Hi there,
Apologies if I have this in the wrong place. This is my first time to post here and I was just looking for some advice / opinions.
My Wife and I are first time buyers. We had looked into mortgages with AIB and EBS (never actually applied in full with either) and then we heard of pepper money.
We contacted them and got "Approval in principal" on an amount.
We were told to go house hunting and if we found a house to put a deposit down on it.
Luckily enough after a few viewings we found a beautiful house. And with the advice from Pepper put down a deposit. We contacted Pepper back then and initiated the process of going for full approval with the underwriters.
From what I can see its a very lengthily process. From the time you get all your paper work in it can take up to 6 weeks for the full approval from their end.
Here are my concerns.
I got a call last week from the auctioneer (about a week after we put down deposit) he told me that the owner of the home was inclined to get the ball rolling. From day 1 we were honest and open about the timelines with the auctioneer so I am worried now the owner may pull out if the process takes too long.
I am also concerned about the likely hood of us being approved by the underwriters. Does the approval in principal have any bearing on whether or not we will be approved ?
Thanks for reading and any advice you may have
D
Apologies if I have this in the wrong place. This is my first time to post here and I was just looking for some advice / opinions.
My Wife and I are first time buyers. We had looked into mortgages with AIB and EBS (never actually applied in full with either) and then we heard of pepper money.
We contacted them and got "Approval in principal" on an amount.
We were told to go house hunting and if we found a house to put a deposit down on it.
Luckily enough after a few viewings we found a beautiful house. And with the advice from Pepper put down a deposit. We contacted Pepper back then and initiated the process of going for full approval with the underwriters.
From what I can see its a very lengthily process. From the time you get all your paper work in it can take up to 6 weeks for the full approval from their end.
Here are my concerns.
I got a call last week from the auctioneer (about a week after we put down deposit) he told me that the owner of the home was inclined to get the ball rolling. From day 1 we were honest and open about the timelines with the auctioneer so I am worried now the owner may pull out if the process takes too long.
I am also concerned about the likely hood of us being approved by the underwriters. Does the approval in principal have any bearing on whether or not we will be approved ?
Thanks for reading and any advice you may have
D