Letter of offer for mortgage

Ok last question! If I do go to a lender today such as my local AIB with the intention of getting a loan offer early next week, what happens if I get the other letter of offer in the mean time? Do I have to take it? How long can I hold off? Alos the valuation was done (only yesterday) through my broker (I sent cheque to broker for it and they arranged it) so can I get a copy of it if I want to go ahead without broker?
 
You are under no obligation to proceed with any lender at all.

You could have 10 loan offers issued, and sign and return all of them, and still be under no obligation.

As a Plan B - it would definitely be worth putting wheels in motion.

You are entitled to a copy of the valaution report (although it will be done in First Active format) - the valuer will be able to redo the report in an AIB format (assuming they are on the AIB panel of valuers)

But by asking for the valuation report - you will be focussing the brokers and hopefully first actives minds - that they will lose the business unless they step up a gear.

Now as for AIB's turnaround times, i deal with them directly, i am not too sure of their processes with their branches etc.

Give them a call. Call IIB direct and possibly ICS (the mortgage store) - ICS have a great 2 year fixed at the moment - explain your situation, say you have the pack and valuation done for First Acrtive and ask them to commit to when they think they can get an offer out.
 
You are entitled to a copy of the valaution report (although it will be done in First Active format) - the valuer will be able to redo the report in an AIB format (assuming they are on the AIB panel of valuers)

As far as I know, AIB don't have a panel of valuers. They will accept a valuation from any IAVI auctioneer, so a First Active valuer should be acceptable. In fact, AIB may even simply accept a First Active valuation report.
 
while i've had problems with FA esavings, they were fantastic 3 years ago with my mortgage and a few months ago with a top up had it within a few workings days so i'll give them that. My friend is waiting over 2 months now on a top up for UB
 
I always laugh when I read posts such as 99% of what has been written in this thread.

What do you people expect from lenders or brokers for that matter? These people are not sitting scratching there thumbs waiting for your business to come in? Many of you may not realise that your letter of offer is in effect a legal document which must be carefully prepared, and the lender must be fully satisfied with all conditions contained therein, and also they will always do a final check on your application details to make sure they are happy to lend to you. (Approvals in principle- are not worth the paper they are written on, and are not legally binding)

The original poster said that they only decided to run with First Active (who do have a terrible service record- both to brokers & on the legal/drawdown side) 2 weeks ago, and is now trying to harrass a letter of loan offer. Might I remind everyone that 2 working weeks, is 10 days- if there is any DX, postage or other delay, or indeed if a new valuation on the property is required this will all take at least 50-60% of that time, and that also asssumes no existing backlogs in administration.

As a former banker it makes me laugh at the expectations of people in relation to mortgages. These are not terms loans, or overdraft tops- they have to be legally registered & stamped, therefore all documents etc have to be perfect. Just because you can call up your bank or broker for a car loan, and have the money approved, and issued within 2 days does not mean that the same process holds true for mortgages.

One other point I wish to make is that many posters seem to have a very sceptical view of brokers, with accusations of holding applications etc. While I cannot comment on individual cases, brokers are by far the best way for mortgage borrowers to arrange their finance. They are a marvellous assistance is tersm of providing choice, independent information, and indepth knowledge of the products available on the entire market (assuming you deal with a fully authorised broker whom holds at least 12-14 appointments). Any non financially employed applicant who thinks he/she can comprehensively research all products (close to 1,000 different options) is kidding themselves ( A little bit of information is a dangerous thing!!). All financial products are designed with inherent terms & conditions, and quite often they may not be in reality what they seem on paper- why do you think that the Irish banks are so profitable? A good broker can be invaluable in breaking down each product to help you in finding the most suitable mortgage for you, and in many cases they are not charging you a fee, and are rather paid in commission by each lender. This in my view is over half the problem- if they were charging you a hefty fee maybe their excellent assistance would be more appreciated!

By the way I am not a broker or do not have a connection with one. I am just someone who understands the financial system inherently, and gets incensed when I read of unrealistic expectations of any industry from people who have very little concept what is ACTUALLY involved.

By the way best of luck with repaying the mortgages, hopefully you all will be as demanding on yoursleves when it comes to making the sacrifices to make the repayments!
 
I always laugh when I read posts such as 99% of what has been written in this thread.

What do you people expect from lenders or brokers for that matter? These people are not sitting scratching there thumbs waiting for your business to come in? Many of you may not realise that your letter of offer is in effect a legal document which must be carefully prepared, and the lender must be fully satisfied with all conditions contained therein, and also they will always do a final check on your application details to make sure they are happy to lend to you. (Approvals in principle- are not worth the paper they are written on, and are not legally binding)

The original poster said that they only decided to run with First Active (who do have a terrible service record- both to brokers & on the legal/drawdown side) 2 weeks ago, and is now trying to harrass a letter of loan offer. Might I remind everyone that 2 working weeks, is 10 days- if there is any DX, postage or other delay, or indeed if a new valuation on the property is required this will all take at least 50-60% of that time, and that also asssumes no existing backlogs in administration.


Can I just say that my broker told me that since the application went to the bank it has taken 12 working days for the letter of offer to come through / issue. I was told 5-10 working days (I am aware that this is 1 - 2 full weeks) but if the banks are having a problem meeting THEIR OWN deadlines then why not say 30 days? Or 10-15 working days?

Also I supplied every document that was asked for and valuation so there was no hold ups on my end. I have a clean credit history, never even been in over draft, always paid off loans on time and without missing any payments!
 
No comment was made on anyones credit history- had assumed that application was bona fide & in order.

Quoted 5-10 days & it took 12? What an terrible disaster!!!! And you know that it could have been issued within 3 days except for the fact that all the FA employees were only working half days!!!LOL! With respect First Active do have an appalling service record but can you imagine how much paper work must be worked through on each mortgage, and then multiply that by the number of mortgages taken out each year- would be easy to imagine how service levels may drop? Especially in August which is a holiday month traditionally, and institutions may have lower than normal staff levels- best service always received in Jan-March, and Sept-Nov.

I have sympathy with your situation but I am just trying to outline a better understanding on the process.
 
I agree with the above. I work in a solicitors and deal with re-mortgages on a daily basis but to be honest when i meet clients and I have a first active pack in my hand, i don't say it should be a week to ten day (which is the usual time period) to drawdown I just say i will do my best but can't give a definite time frame so i suppose they dont' have the best reputation.
 
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