Mortgage offer signing and drawdown date

T

tw0nk

Registered User
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Hi All,

Finally got a full 'Offer of mortgage loan' from AIB and everything is great but panicking a little with something on the offer.

The offer states I have to draw down the mortgage by July but the house won't be finished until August, also the estate agent want us to sign the contract now and pay the full deposit (not booking deposit)

What can we do? If the house isn't completed until August, do we have to re-apply for mortgage again? Surely this is something that happens regularly?

Any advise would be greatly appreciated, thank you.
 
Yeah, you will need to reapply for the mortgage , same happened to us with a delay in the sale a while back. But given that AIB will have your info from your current offer it should only be a matter of updating your financial info and, if nothing has changed adversely on that front, you should get your approval updated fairly quickly. You should really discuss this with your solicitor - can he/she insert a clause in the contract that it's subject to mortgage approval ? Also, you will need to get your mortgage protection cover sorted if not done already.
 
thanks Skyfall, it seems weird since AIB know that the house wont be ready until August, I guess I will just need to ring them both and discuss, thanks for your reply.
 
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