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Mortgage 'Completed'

  • 24-02-2014 11:58am
    #1
    dmadra
    Registered Users, Registered Users 2 Posts: 1 ✭


    I have a letter of loan offer that states that my mortgage 'must be completed' within 12 months.

    Any idea of what 'completed' means exactly? Elsewhere in the same letter, the final draw down is also mentioned. Is this the same thing?

    Thanks for all and any pointers.


Comments

  • #2
    dobsdave
    Closed Accounts Posts: 1,814 ✭✭✭dobsdave


    dmadra wrote: »
    I have a letter of loan offer that states that my mortgage 'must be completed' within 12 months.

    Any idea of what 'completed' means exactly? Elsewhere in the same letter, the final draw down is also mentioned. Is this the same thing?

    Thanks for all and any pointers.

    What did your mortgage provider say?


  • #3
    dotsman
    Registered Users, Registered Users 2 Posts: 3,636 ✭✭✭dotsman


    Can you state the full wording of the sentence/section? Likewise, a bit of background info? Not quite sure what the context is!

    Is it a mortgage Letter of offer/contract? If so, typically, these will have an expiry date that the agreement must be signed and money drawn down within a certain time frame. That is because the offer is based on the customer's current circumstances. Should their circumstances change, the bank may no longer be willing to offer the mortgage.

    Is it a self-build? If so, again, then bank would want the development to be completed within a certain timeframe as a half-built house is of little value to anybody (the customer can't live in it, and the bank would get very little out of repossessing it and trying to sell it on)


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