How long does it take to get mortgage approval?

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podgerodge

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I am helping a family member apply for a mortgage.

Does anyone have any recent experience with mortgage approval times from start to finish at the moment?

One bank has told me that it takes weeks and weeks as they are losing staff to deal with the mortgage breaks for 3 months.

Anyone have experience of a nice quick turnaround for a simple straightforward application?

Thanks.
 
"Anyone have experience of a nice quick turnaround for a simple straightforward application? "

Conveyancing is at a standstill- we can do virtually nothing at the moment- all the supports are suspended so I think the idea of getting mortgage approval from any institution in the near future is, at best, remote.

Nowhere to go and nothing to buy, except groceries............

mf
 

not so sure about that MF1. We re close to getting mortgage approval and I havent heard anything from the bank of late to say that it will be delayed.

what exactly does conveyancing have to do with applying for a mortgage? isnt that more to do with buying the house/mortgage drawdown?
 
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If we can't do conveyancing then mortgage approval is moot? And even if it did issue, depending on what happens, it could be amended?

We're not seeing clients, we're not able to witness contracts, mortgages, declarations etc.,etc. Clients can't get surveys or valuations.

We've no access to the Property Registration Authority. We're stalled.

mf
 
Thanks all. The solicitor is dealing with the conveyancing and has not raised any issues yet. Doing everything electronically. We got a structural survey done but it was 2 weeks ago, perhaps it is more difficult now.

Can I ask another question - is there anything to prevent applying to 2 different banks at the same time - as I mentioned, one bank is very slow at the moment, so it would be good to have a choice. I presume nothing stopping this? It's a small mortgage by the way, less than 30% LTV and circa €100k.
 
housemurph99 said:
3 weeks from Ulster Bank and KBC.
Ulster Bank required alot more documents and clarification regarding transactions.
Click to expand...

Hi Housemurph99

Can i ask if KBC asked for a covid employment impact letter from your employer? We are currently running around in circles with banks having had AIP which has disappeared with AIB....have a broker o to it now with other banks as spouses employers won't provide a letter specifically mentioning covid
 
No, we're sitting tight at the moment and seeing how things play out so nothing requested from KBC.
 
Currently in the process of trying to get AIP with KBC. We need to send my husbands employee status form and they will assess us. Hoping to do that Monday. We are both still working. Haven't been asked anything about that as of yet but we are looking for a small mortgage and I'm a state employee and would qualify for it on my own. Will let you know how I get on.
 
I have heard from a banking friend that state employees are nearly the only ones getting mortgages right now, so id say you'll be fine...best of luck


 
Hi we had principal in approval with a bank and because i was out of work and on the covid they would not issue loan offer until i was back at work... anyway i am going back to work but the company i work for said they may avail of wage subsidy scheme in the coming weeks...do u know if i get payslips im as requested and they issue the loan offer then are we ok and can we just move on with drawdown of funds ir can they come back looking for more information even after they issue loan offer? Also does it take long for loan offer to issue once all requested documents are with them... Thanks
 
We are in a similar situation we are sale agreed but unable to proceed as we are in receipt of Covid payment & wage subsidy. Our approval runs out on June 30th so very unsure where we stand.
 
We’ve been told once you are in receipt of any government payment banks will not allow you draw down loan offer.
 
We are waiting for AIP from KBC. The holy requested more information yesterday but I sent it straight away and when I rang to check it the assessor said we should be granted it on Monday. Will see. My husbands company is availing of the wage subsidy scheme but it wasnt reflected on the payslips we sent in at that time so will see what they say next week.
 
Well we got full loan offer today with KBC with condition that husband is off covid supplement, they need one payslip showing covid gone, offer runs out end of October, up to this we were kinda being dragged along with bla bla everything on a case by case...we are buying a house for €385k with a deposit of €290k ....if you have covid on your payslip you may as well be unemployed right now, very frustrating as we have been working all along as essential services and having sold our home are literally homeless living with relatives
 
Hope it works out well for you Versandvoort
 
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