approval in principle

S

Scary1

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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
 
There is nothing to stop you applying elsewhere as you await Ulster Bank's response.
 
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
 
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...
 
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.
 
Betelgeuse said:
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.
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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.
 
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.
 
He , so we have lost the house and had booking deposit transfered back to us..
Bank is lending us "only " 35.000 less than promised. We have 60.000 in savings and the house we wanted costs 195.000, on the letter in principal says we will get 140.000 so thats why we were looking at houses priced up to 200.000 , but bank would be happy to borrow us only 105.000. Our joint incomes are only 42.000 per annum so thats the problem and we have 2 kids so probably there is no point try other banks , we should just try to find cheaper house...
 
Scary1 said:
We were able to get credit union loan after the missed payements ...
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You got a CU loan after your approval in principle? Did this appear in your ICB report?
UB would recalculate your approval when they seen you had another loan to repay monthly
 
We had no loans when applied for mortgage . I just ment we had CU loan last year and it was no problem to get this loan even having not perfect ICB report.
 
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Mortgage advisor ( not broker ) phoned me few days ago and said its all about our incomes and not ICB what I was worrying the most ..I'm just surprised that AIP says 140.000 ...when we only getting 105. 000 ( but if I understood right they still wont give me full approval letter now for that amount , we need to find other house ? ). I just forgot to ask him everything I wanted as this call made me so sad and was just overstressed. Will meet bank next year and see ...Our CU do mortgages up to 100.000 so we might try them incase UB change their mind again and lend us less than that. Thanks for everyone.
 
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