Mortage timeline

[lumpyspaceprincess]

Super stress is over and thanks to some of you here it has been a short ride.... Here is my timeline
10.3. got aip in AiB - just basic

15.3. saw the house

16.3. paid 5k deposit
17.3. applied in EBS as well

21.3. AIB isued second AIP - called reviewed

22.3. EBS moved forward and requested evaluation

24.3. AiB gave us letter of offer and requested evaluation i booked the same day

26.3. AiB evaluation done...

26.3. i canceled with EBS no point as Aib was sueprfast

7.4. did all insurance through AiB - life and house 80 quit best deal..they went live on the 9.4.

10.4. signed contract paid 10% and all fees

11.4. solicitor came back that few issues with folio as different address was on documents...not that different but missing one line...

14.4. AIB reissued letter of offer and had to be signed

14.4. vendor solicitor on holidays...

21.4. Drawdown funds

22.4. funds recieved

24.4. vendor solicitor cant close as some document missing - they recieved the money but didnt close so i coudlnt collect keys...

29.4. finally all closed and done... Got keys...

House 195k mortgage 175k 4 bed bungalow build in 2009...vacant and owner occupied before owner deceased.

So this is my story...it was very very stressfull between the dates...what seems like a few weeks was like eternity to us...torture at its best...

 

[papabear4811]

@lumpyspaceprincess 2 months? Lol, I went sale agreed last July, got keys end of March this year, consider yourself super lucky

 

[lumpyspaceprincess]

@papabear4811 Well 6 weeks and thats with solicitor delays .. if i woudlnt be pushing i would be stuck... I am sure that they are relieved as much as i am happy... I was on them back... If something missing i wanted daily updates... As they will issue you bill within hours...but once you need something it will take weeks... If my solicitor would spot the address wrong i woudlnt have to sign second letter of offer...and if other solicitor woudlnt go away and them missed few pages i would have it done in less then a month...

But again i had all lined up... From payslips to marriage certificate and all between...

 

[singerum]

@lumpyspaceprincess That has to be the fastest turn around I've seen. It took us three months from viewing to keys and I'd consider that quick for Ireland

 

[lumpyspaceprincess]

@singerum Thank you

 

[clint1981]

@lumpyspaceprincess Gives me hope man. Thanks for the post, we went sale agreed a few weeks ago just waiting for loan offer so if we get it done in six weeks I'll be ecstatic!

 

[lumpyspaceprincess]

@clint1981 I could in 4.... Just myself... Note i had all in advance...lined up .. check app called lively... It did help me through to see what i needed...

Best of luck

Ps: the reason for this post is just to share the timeline...as there are not many here..one or two....and i wanted to know how long everything can take

 

[jurisdoctor]

@lumpyspaceprincess I also went to AIB and the EBS as my two options

Literally met with both of them the same day, they needed the same 3 missing documents, sent them on the following day.

2 months later, like 2 days before I drew down with AIB the EBS rang me looking for the documents. A totally useless financial institution, all things considered. Couldn't even transfer my saving to AIB, had to get a cheque and lodge it; fucking ridiculous in this day and age.

 

[lumpyspaceprincess]

@jurisdoctor Ebs is owned by aib.. the only difference is cash back...but aib offers moratorium deter... Aka break... Ebs agent dealing with me was super helpful...i cant say a bad word.. but they were indeed slow. Or slower then aib...

 

[turtlejoy]

@lumpyspaceprincess It's funny I had the exact opposite experience, AIB really dragging things on asking for more and more documents, while EBS everything was already sent over to underwriters and loan approval done, and they're the same underwriters! Plus in EBS I was always dealing with the same person who was lovely and really walked us through everything step by step in person and was always available to take my calls, AIB it was always someone new in every communication having to give all the background every time I spoke to someone

 

[lumpyspaceprincess]

@turtlejoy Yeh ...well if you used the aib app with enquiry and not the branch advisor then yes... It would be different through the app person...Rahid, Samir, Mohamad or so... The branch advisor can and have full access to your app and can see progress.. just saying but i believe your process may have been different... For me the major role was that i am banking with aib since 2006 and never missed payment or anything ... always getting paid into aib... ps: i was never on welfare or any kind of social pay ..if that make any difference i dont know..but i guess so...

Its good to see it from another perspective but i was using branch mortgage advisor and not the app... I had it in order to upload documents and to see progress but once submitted i had all my questions directed to the same person in branch

 

[cassian]

@lumpyspaceprincess Very fast, well done!
First House, went sale agree in May, got keys the following January.
Second house, went sale agreed in March, got keys in October, or thereabouts.
Very well done, nice to see someone bucking the trend.

 

[lumpyspaceprincess]

@cassian I had to go quick..the house is a bargain... I didnt want that the vendor would change mind or ask for more...

 

[tuk]

@lumpyspaceprincess Excuse my ignorance as I'm about to take the same path soon for the first time.

Shouldn't I get the Approval In Principle first so I know how much I can borrow ahead then hunt houses in that price range?

Seems like OP paid a 5k deposit first to secure the house, then he got the AIP. Is this the right way to go?

Thanks and congrats OP for getting that lovely house at a fair price!

 

[lumpyspaceprincess]

@tuk I got basic aip from aib first... In branch after a conversation with the branch mortgage advisor... Then i went for house...and i paid 5k after... Then i got revised aip...not underwritten but revised.. just to make it clear...

Read my op post..its there...10.3. basic aip...with aib

 

[tuk]

@lumpyspaceprincess Oh sorry, I completely missed 10.3 in the first paragraph, my bad! Now makes sense, thanks so much for sharing the journey, appreciate it.

 

[lumpyspaceprincess]

@tuk Best of luck to you...i was super frustrated and worried...becuase anytime the vendor could ask for more...and all was going super easy as i was almost afraid... And i had nobody with timeline...so here is mine...if i would go second time i would make it even quicker knowing what i know now...

 

[tuk]

@lumpyspaceprincess Absolutely, this is like a full end to end customer journey, super helpful.

What steps would you make quicker knowing what you know now? Because sounds like you were pretty much blocked by others so not much you could do faster by yourself right?

 

[lumpyspaceprincess]

@tuk I would request folio myself..see owners and map, if all lines up as should...access to main road...any building within property like shed or garage etc are official with planning permission granted and so.. I would check all documents myself for address errors in advance.such as bert certificate, planing etc..i would ask in advance if any solicitor has planned annual leave... The work basically that solicitor should do..but tales ages for them...you can have it checked and done in one day...

 

[tuk]

@lumpyspaceprincess Awesome! I'm gonna save your post because it has become my instant bible of house buying!

Again, thanks so much for sharing all that, much appreciated and hope you're enjoying your new dwelling, it has to feel so good owning something at last.