Ulster bank mortgage questions

J

jom1133

Registered User
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Back in June I found a property that I loved and went about getting mortgage, through the jigs and reels.

I could not get the amount i needed with AIB and BOI declining outright based on my income.

Eventually Ulster bank came through (right after their systems malfunctioned!). The mortgage offer letter finally on 18th Aug which states valid for draw down within 3 months, fair enough i said - just need to get bits and bobs sorted and all will be ok.

To my horror, the tenant in the property is a complete nightmare and will not move out - so as the law is the tenants favor, he doesn't have to move right away, he can be there for up to 4 months. So that put an end to that.

I was lucky enough that an identical property right next door, has come up which i have agreed to switch to.

My problem now is that having gone back to Ulster bank through my broker to switch from one to the other - they now require me to go through the whole application process again. I had to provide more up to date statements, payslips etc. Now I'm actually at my wits end if they turn around and decline me after all i've gone through.

Has anyone out there any similar experience in switching an offer letter for a property?

I"m hoping it will be ok as my circumstances have not changed at all, I'm just worried that Ulster bank approved me to get some customers when they were loosing so many at the time and now maybe they will tell me to <declined>

This is without doubt the most stressful time in my life - i'm so headwrecked!
 
Standard enough procedure I would say, they cannot change the address on the original loan offer so the application has to be cancelled and input again. If nothing has changed then it should be ok.
 
What is so difficult about filling out a new application and providing up to date pay slips etc. After having gone though the procedure once you should find it far easier this time.

Please have a plan B in case you don't get loan approval, but having been recently approved once it looks good. Be positive, buying a house is always stressful. But you have to keep a sense of perspective.
 
hey
your post gives me some hope. ive been turned down by aib and boi and i was wondering what your situation is. im gonna approach ub shortly and a broker to see if i can get a mortgage of 90k. we have a deposit saved and have no other loans.
when you say boi turned you down based on your salary, do you mind saying what it is?

mo
 
Bronte said:
What is so difficult about filling out a new application and providing up to date pay slips etc. After having gone though the procedure once you should find it far easier this time.

Please have a plan B in case you don't get loan approval, but having been recently approved once it looks good. Be positive, buying a house is always stressful. But you have to keep a sense of perspective.
Click to expand...

I think the poster was concerned that the Bank may deny the second application. I think it a very valid concern.
 
We are in the exact same situation, got approved with BOI and AIB but not enough for what we wanted, then got approved with Ulster but changed the property we wished to buy. We than had to fill in a new application and submit new bank statements despite the fact the new property was 70k cheaper than the old one.

Filled in the forms and it was approved within two days but like I said the approval was for €70k less.
 
Went through the exact same scenario as yourself with UB and the approval was not an issue.
 
deedee80 said:
Went through the exact same scenario as yourself with UB and the approval was not an issue.
Click to expand...

Thanks a mill for replies, how long did it take you? Had second valuation nearly two weeks ago and have still not received the offer letter! Driving me nutts
 
Ulster bank

Do they still have a policy of not lending to individuals who do not earn in the state?

Cheers

Charlie
 
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