How long is it taking for Mortgage Approval for switch

Just switched from PTSB 5 years fixed to AIB 2.15% green rate.

Whole process took 3 months and 1 week.

4 or 5 weeks to Mortgage approval when switching from KBC to Perm TSB. That's mortgage approval now, we still have some way to go with actually closing it out. Hoping to be done and dusted in the next 3 or 4 weeks if my solicitor can stay on top of things. I want to get it done before holiday season starts and people are away for weeks at a time.

I've heard Avant are inundated at the moment..

Could be worse, I'm on my 3rd mortgage broker.

First stopped dealing with Avant but never told us. Got us approval with ICS but they raised their rates & ended up more expensive then our current mortgage.

2nd I submitted everything & then radio silence. Tried phoning & e-mails but not reply after 7 days so went to the third. I got a reply in their document app to say they tried calling me but couldn't get through but I never missed any calls. On the day I applied to No 3 I got an email yo ask me to phone them as there was an issue with the builders quote, didn't even call me.

Third seems great. Really on the ball & everything is done ASAP. Going out of his way to try speed it up to get us drawn down before avant rate rise.

We had the same issue with broker saying avant was straightforward and 10-15 days once you had AIP.

They are not and neither are brokers.

Went sale agreed on 31st March and had AIP with avant. 4 weeks on and broker says avant won't lend because I am on maternity leave and I need an updated payslip. I return to work to get said payslip. I had already gotten a letter from my employer but apparently not sufficient.

We loose a bit of faith in the broker and Avant at this time so we start asking about other lenders. The broker said BOI would only take 65% of salary because I was on maternity leave and that's the amount I get topper you to so no point in applying. So I applied to Bank of Ireland myself and had AIP within 2 weeks and loan offer 2 weeks after that.

We continued with the broker and Avant and once I got my payslip after another 2 weeks provided it. Asked the broker would we have our loan offer within the 10-15 days and they said no.

So overall waste of time going with Avant unless you have at least 3 months to play with or more likely 4 months. Seller wasn't going to wait that long unfortunately.

You need to plan for another 4-6 weeks after Approval in principal while they re-ask for all the same information and put you back in the que.

If I were you I'd either ask the broker to lodge another application with bank of Ireland or aib or are faster just in case. Or apply direct.

Please do not rely on 1 bank for a loan offer

4 months? was there any reason it took that long, other than their workload? At what stage was it approved?

When I started I was told 4 weeks for approval & 3-4 to draw down.

Our survey is done & the solicitor has already requested the deeds from the bank so I'm hoping the rest goes through quicker. I'm not in any real painc to get switched so not the end of the world, I'll be annoyed if the rate increase happens before I draw down but not the end of the world if it does.

Got AIP from ICS in March, then they put up their rates, so tried Haven instead. Still waiting decision from them, been with them at least 6 weeks I'd say.

By the time I get AIP they'll probably increase their rates too :(

started process early March and so much documentation is required

Broker upload it to avant on 31st March and no feedback from them if approved and broker saying below

unfortunately Avant’s situation is out of our control and I didn’t want to reply without having some kind of realistic guideline. I was just on to them again today & clarifications are taking 2 weeks plus to be reviewed. I know it’s crazy, but Avant Money has stopped all their marketing campaigns until they get on top of their back log & are heavily recruiting as we speak

Update after 2 and a half months

"Underwriters are spending this week underwriting all returned clarification cases this being one of those"

No AIP or anything to give us indication if accepted or if we will get the €1.5 for Legal fees (we applied before deadline)

Hopefully get good news next week

Just checked on this

There was no requirement to have drawn down by the end of March. All we needed was have our application in before April (and not before January), be a customer of Ulster or KBC and draw down within 6 months of receiving the offer letter.

The offer states they will pay out within two months. There is a range of 6-8 weeks for payout in practice.

Got our formal loan offer this week from Avant.......with the wrong rate on the document. Broker told us to sign it anyways. Had to tell the broker a number of times it's a legal document governing the agreement and it needs to be corrected. Eventually they went back to ask Avant for the corrected contract.

Very frustrating experience with Avant & the broker asking drip feed for documents and having stupid questions.

How long are people waiting for valuation after booking it with Avant? Booked Friday, nothing back yet.

Does anyone now where Avant's offices are in Maynooth? We are signing loan offer with solicitor on Thurs afternoon and I'd rather hand deliver them than run the risk off An Post next day letting me down.

The PO box relates to an address in Maynooth, just trying to find out where though. Everything has to be back with them by Friday in order to draw down by next Friday, though I had no chance but loan pack turned up yesterday at solictors, so got a chance now but not optimistic it will go through in time to get the lower rate.

We just got our loan offer yesterday. The broker called today to see if we can push the solicitor & seemed to think we may be able to get everything back to Avant by Friday. They're e-mailing the legal pack to speed it up apparently.

I'm not holding out much hope but would be great if we did make it. For timeline. The documents Avant requested with the approval in principle were sent in on the 14th June. They sent another query on the 30th June (on something that had already been explained more than once before). then loan offer sent on the 5th July.

I had been told Avant were putting more people on loan offers so that might speed things up.

Before the 15th the 7yr fixed rate is 1.95%. After the 15th the rate will be 2.25%. 5yr is going from 1.95 to 2.15%. Shorter terms are staying at 1.95% for now

The 10 year rate will be 2.4% after the the 15th, I think that was 2.25% up to then but I could be wrong.

What LTV is that? Because those aren't the rates I was quoted.

Are the rates publicly available anywhere?

Been a manic couple of days. Solicitor got the legal pack yesterday morning. Then it was numerous calls between the solicitor, the broker & my parents (for child minding).

Drove to Waterford from Dublin to sign with the solicitor after work yesterday. Took the legal pack with me & dropped it to Avant this morning. Had to leave the car in for a service too.

Realised last night a new valuation was required which we've just been told is now completed. Uploaded a few docs to the broker last night. Just waiting for them to reply now.

As far as I know we have done everything needed so hopefully we'll get the lower rate. I'll be delighted when it's finally finished & with any luck ill never be looking for a new mortgage again! Although solicitor said we've been remarkably fast & it's usually much longer.