AIB Mortgage Applications – And Being Irish

Filling in forms and filling in different forms that say the same thing, but on a different form

Jumping Through Hoops for AIB

Disclaimer; I never fully believed my first mortgage application would be successful, not really (I’m only a baby after all…..and I suffer the same hereditary sense of despair as my countrymen), so I’m not just bitching because I didn’t get what I want!
However, the manner of decline, the length of time it takes, lack of helpful information to support the decision and the huge amount of similar, and more distressing stories online leads me to believe AIB are nothing more than the stereotypical “Bwankers & Banksters” so many of us accept off-hand without justification.

I, for one, welcome these unqualified stereotypes.
This is rant about banks generally, and the condescending attitude that seems to go hand in hand with similar semi-state “untouchable” jobs and professions (estate agents, you’re next!).

And yes, AIB – you are a semi-state by all acceptable definitions.

Around the same time I submitted my own application, I stumbled across this article at www.independent.ie.
It documents a young couple’s struggle to settle down, find a family home, and get the finance necessary to take that next big step in life. A couple of incidents in their story remind me of my own frustration with seemingly pointless tasks.

If these tasks are not pointless, then the system is wrong.

To begin, the couple claim (they’re) “both in permanent, full-time jobs, earning good salaries, with impeccable credit ratings and we recently sold our house in Lusk for a good price, so we didn’t envisage there being any problems whatsoever with mortgage approval.”

Perfect. Good salary – check. Credit history – check. Job? Certainly.

Ten days before the sale of the new house was meant to close, AIB finally got back to them with another request – for BOI statements showing salary being paid into the account from the employer. However, they’d already requested, and received, salary certs and payslips – Number One Stupid Thing.

Unless my lack of experience in banking systems has lead me down the path of ignorance and error, there’s nothing to be gleaned from a bank statement showing salary being paid. Nothing whatsoever. Payslips show this – or can we not trust our employers payslips to be honourable, trustworthy and legally acceptable forms of proof? Was this merely distraction tactics by AIB? This request was made only ten days before D-Day. There can be no justification for that, barring slight-of-hand by the bank, in an attempt to manufacture a situation where not all the requirements have been met, so they can decline.

loan shark

Maybe they’re scared of investing in property?? HAHAHAHAAAHAHHAHAHAHAHAH……….didn’t stop them ten years ago when they were offering loans left, right and centre to people who had no desire for them. (quote – me)

The couple in question now had an insufficient amount of time to “complete” their application. Whether the bank statements were delivered on time, I do not know – but the mortgage was declined, and on the same day a meeting was arranged with Bank Of Ireland – mortgage approval was granted the following day.

How can it take BOI 24 hours to approve what takes AIB 3 months to decline?

At least AIB defend themselves;

“AIB does not wish to engage in a public debate regarding individual mortgage applications. However, AIB is comfortable that it adhered to its internal policies and procedures at all times in the consideration of this application.”

Great. Internally, you’re happy with your procedures. The old “Terms and Conditions” line is great when explaining a bet settlement, credit card charge or non-refundable deposit on a hotel room – when dealing with mortgages, you’re playing with people’s future, happiness and mental well-being. Moving home is a stressful enough deal, without the worry of AIB pulling the plug at the last minute.

I presume, like my own experience, that the couple featured in the Independent article had no further suggestions from AIB, recommendations on how to “clean up their act” so this great institute of lending can grant them with a huge, life-long loan. There were none mentioned in the article, which suggests they did indeed hide behind that immortal “internal procedures” bolloxology, which helps nobody but themselves.

Are you not now effectively State owned Mr.AIB? Does that not require an increase in transparency? Probably not, because banks are special, but it should.

Do they not realise they can take the house if you fail to pay? I thought that’s how these mortgage things worked? You agree to give me a loan – I pay it back – if I can’t, you take back the surround sound system, Honda Civic Type-R or whatever it is I couldn’t afford but really needed – like a fucking house.

It’s not like AIB to take risks.

Conspiracy theory? Maybe.
Strange and undesirable trait of backward, insular, uncaring, parochial Ireland? Definitely.

We love to put people down. A result of 800 years of “being owned”, we’ve never really recovered in terms of self-confidence, certainly not the older generations; fat cats, well-heeled bankers and 19th Hole “most business is done on the golf course” type wankers. Better to say no to these requests – sure they probably won’t be able to pay anyway. And if that happens, I’ll look bad for approving. And that could affect my massive, undeserved pension.

Look after my own salary – doesn’t matter if I really deserve it, it better go up every year (based on 2003 projections) regardless of company performance (or indeed collapse).

You mentioned collapse? AIB bailed out for €3.5 BILLION!!!!! I didn’t do anything wrong, why should I lose my job? I’m following the “internal policies and procedures” as outlined in my contract.

So, I’m back with the parents until a mortgage gets approved. Could be worse, my parents are cool, but at 30 years of age I can’t help but feel somewhat hindered by the state of the country I’m living in. If there’s no way to get on the property ladder, a ladder which I’m told has become accessible and will only get harder to jump onto, then there’s no other real option.

Keep renting and never have a real family.

That’ll be great for the country.

Thank you Ireland.
Thank you AIB.

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