Bank of Ireland mortgage drawdown - Structural Defects Indemnity OR Homebond

Raj786

Registered User
Messages
10
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
 
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?
 
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
 
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
 
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
 
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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
 
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
 
Hi PK,
Thank you very much for the response.
Is this AIB, the only lender who's not looking for homebond?
Rgds, Jins
 
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
 
Just an update guys, I got my EBS mortgage drawdown done today. It was very quick. Let me know and I can provide you the details of the lady from EBS who expedited this process for me.

Regards,
Raj
 
Hi @Raj786, I'm facing same issue with BOI right now, Builder confirm that they have registered with homebound but they don't have final certificate until house is fully finished. I have done final valuation only documents pending is homebound certificate. Could you please advise your experience with BOI? will they accept initial registration certificate and later can we provide final homebound certificate?

How did u manage to get another mortgage from EBS so quickly.As far i understand we need to get all documents again including salary certificates ? Can u please advise your experience please..


Thank in advance

Jerry
 
Last edited by a moderator:
@Jerry007 Did you see this previous post from @Raj786?
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
 
Hi , in progress applying mortgage with BOi since January for new build house. Painful process with them to say the least. Long story short, we were ready to draw down, all was OK until last minute they discovered there is no homebond and pank had this info more than a month ago. Now I can officially say bank has pulled out.

M
 
Hi @Raj786, I'm facing same issue with BOI right now, Builder confirm that they have registered with homebound but they don't have final certificate until house is fully finished. I have done final valuation only documents pending is homebound certificate. Could you please advise your experience with BOI? will they accept initial registration certificate and later can we provide final homebound certificate?

How did u manage to get another mortgage from EBS so quickly.As far i understand we need to get all documents again including salary certificates ? Can u please advise your experience please..


Thank in advance

Jerry
Hi Jerry,

Apologies, I didn't visit thus site for last couple of months. Just saw this today. With BOI my experience wasn't good. They keep you hanging and won't give you a yes or no answer.

EBS was very quick, I had all my documents ready in 10 days and the lady was EBS knew my situation as I was very upfront and honest with her. After documents were submitted she took exact 33 days to get the drawdown done. Yes, I had got all my salary certificates from my employer in 4 days. Overall my interest rate increased but I had peace of mind. Let me know if you need any other information Jerry.

Regards,
Raj
 
Hi just checking did anyone get around BOI with this builder have given us a letter but BOI have rejected.
Any help would be appreciated
 
Hi just checking did anyone get around BOI with this builder have given us a letter but BOI have rejected.
Any help would be appreciat
Same situation, bank didn't accept any letters. Solicitor appealed banks decision regarding homebond as other houses in area sold without it but no luck. Appealed mortgage from AIB and 3 weeks later got it. My suggestion is to apply somewhere.
 
Hi Jerry,

Apologies, I didn't visit thus site for last couple of months. Just saw this today. With BOI my experience wasn't good. They keep you hanging and won't give you a yes or no answer.

EBS was very quick, I had all my documents ready in 10 days and the lady was EBS knew my situation as I was very upfront and honest with her. After documents were submitted she took exact 33 days to get the drawdown done. Yes, I had got all my salary certificates from my employer in 4 days. Overall my interest rate increased but I had peace of mind. Let me know if you need any other information Jerry.

Regards,
Raj
Hi Raj, good afternoon. Same problem with us, and after reading your post we will apply with EBS. About your application on EBS, after approval in principle, they landed the money to the builders in 33days? About the other certificate instead of homebond, the EBS asked for some specific to be sent? Thanks for your post, really helped us.
 
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