New CB regulations and timeframe of Sanction in Principle.

Hi Brendan, All,
The girlfriend and I have sanction in principle for 6 months from AIB. The period began before Christmas so the new Central Bank rules don’t apply.
If we are sale agreed on a house but haven’t fully bought/drawn down the mortgage before the 6 month period ends in June, are we then affected by the new CB regulations?
No negatively equity, permanent jobs, no loans etc. so we might be regarded as financially clean.
What is likely to happen?
I’ve contacted the bank several times but they were vague and rang to explain rather than put anything in writing. It might be due to initial confusion on their part rather than anything else.
Thanks for your help.
Regards,
Greeny

SIP is just an indication that funds will be made available to you if/when you decide to purchase a property. It is not a formal approval and as such the new CIB requirements must be applied. You will be reliant on the bank putting you forward as an exception under the 15% rule.

Thanks Brendan.