Worried about delay on mortgage application with EBS.

A

aquaceri

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i have a friend whose partner has applied for a mortgage with ebs. to cut a long story short she is concerned as they applied over 2 weeks ago with no response yet. I got a mortgage with them and my approval only took 3 days which i feel would be the norm when applying. He has told her that the ebs told him it will take 4 to 6 weeks for any sort of approval or decline!?!?!?!

I was shocked to hear this? does anybody feel that this is too long or do you think this is normal?

she is very concerned that she will lose the house they want.. i told her id post her question here as i found so much help from you guys when getting my mortgage.

any input would be great

thanks guys -

J
 
Re: very worried friend

would even love people to just let me know how long their approval took for comparison! thanks
 
Re: very worried friend

not that i can help as i didn't ge my mortgage with ebs and you seem to want a reply. It took me less than 2 days to get approved with IIB, broker submitted application in the morning, got reply next afternoon. But i think the banks are taking longer now cause they want to go through everything with a fine tooth comb. Back when i got my mortgage they were handling them out left, right and centre. Also from what i'm reading different banks have different rules. She may not get approved with ebs but she could always try another bank. If the bank have said up to 6 weeks then there's nothing she can do to make the process go quicker. Yes it's a pain to wait but not hearing anything does not mean bad news. Also i can imagine there are thousands of people at the moment trying to re-mortgage or sort out their fixed/variable rate and the banks are in no position to hire more people so it's a case of put in a pile and they will get to it when they can.

Keep positive.
 
Re: very worried friend

Why are they applying only to EBS? Other lenders are approving in a week or two, or at least responding with requests for further information.
 
Re: very worried friend

don't worry about the house you like at the moment, it eill probbaly be worth 10k less next week anyway so you're better off. Plus the interest rates will only go down from next month. IMO you're actually better off waiting for another few weeks !
 
Re: very worried friend

I applied with paperwork last Wednesday to AIB, brought signed form back on Thursday and had a reply on Friday! 4-6 weeks does seem a bit crazy! Does the application have to go to China or somewhere? :)
 
i would apply to one of theother lending institutions if i were your friend. we had a disastrous experience getting our mortgage with ebs.

they lost paperwork OVER AND OVER again.sometimes the same paperwork. and it would take them months before they told us why it was delayed (because they had lost documents)

if they were the only lender left on the planet and i had to get a loan from them i'd get valium to keep me sane before i started the process.

that's just my experience, hopefully your friend will get on better.
 
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