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loan offer

  • 10-12-2014 10:49pm
    #1
    Gers_punto
    Registered Users, Registered Users 2 Posts: 278 ✭✭


    I am mortgage approved in principle from one bank and a loan offer from another. We are interested in a home and the loan offer is for 6 months.

    There had been a delay with contracts and the loan of offer is due to expire in February.

    My question is if I sign the loan offer and contracts does the house have to be 100% complete before the expiry on the loan offer or is signing the loan offer stating that I am accepting the loan as soon as the house is finished ??


Comments

  • #2
    Trend Setter in Training
    Registered Users, Registered Users 2 Posts: 302 ✭✭Trend Setter in Training


    Gers_punto wrote: »
    I am mortgage approved in principle from one bank and a loan offer from another. We are interested in a home and the loan offer is for 6 months.

    There had been a delay with contracts and the loan of offer is due to expire in February.

    My question is if I sign the loan offer and contracts does the house have to be 100% complete before the expiry on the loan offer or is signing the loan offer stating that I am accepting the loan as soon as the house is finished ??

    I was / am in a similar situation. Assuming it is being built currently by your above statement just not as quick s originally advised... big surprise.

    The bank will require a final valuation in order to release the funds, final valuation can only be done when property is 'inhabitable' as we were told but that term is a bit loose. Basically when gas / electricity connections are done. Plumbing in and access road complete was some of the items we were told by our valuer pre final valuation.

    Once this valuation is in place and accepted by the bank you can sign the loan offer and request the funds in advance of your expiry date. Solicitor can hold the funds for a max of three months I think before paying onwards to the vendors solicitors upon handing over of keys.


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