Mortgage

[Asian]

Hello All,

Can someone please advise the below,

1. We have an offer accepted on a property and mortgage application which went is process yesterday, at what stage do I involve the solicitors? The reason I haven't involved them as of yet, since I am worried if the mortgage doesn't get through then what.

1. How long does the mortgage approval process take with Bank of Ireland, any timelines would be greatly helpful.

1. Is Bank of Ireland too stringent about the mortgage process.

1. At what stage do I have to show the deposit amount to the solicitors, currently have 5 percent in our account. The other 5 percent will come from our salaries over next 2 months, shares and stocks. Will the solicitors be good with it or they would need to see it right away.

1. Is there a possibility we can take a loan to add more to the deposit, the current mortgage application we have is lower than our mortgage affordability. Please advise.

Would greatly appreciate any insights. Regards

Are you a first time buyer?

We are trying to buy for the first time now (had one property fall through unfortunately). We instructed solicitors immediately after having an offer accepted as their details are needed for the memorandum of sale.

Make sure your solicitor is on your mortgage lenders’ panel - you should ask the solicitor about this before you go ahead and instruct them.

When we had an offer accepted the estate agent needed to see proof of funds before marking the property SSTC on Rightmove.

I don’t understand your last question. If you can afford a bigger mortgage why would you need a loan.

Ideally you should instruct solicitors when your offer is accepted.

Their searches and checks can take several weeks. As pp said, make sure your solicitor is on your mortgage lenders panel.

Not sure how you have been able to submit a mortgage application without proof of funds for your deposit. Banks usually don't consider stocks and shares unless you have cashed them out.

I have gone through the process with Bank of Ireland in ireland just in the last few months.
Did you make a full application or just applied for approval in principle? AIP came through in less than 24 hours for us. However the full application was a huge long drama.

1. Solicitors are needed for some of the paperwork for a full mortgage application. Not sure how you made a full application without a solicitor?

1. How long? 4 months. We ended up threatening to sue them unless they completed the process.

1. Is Bank of Ireland too stringent about the mortgage process.

They are extremely stringent. We had 55% deposit and were borrowing less than 2x our annual combined income. No unusual incomes here, all accounts with them for the last 20 years, all very straightforward and we were made jump through hoop after hoop after hoop.

1. Deposit at solicitors.

Can't help, ours was a remortgage. But proof of deposit was part of the full application pack.

1. Is there a possibility we can take a loan to add more to the deposit.

You will have to declare the loan in your application and it will reduce what they offer. Do not take a loan out while they are assessing your application. It will go back to square one.

Thanks for your response. Yes we are FTB. We can get a higher mortgage as per our salaries but closed on a lower value house. We were looking at taking some money on loan to fund the deposit.

Thanks for your response. We do have funds but in difficult places, need to consolidate them at one place.

Thanks for your response. It is a full application. I had provided the solicitor details in the application. We applied through a mortgage lender. 4 months is a real long time :(. We also have AIP from Halifax, but they are looking for a higher deposit which we unfortunately do not have for now.

Fingers crossed your experience is better than ours. Our original mortgage was also with bank of ireland and back then had been no hassle at all. We couldn't believe how difficult it was this time. Their communication was AWFUL, loads of people involved, nobody ever up to date on our case and telling us different things. The amount of supporting paperwork (well over 30 individual forms and docs in the end) was unbelievable too.

That's a read a bad experience. Did you go through a mortgage broker. I have given all the supporting documents to the broker and she said she will provide them to the bank if required. Fingers crossed, hopefully this works out and pretty quickly.

We did not go through a broker. We had a great experience with the original mortgage and expected it to be easier this time if anything as we had so much equity. The rates went up during the 4 months they took to assess the application and we lost the lower AIP rate. In the last month we were ringing to chase every day, sometimes more than once. Absolute nightmare, I really could not believe it.

The good news is you are at least through this. The wait is extremely stressful. Just saw they did hard search on my credit file day before yesterday. Is this a good or any sign ?

Hi @Dox9, Still waiting on mortgage offer from BOI. The application was first reviewed by the account manager who approved and sent to underwriter, the underwriter went back and fro with couple of questions, approved it and send it to senior underwriter, the senior underwriter asked a couple of questions back and fro, asked the last question (hopefully) 3 days back and has gone quite, no news at all. Worried sick on what's happening :(

Hey @Asian I was just googling to see how long bank of Ireland mortgage applications take and this thread came up. Did you get your mortgage in the end?? I’m waiting for mine and nervous!!

No I dint. They declined.

@charlotteeeeeeq how did you get on? Have you tried AIB? We went with AIB and i couldn’t fault them one bit. We went in to them in on 15th May for our first appointment, AIP on 22nd May and we had our full offer on 4th Jun. Not one question was asked. Hope you got sorted.

Hey!! Sorry I just saw this, I got accepted it just took a while a lot of back and forth!!