Hello,
We've got mortgage approval for a new build house that we are purchasing.
The house (built to a shell, with roof on) is due to be completed in 4 months approx.
However, the Letter of Offer (from AIB) will only be valid for 3 months. The bank manager is saying that its no big deal to get the letter reissued again in 3 months time for another 3 months.
To me, this seems like a big risk, and means there is no guarantee that funding will be in place at the time of completion, and we could possibly be left being sued for completion.
Any thoughts anyone?...
We've got mortgage approval for a new build house that we are purchasing.
The house (built to a shell, with roof on) is due to be completed in 4 months approx.
However, the Letter of Offer (from AIB) will only be valid for 3 months. The bank manager is saying that its no big deal to get the letter reissued again in 3 months time for another 3 months.
To me, this seems like a big risk, and means there is no guarantee that funding will be in place at the time of completion, and we could possibly be left being sued for completion.
Any thoughts anyone?...