarrell
    Registered Users, Registered Users 2 Posts: 61 ✭✭


    2 weeks ago sent in all documents to get AIP from PTSB... Last weekend visited a house that that ticks most boxs and is still well within my price range. I emailed to see the status of my application and was told it would be another 4-5 weeks before I would hear back. That means it will be near 2 months! Is this normal? The house in question is having 1 more viewing the weekend and then they are hoping to close. Is there anyway you can expedite the process? I assume most estate agents don't accept bids without proof of funds to stop people messing around.



Comments

  • #2
    Abril9
    Registered Users Posts: 30 ✭Abril9


    https://www.boards.ie/discussion/2058271167/aip-letter-timeline

    Hi PS,


    I literally posted this question a few weeks back, nobody answered me 🤣.

    It took us just a tad over three weeks to receive confirmation of AIP and the letter through a broker. This was not with PTSB however.



  • #3
    Formosa
    Registered Users Posts: 494 ✭✭Formosa


    https://www.boards.ie/discussion/2058271167/aip-letter-timeline

    I know every situation is different, I saw a house I liked and the sellers were about to agree with the top bidder. I had applied to another bank and was waiting for AIP...my broker advised to bid regardless, which I did and it was accepted. EA didn't ask for any proof of mortgage.

    I then kept the head down for some 4 weeks until AIP came through & I could move on valuation. In fairness my broker knew his stuff and wasn't worried that I wouldn't get AIP...so if you can, put a bid in...worst case you'll just have to withdraw if there's an issue



  • #4
    blarb
    Registered Users Posts: 89 ✭✭blarb


    Hi there, we applied for AIP with PTSB via a broker. It took 4.5 weeks from application submitted by broker to getting our AIP letter. From what I hear they are pretty slow at everything at the moment - application, drawdown etc. I guess cos they're the cheapest rate going (for now) they're pretty busy... I applied for AIP directly with AIB (my own bank) and they sent AIP letter in less than 2 weeks!



  • #5
    PSFarrell
    Registered Users, Registered Users 2 Posts: 61 ✭✭PSFarrell


    Finally got the AIP letter today...took about 6 weeks in total...Followed the advice above and made an offer on the house that was accepted and kept the headdown till we got the letter. Hopefully its smooth sailing from here



  • #6
    southofthelee
    Registered Users, Registered Users 2 Posts: 35 ✭southofthelee


    https://www.boards.ie/discussion/comment/119857026#Comment_119857026

    In areas of high demand, Auctioneers will not entertain non-cash bids - never mind bidders without AIP.



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