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AIB - AIP to letter of offer

  • 04-10-2023 8:26pm
    #1
    Hasnoname
    Registered Users Posts: 1 ✭


    Hello All,

    I have recently been approved AIP with AIB - as in they took about 10 days to review all my documents ask me questions about certain outgoings and came back with an AIP that now only has two conditions: property and solicitor details. Now that I have found a property my mortgage adviser has sent off for my letter of offer. Does this mean the whole application gets reviewed again by an independent person, or is it more the property itself now needs to be approved before a letter of offer is given? It’s hard to get excited when I’m still not sure if I’ve actually been approved a mortgage… also a lot of conflicting info online.. some people say yes you have approval based off the fact they reviewed my docs and updated my original AIP and others say no you still need approval from an underwriter… (bare in mind my mortgage adviser specifically said that the lending team have come back with approval) HELP!!!

    Post edited by Shield on


Comments

  • #2
    Shield
    Moderators, Society & Culture Moderators, Help & Feedback Category Moderators Posts: 9,811 CMod ✭✭✭✭Shield


    https://www.boards.ie/discussion/2058316790/aib-aip-to-letter-of-offer

    Mod: Moved to Banking & Insurance & Pensions from the Help Desk.

    -Shield



  • #3
    Padre_Pio
    Registered Users, Registered Users 2 Posts: 5,288 ✭✭✭Padre_Pio


    Approval in principal is a routine financial check so the bank can tell you the maximum amount of money they will loan you for a property.

    If you're sale agreed then you will need a solicitor to handle the conveyance, and you will need to inform the bank about the property.

    The bank will require a valuation to ensure the property is actually worth enough to cover the mortgage, and a more thorough check of your finances before you can draw down the funds.

    Your solicitor will handle the property documents and the transfer of funds when the sale is complete.



  • #4
    bop1977
    Registered Users, Registered Users 2 Posts: 1,065 ✭✭✭bop1977


    https://www.boards.ie/discussion/2058316790/aib-aip-to-letter-of-offer

    You are approved, in principal. They need the details of the house you want to buy before it moves to the full loan offer.

    If you're buying a new house this should be fairly fast.

    If you're buying a second hand house they will want to take a look at that house a little bit.

    The approval in principal gives you a budget to work with so you know your limitations before you make an offer on a house. One thig to note is most house prices are click bate and usually go for more than the asking.



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