A mortgage in a week
Niamh Kerr and Richard Collier had mortgage approval from another lender but just as they were signing contracts they decided to choose Bank of Ireland instead. Time was against them. But they went from getting ‘approval in principle’ on Thursday 4 May to drawing down the mortgage funds a week later on Thursday 11 May. They got the keys the next day.
Niamh explains how it happened.
We had decided to go with another bank for the mortgage and we had signed the contracts for sale and everything.
We viewed the house and we were pretty keen straight away. I think we put our deposit on it on 31 January. It took about four months after that. We were only about two weeks out from actually closing the sale and drawing down the funds when Richie did a bit more investigation and found that Bank of Ireland were actually doing a great deal of the 3% cashback. We did our maths and found out it was much more beneficial for us to go with Bank of Ireland.
At the time when we were signing our contracts we spoke to our solicitor and said ‘are we too far gone, can we change this late in the game?’ And he said ‘if they’re quick, yes!’
I’m from County Monaghan and I’m a radiation therapist working in the Hermitage Medical Centre in Lucan. Richie is from Walkinstown in Dublin and he works as an engineer currently working in St. Luke’s Hospital in Rathgar.
He fixes, erm, what do you do, Richie? (Richard is busy painting the kitchen in the new house).
Richie (from the kitchen): ‘I fix machines.’
Niamh: ‘He fixes machines at the hospital.’
We’ve been living at Richie’s home with his Mam for the past 18 months just saving.
It’s been a great help. We had a bit of savings ourselves but not paying rent helped build a deposit. I guess we had always been keeping an eye out but we actively started looking for a house about the end of summer 2016. This house actually came on the market about Halloween time but then it was taken off the market and it wasn’t put back on until January.
There were other houses we were interested in but it’s quite competitive out there and we were being outbid quite a bit.
We had put on offers on a couple of houses. Some of them went crazy over the asking price. From €10,000 over the asking to €50,000 over!
But back to the moment when Niamh and Richard wanted to change their mortgage provider…
So I phoned Bank of Ireland straight away after that and started the ball rolling. It was the 19th of April when I first rang the mortgages phone line.
I got an email straight away with what documents I needed to hand in. We had already got mortgage approval elsewhere so we knew what was involved. There was a lot of running up to HR to get salary certs signed and it was a bit frantic on our end. I think we got the documents in within 2 days. I bank with Bank of Ireland so that made it easier.
I was told that Aideen would be the woman we would be dealing with so I kind of stalked her for a day!
After we got approval in principle we were asked what branch we would like to be assigned to so I said the Tallaght branch just up the road (it’s literally a few minutes’ walk from the new house). Once Aideen from the Tallaght branch contacted me on the Friday afternoon, she was brilliant. She was very calm on the phone, she went through everything with me and she offered to come in on the Saturday morning just to talk through things face to face at the branch. We signed all the forms there.
‘Niamh was a little bit anxious but I said to her, listen, leave it with me and don’t be worrying.’
Aideen Quinn, Tallaght Branch
I was worried about how long it might take and I didn’t want to annoy the sellers by delaying the sale.
By the Monday 15 May, we had the letter of offer and we went in to our solicitor on the Wednesday 17 May and we officially signed everything. The solicitor delivered the signed forms to the Bank by hand. It was Friday 19 May that we got the keys. That was super quick. That week was crazy because in the meantime we had to get life insurance and home insurance. I slept very well that weekend!
We just came in to the house, had a look and made sure everything looked okay.
We hadn’t ordered furniture or anything because that last week we were doing everything related to the mortgage so we didn’t have time. We’re not renting so we don’t have any rental contracts and we can take our time to move in. We have all the painting downstairs done now, pretty much; we’re just waiting on a mattress! We have a bed frame but we just need a mattress so that’s very important. We haven’t bought a dining room table or wardrobes anything like that yet so the cashback will definitely help towards things like that.
I don’t know how she deals with all these frantic people.
I found that once we met with Aideen in the branch she made us feel ‘okay it’s going to be fine’.
Find out more
To find out more about a Bank of Ireland mortgage, click here.