The letter of offer agrees to give you a mortgage for the property specified if your circumstances don't change in the meantime.
I am a bit confused about the prices of fixed rates. It used to be the situation that the rate was determined on the date of drawdown. But Avant announced that they would hold the rate for anyone with an offer as long as they drew down within 4 weeks. The main Irish banks have not increased fixed rates recently, so I don't know if that is their practice, despite what it says in the contract.
But I can't see how the Irish practice wastes your time.
I had a Letter of Offer from Avant Money since February.
This is August.
If you had the letter of offer, why did you not draw it down?
Brendan
The property is a new build and was expected to be finished close to the middle of Q3, but was delayed until October.
I would be very surprised if you could have got a Letter of Offer in another country which lasted indefinitely.In other countries, a Letter of Offer constitutes a temporary contract.
In other countries, letters of offer don't last indefinitely, but when you get them, for the upcoming X months (usually 6), you've secured the rate that was in effect at the time your loan was approved. I'm suggesting having a letter of offer that contains interest rates and other figures that can or not happen is erroneous and a waste of time from both parties.So are you suggesting that back in February, you should have got an open-ended option on the mortgage rate? In other words you could draw down the mortgage or not. And if did choose to draw it down, the rate as of 9 months earlier would apply?
I would be very surprised if you could have got a Letter of Offer in another country which lasted indefinitely.
In Ireland a contract requires both offer and acceptance - that may well be different in other countries.
Brendan
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