Bank of Ireland mortgage drawdown - Structural Defects Indemnity OR Homebond

Raj786

New Member
Messages
6
Hello Everyone,

I am in the final stage of new house purchase and all the documents have been submitted by me and my solicitor to BOI mortgage team to withdraw the mortgage money from bank. We are just waiting on one document from our builder which is Homebond/Structural Defect insurance (10 years cover). Now, our builder is not registered under National House building guarantee scheme and that's the reason he is ready to give a structural guarantee to fix any defects for 6 years from the day of completion.

BOI is asking for Structural defect insurance but as my builder doesn't have it, he is ready to provide a Structural Defects Indemnity letter along with a compliance certificate from the architect who has surveyed this construction. Will this be sufficient for BOI to give them a guarantee/assurance on structural defect and start the process of mortgage drawdown?

Any suggestion/help/information will be very helpful. Thanks

PK
 

TTMash

New Member
Messages
1
Hello Everyone,

I am in the final stage of new house purchase and all the documents have been submitted by me and my solicitor to BOI mortgage team to withdraw the mortgage money from bank. We are just waiting on one document from our builder which is Homebond/Structural Defect insurance (10 years cover). Now, our builder is not registered under National House building guarantee scheme and that's the reason he is ready to give a structural guarantee to fix any defects for 6 years from the day of completion.

BOI is asking for Structural defect insurance but as my builder doesn't have it, he is ready to provide a Structural Defects Indemnity letter along with a compliance certificate from the architect who has surveyed this construction. Will this be sufficient for BOI to give them a guarantee/assurance on structural defect and start the process of mortgage drawdown?

Any suggestion/help/information will be very helpful. Thanks

PK
Hi PK I am in a similar boat, did you get a resolution?
 

Abiola

New Member
Messages
5
Hello Everyone,
I am in the final stage of new house purchase and all the documents have been submitted by me and my solicitor to BOI mortgage team to withdraw the mortgage money from bank. We are just waiting on one document from our builder which is Homebond/Structural Defect insurance (10 years cover). Now, our builder is not registered under National House building guarantee scheme and that's the reason he is ready to give a structural guarantee to fix any defects for 6 years from the day of completion.

BOI is asking for Structural defect insurance but as my builder doesn't have it, he is ready to provide a Structural Defects Indemnity letter along with a compliance certificate from the architect who has surveyed this construction. Will this be sufficient for BOI to give them a guarantee/assurance on structural defect and start the process of mortgage drawdown?

Any suggestion/help/information will be very helpful. Thanks

PK
Hi PK, We only just drawdown our mortgage with AIB on Monday 14th November, we also bought a new build. Although the builders gave us the 10 year home bond documentation but AIB never asked us for it. They were only interested in the property and life insurance. I don’t know if this help but I would say you should try AIB if you cannot find a resolution with BOI.

AB
 

Raj786

New Member
Messages
6
Hi PK I am in a similar boat, did you get a resolution?
Hi TTMash,

No not yet, all my documents are with the head of legal team in BOI and just waiting from weeks to get a response. If If they comeback will let you know. Currently it's a wait game. Thanks.


Regards,
PK
 

jinstk

New Member
Messages
2
Hello PK, TTMash,
I'm also having similar scenario. Did you guys get any waiver from BOI for homebond? Or did they ask for any additional documents as a workaround?
Appreciate any responses regarding this matter!

Regards, Jins
 
Last edited:

Raj786

New Member
Messages
6
Hello Everyone,

Hi PK, We only just drawdown our mortgage with AIB on Monday 14th November, we also bought a new build. Although the builders gave us the 10 year home bond documentation but AIB never asked us for it. They were only interested in the property and life insurance. I don’t know if this help but I would say you should try AIB if you cannot find a resolution with BOI.

AB
Hi AB, Congratulations on your drawdown. You are correct its best to start looking for other lender. Thank you
 

Raj786

New Member
Messages
6
Hello PK, AB,
I'm also having similar scenario. Did you guys get any waiver from BOI for homebond? Or did they ask for any additional documents as a workaround?
Appreciate any responses regarding this matter!

Regards, Jins
Hi Jins,

Sorry to hear that.

No, they are not accepting any other letter.

My personal opinion will be don't rely on BOI and start looking out for other lender. The reason I am saying this is because below is the latest message which I received from my BOI case manager "There is currently a review being undertaken in BOI for these types of application where home bond is not in place & I have been advised that there will be no update on these cases until necessary changes within BOI have been implemented. This is actively being reviewed & as mentioned before as soon as I have an update I will be back in touch."

So, this means they don't have their internal process sorted for such applicants who don't have a homebond and we don't know how much time it will take for them to solve/streamline this process internally. So, best bet would be to start your application with other lenders.

Regards,
PK
 

jinstk

New Member
Messages
2
Hi PK,
Thank you very much for the response.
Is this AIB, the only lender who's not looking for homebond?
Rgds, Jins
 

Raj786

New Member
Messages
6
Just FYI.. I got a message from BOI yesterday asking for below 2 documents instead of homebond certificate

the Architects Certificate of Compliance with planning permission and builders personal Indemnity Insurance Cover

Once these documents are provided they will be reviewed by BOI
 
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