Morgage approval until end of April 2020- extend?

[stoves1]

Hi
my daughter and partner have morgage approval until 30th april 2020, and new house in development was to be completed by then, she has paid deposit, also paid suppliers for extras ie quartz kitchen etc and was due to sign contracts this week, she is worried that due to the lockdown, the house will not be finished on time and she will run out of morgage approval, she called BOI on friday last and they said there would be no extension, any help/advice appreciated. She does want this house.

 

[Brendan Burgess]

Her solicitor should put in some clause in the contract that failure to complete on time gives her the option of pulling out.


Brendan

 

[Jazz01]

@stoves1 - have the circumstances of employment changed for your daughter and their partner? As BOI won't extend the mortgage, then your daughter will need to re-apply for a mortgage. As an aside, who did they talk to at BOI - the local mortgage advisor or office in Dublin? Might be worth a call to the other one and ask for a month / 6 week extension due to the current situation, pleading their case due to the exceptional circumstances.

I would recommend that they get talking to other banks also, and begin applying for a mortgage from other banks. Rates may be more favourable with other banks.

I know AIB give a one months grace / extension, but are adamant that anything beyond that extension, would mean a full mortgage application again.

Again, it's savings history over the last 6+ months, salary certs, etc for the new application. Their solicitor should also advise them on this.