Mortgage approval validity

Calimero242

Registered User
Messages
10
Hi,
We are mortgage approved in principle with AIB for 6 month. (we went through the full process already). On approval ends next week-end. We would like to sale agreed on a house tomorrow or possibly saturday.
Is it still time ? I was told that a "sale agreed" must be submitted before the approval ends. Or is it until the contract are exchanged ? (in that case it is probably too late)
Thanks
 
If you ring the mortgage people before the approval ends, they might be able to extend it for you.
Otherwise you may have to go through the approval process again, in any case they might still ask for more recent documents. It would be better to discuss it with them before the Approval date ends, that might make the next bit easier.
 
I think the bank will be looking for more than a " sale agreed" within the period before expiry of loan offer. We have been in a similar position , went sale agreed on a property early 2014, and were advised recently that our mortgage approval/offer from AIB would expire during the late summer. As we will not be in a position to sign/exchange Contracts for Sale before expiry date, we sought clarification from the bank on the expiry of offer issue. Their response was that as we would not be in a position to sing off on Contract for Sale before expiry of mortgage offer, we should resubmit our savings/outgoings documentation etc. We did this and had our application re-approved/updated without any delay. If your financial or personal circumstances haven't changed since last approval, you shouldn't have any difficulty. Best of luck !
 
Thanks for your reply.!
We have submitted a renewal for a mortgage that have just expired after 6 months. Since AIB found out that our lending condition have changed (we are now expecting a baby), AIB asked for an update on few documents that we provided right away. (proof that partner will return to work, new payslips etc...). Everything seems to be more or less ok now.

The mortgage team emailed me to confirm that our file have already been "[FONT=Default Sans Serif,Verdana,Arial,Helvetica,sans-serif]sent it up to Lending in Dublin to be checked and hopefully signed off". However, they would not confirm anything until "final stage".

What does it mean in theory ? What are our chance to get the mortgage approved at that level ?
We are desperate to sign a sale agreement for a house we found.
Thanks !
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