approval in principle

Discussion in 'Mortgages and buying and selling homes' started by Scary1, Dec 7, 2017.

  1. Scary1

    Scary1 New Member

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    2
    Hello, we got approval in principal with Ulster bank, found the property ,went sale agreed,paid booking deposit,after that applied for full mortgage. We are paranoid we wont get full mortgage because last year we missed 2 credit card payments ( it shows on my ICB,my other half has no issues on IcB) and mortgage advisor knows that,he said its not a bonus but we still have chance. Do they do any credit check before approval in pricipal ? We were able to get credit union loan after the missed payements ...Such a stressfull time to wait. Bank says it will take aweek or so to hear back..Other people says it takes ages to hear back from Ulster bank..What do we do,do we wait or try to apply somewhere else ? Sorry for any mistakes made , my native language is not english. Thank you
     
  2. Leo

    Leo Moderator

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    8,490
    There is nothing to stop you applying elsewhere as you await Ulster Bank's response.
     
  3. Nordkapp

    Nordkapp Frequent Poster

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    148
    They may not have done a credit check but for sure it will impact on your approval. We are having a torrid time with PTSB just with a mortgage top-up and we have a clean ICB. Best of luck
     
  4. Scary1

    Scary1 New Member

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    2
    Hi again, I got a phone call today from my mortgage advisor asking me to bring my ICB record letter. I handed it in straight away. I'm just wondering did the bank not do ICB check yet ? My ICB shows 5 fully cleared loans, never missed any payement ( each loan was €3.000-10.000) and it shows my credit card's 2 payements in arrears and cleared after that ( the balance on card was €800 ) .Do I still have a chance ? Just paranoid waitting again...
     
  5. Betelgeuse

    Betelgeuse New Member

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    Yours isn't the first post on here that suggests that UB are asking customers to provide ICB reports themselves rather than using whatever system financial institutions have access to.

    Seems like strange behaviour for a bank to me but I don't think it's out of the ordinary for UB.
     
  6. LDFerguson

    LDFerguson Frequent Poster

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    It's not 100% clear but I wonder is the mortgage advisor in the post a mortgage broker? If so, it would be common enough for a mortgage broker to ask to see a client's ICB record to see and be forewarned of the full extent of any potential problem.
     
  7. Monbretia

    Monbretia Frequent Poster

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    I remember the last time it was mentioned about UB asking for ICB reports, I asked a friend who is a mortgage adviser with them and he laughed at me and said things weren't that bad yet that they couldn't pay for their own ICBs, only situation where it might happen is if there is confusion about whether or not something on the ICB is correct. For instance if something came up that might or might not be the applicant, the bank can't disclose what might be someone else's info so will ask customer go their own report to check it.