Returning signed loan offer....

L

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Hi Folks,

Although this is my first post, I have been consulting askaboutmoney.com for months and I have to say cheers to you all...this place has been amazing.

My question for now is regarding returning our signed loan offer to IIB. Everything else has been sorted, and according to our solicitor, it isn't a problem for her to hold off returning our signed copy of the loan offer to IIB until we need the cheque.....is this correct? The property will be ready in November, and we recieved and signed the loan offer in early august.

Also, has anyone any experience with IIB's capped tracker?

Cheers...
 
there is usually a 3 to 4 weeks deadline and then the offer is gone check it out with who you dealt with
 
mortgage approval can go out of date after a certain period of time [usually six months]

i.e. if you get an offer letter and do not return same.

given your timeframes, you should be alright.
 
Folks,

My brother and I have a 92% mortgage in place and agreed with BOI. I assume when funds are needed we go knocking to the bank? House is not completed yet.

Also, can we continue to shop around for better rates or are we tied to BOI.

Cheers
 
Generally loan offers will last up to 6 months.

If you go beyond this, you may need to provide uptodate payslips and bank statements.
The bank may also conduct another credit check to insure you haven't taken out any other loans.

JQ2002
Only draw down on the funds whenever you require them.
Although if you want to start paying of the loan earlier then take the money sooner.
(might suit someone who doesn't pay rent)

you can and should continue to look around for the best rate
 
Our new house is due for completion in about 3 weeks. We signed our offer letter in March when we put the deposit down for the house. IIB have very kindly sent us a new up to date offer letter (received it this morning) with a higher rate than our original offer, due to the increases in interest rates so be prepared, especially if it's a new build which might drag on longer than the builders tell you...
 
Based on my own experiences (not with IIB admittedly), I would be inclined to get all required documentation to the lender as soon as possible.

But as lmd says, new builds may drag on-was November the original completion date?
 
My brother and I put down the booking depo in Jan and then got mortgage approval. House is not yet completed but should be in or around November this year. The completeion date was meant to be Summer but info received was that builder had to complete another site for tax reasons and our development suffered.

Am I right in saying that the original loan offer is now void and that a new application will need to be made? It just that we had planned to borrow funds against some shares we have to kit it out.

Cheers for the replies.
 
Yes I think so. My broker told me that when the bank knows you are nearing completion (through liason with you or your broker) they will send you out an amended offer letter with the new rate. I would imagine if your original letter was January that you will have to provide up to date payslips and bank statements also.
 
Hi,

Having spoke to broker since posting, she confirmed that the loan offer is good for six months, and that solicitor can hold off until we need the cheque.....(just as you guys suggested)... which should be within said timeframe.

Thanks again for the help....
 
lmd said:
I would imagine if your original letter was January that you will have to provide up to date payslips and bank statements also.
Click to expand...

Does that mean a new credit check? Maybe I should hold off on appling for furnishing loan until a new amended loan offer is issued?
 
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