How long are Mortgage Approval Applications taking currently?

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sadie

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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?
 
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
 

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.
 
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.
 
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?
 
Dublinbay12 said:
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?
Click to expand...
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.
 

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.
 
I am in a similar situation at the moment. Found Ulster Bank to be the most efficient - had approval in about 5 working days once all documentation issues were resolved. Other banks we contacted (AIB, BOI and KBC) all warned us upfront that the process is taking much longer than usual and to expect delays. They said this was due to
- increase in number of applications (pent up demand from lockdown)
- stricter lending policies
- resource constraints at banks

They also warned us that updated salary certs and payslips would be required again prior to drawdown to prove there has been no impact to employment situation since approval was provided.
 
I gave up in the end and decided to stick with BOI as KBC were not making a decision. Each time I called in I got the same story and there should be a decision in a day or two. I would have preferred to be told this is going to take a further long time and don't expect a decision in the short term. I feel I have wasted our time yet again with this bank and their application process.
 
Same situation here with BOI, have sent in everything. Got approval and waiting for letter of offer the past 3 weeks.
I don't see what the big hold up is. Not impressed.
 
Got a text message saying they are delayed and it will be 5 working days... We shall see.
 
Potential for acceleration depending on the seniority of who you're dealing with maybe?

I spoke with a branch manager of one of UB last week and he said once he has all the relevant documentation, he should have AIP within 24-48 hours.

I bank with BOI myself. I spoke with them on July 13th and got final docs over. I got an AIP via esignature yesterday so that was a 1 month wait for AIP.
 

Our AIP arrived Tuesday. We had signed up to a 1 year fixed rate with BOI at the end of last week. I called BOI and they said the current break fee would be 135 euros so we may still end up moving to KBC.
 
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