Approval in Principle

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kennyb3

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Why do AIB and BOI do things so differently?

Just heard that we are approved in principle by AIB - obviously delighted. The said they'd issue a letter confirming same.

When we went into BOI, who we are still waiting to hear back from, we had to select an actual house and they approve us for that. They even issue a letter of offer. Though they say the details can be changed easily if we find another house and a new offer letter can be issued.

AIB approved us for about 40% more than we need. BOI for exactly what we need (or think we need).

Seems weird that they have such different practices.
 
Maybe you are looking for sensible amount based on your income. In any case approval in principle is very different to a letter of offer.
 
becky said:
Maybe you are looking for sensible amount based on your income. In any case approval in principle is very different to a letter of offer.
Click to expand...

Yep that's it we are being prudent. Our repayments would be about 24% of joint net income.

On your second sentence that's my point - boi take 7 days to give you a loan offer, aib the same for approval in principle. Why the difference?

If approval in principle has significantly less worth - why the delay?
 
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