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Should we sign mortgage loan offer?

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  • 02-12-2014 4:38pm
    #1
    [Deleted User]
    Posts: 0 ✭


    We were mortgage-approved on a house in the summer but a bidding war took it beyond what we were willing to pay. The bank (BoI) were in touch to say we should sign the loan offer now anyway so that it's valid for six months. Should we sign it?

    The offer is for a particular amount on a specific property. I thought this was end-game stuff. It also says we should have nominated a solicitor and provide proof of life assurance - none of which we have. Helpfully, the bank is keen to hook us up with their insurance and pensions guy..

    Advice?
    Tagged:


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    #2
    allibastor
    Closed Accounts Posts: 2,520 ✭✭✭allibastor


    Just that, It is in the banks interest for you to sign up as they get some money out of you, and if you don't use the mortgage you will loose it, so its money for them either way.


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    #3
    [Deleted User]
    Posts: 0 ✭ [Deleted User]


    Right, so you reckon it's mainly a way for them to nail me down on their other products. But I thought the bank had my interests at heart...:rolleyes:

    Any other advantage/disadvantage that I'm missing? They implied that this would save me having to renew the approval in the new year. We shouldn't be affected by the new Central Bank rules so the only major advantage is that it saves us filling out all those forms again!

    If we do sign it, there's no real legal obligation on us, presumably. I mean, what we'd be signing up for is a mortgage on a house that both sides - us and the bank - know is now sold.


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