Offer Letter

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firsttimebuy

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We have been sent out our offer letter from Bank of Ireland which has also gone to our solicitor. The solicitor has advised they are still waiting on the contracts to be sent out by the builders solicitors which should be in the next few weeks. But our mortgage broker wants us to sign the offer letter and send it back to them, surely we should be signing the offer letter and the contracts at the same time in the solicitors office? I am confused as to what to do now.
 
Have just been thru the same process myself - solicitor had offer letter but no contracts for 6 weeks. Our solicitor would not let us sign the offer letter without first seeing the contracts. Talk to your solicitor and advise them of your concerns.
 
I don't see any problem with signing of the offer letter. The problem is usually that you don't want to sign the contracts before the offer letter is issued, but there is no harm in signing an offer letter, it will just lapse if you don't buy the house as far as I'm aware... Generally it makes sense to sign both together as it's just one trip to your solicitors. However if you are happy with the terms of your offer letter I've been told it's best to get it signed and returned asap.
 
With our purchase, our solicitor adviced us to sign the offer letter with her. She then kept it until we needed to draw down the mortgage. The broker is probably anxious for their commission.
We went direct to UB, not broker involved.
 
kkontour said:
The broker is probably anxious for their commission. We went direct to UB, not broker involved.
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The broker doesn't get paid until after the cheque has been drawn down. And as for going direct to the bank, do you think their sales people don't get paid commission either? :rolleyes:

Maybe the broker is anxious for you to sign the loan offer acceptance to ensure that you do go with the mortgage (s)he has arranged. If you would be more comfortable waiting until you are signing contracts then you should wait but it realy doesn't matter whether you do it now or then.
 
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