How long are Mortgage Approval Applications taking currently?

sadie

Frequent Poster
Messages
623
Friend applied for a BOI mortgage 2 weeks ago. Has rung up a few times to be told that Application is still waiting to go to the underwriters. How long has anyone waited currently from submission of all documents to getting the Letter offer Approval of the amount?
 

Boyd

Frequent Poster
Messages
1,606
I'm 7 weeks waiting for same from Ulster bank. Finally got notification of approval during the week, still awaiting offer letter. Two weeks.... They probably haven't even opened the submitted documents yet :-D
 

NoRegretsCoyote

Frequent Poster
Messages
1,467
Friend applied for a BOI mortgage 2 weeks ago. Has rung up a few times to be told that Application is still waiting to go to the underwriters. How long has anyone waited currently from submission of all documents to getting the Letter offer Approval of the amount?
This happened to me in 2012 with BoI.

I couldn't tell whether this was true or cover for laziness.

It did seem that the underwriters internally seek to retain an air of mystique and don't communicate well with staff dealing with the application.

But that was just one experience a long time ago.
 

random2011

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Messages
193
Submitted all my docs in early July with KBC. Decision was meant to be 10 working days. Was told the application is strong. Still waiting today however. Called last Thursday requesting call back. no update since. Frustrating as my fixed rate with current bank is ending mid August. Expect to be approved but just don't know when. It is frustrating but I guess given the current climate, its not surprising.
 

Factfinder

New Member
Messages
2
Submitted all my docs in early July with KBC. Decision was meant to be 10 working days. Was told the application is strong. Still waiting today however. Called last Thursday requesting call back. no update since. Frustrating as my fixed rate with current bank is ending mid August. Expect to be approved but just don't know when. It is frustrating but I guess given the current climate, its not surprising.
We are also waiting on KBC and have the exact timelines as you. We are looking to move and need to make a lot of time sensitive decisions based on their response. We were also advised that we likely to get approved but that is no use in the real world. My concern is my paper work becoming noncompliant due to the delay. We have requested 4 call backs. This morning was advised that they are not completing the call backs and that the applications will take weeks to get through.
I understand the current climate but I really think they should stop taking applications until they are in a better position to process them in a timely manner.
 

Dublinbay12

Registered User
Messages
52
I am going through a broker, and just submitted al the documents on Tuesday. Any indication of what is causing the delay? Lack of staff access due to wfh? Increase in applications? Increase in due diligence due to Covid?
 

Factfinder

New Member
Messages
2
I am going through a broker, and just submitted al the documents on Tuesday. Any indication of what is causing the delay? Lack of staff access due to wfh? Increase in applications? Increase in due diligence due to Covid?
The list of reasons that we have received to date are:
1. An IT issue
2. Staff redeployment due to increase in mortgage deferral / breaks
3. Increase in demand to switch mortgages.
4. And this mornings little jem was “because everyone is off and just calling in“
I did have to correct them on this as we are both working and haven’t had a day off since Feb, And we were not ”just call in” we were looking for a timely update on our application.
 

Dublinbay12

Registered User
Messages
52
The list of reasons that we have received to date are:
1. An IT issue
2. Staff redeployment due to increase in mortgage deferral / breaks
3. Increase in demand to switch mortgages.
4. And this mornings little jem was “because everyone is off and just calling in“
I did have to correct them on this as we are both working and haven’t had a day off since Feb, And we were not ”just call in” we were looking for a timely update on our application.
Unfortunately, there isn't a lot we can do in this situation except wait and respond promptly to any queries or additional documentation requests. It can be entirely frustrating especially when you have properties you want to bid on. Just remember that everyone else who applied is in the same situation.
 

Markel

Registered User
Messages
36
Submitted all my docs in early July with KBC. Decision was meant to be 10 working days. Was told the application is strong. Still waiting today however. Called last Thursday requesting call back. no update since. Frustrating as my fixed rate with current bank is ending mid August. Expect to be approved but just don't know when. It is frustrating but I guess given the current climate, its not surprising.
I'm in exactly the same situation. They are claiming 10 working days.... We shall see what happens. Frustrating as the BOI variable rate is eye watering and I'm going to roll to that if this is not completed in time. I tried to start the process a month or two earlier in the year but they flat out lied and said I couldn't apply until a later date - assume they were inundated with COVID-19 payment deferrals or something.
 
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