Letter of Offer re Mortgage

rocka2

Hi 

I received an Approval in Principal letter from BOI a couple of weeks ago. However I was informed that an estate agent needs you to have a Letter of Offer from the bank before they will accept an offer on a property as the Loan Letter of Offer means that your finances are in place and you are good to go.

Can you confirm when BOI sends out the letter of offer? Is it before or after I put in an offer on a property if BOI needs the property address before issuing it? I'm just a bit confused if the AIP is sufficient enough to put in an offer on a property or if i need to obtain the Letter of Offer first.

Thanks,

Andrea

Bank of Ireland: Darren

rocka2 wrote: »

Hi 

I received an Approval in Principal letter from BOI a couple of weeks ago. However I was informed that an estate agent needs you to have a Letter of Offer from the bank before they will accept an offer on a property as the Loan Letter of Offer means that your finances are in place and you are good to go.

Can you confirm when BOI sends out the letter of offer? Is it before or after I put in an offer on a property if BOI needs the property address before issuing it? I'm just a bit confused if the AIP is sufficient enough to put in an offer on a property or if i need to obtain the Letter of Offer first.

Thanks,

Andrea

[font=Arial","sans-serif]Hi Andrea,

Thanks for getting in contact with us here through Boards.

An approval in principle indicates how much you are likely to be able to borrow. In general an estate agent will require a letter of offer from your bank before accepting a bid on a property.[/font]

[font=Arial","sans-serif]
Your approval in principle letter will outline what you need to do to get an offer letter from the bank. If do not have this information we'd advise you to contact your mortgage specialist about what’s outstanding so that they can arrange to get you an offer letter asap.

Thanks again for your message and please let us know if there is anything else we can help you with here.
Darren.[/font]

rocka2

Bank of Ireland: Darren wrote: »

rocka2 wrote: »

Hi 

I received an Approval in Principal letter from BOI a couple of weeks ago. However I was informed that an estate agent needs you to have a Letter of Offer from the bank before they will accept an offer on a property as the Loan Letter of Offer means that your finances are in place and you are good to go.

Can you confirm when BOI sends out the letter of offer? Is it before or after I put in an offer on a property if BOI needs the property address before issuing it? I'm just a bit confused if the AIP is sufficient enough to put in an offer on a property or if i need to obtain the Letter of Offer first.

Thanks,

Andrea

Hi Andrea,

Thanks for getting in contact with us here through Boards.

An approval in principle indicates how much you are likely to be able to borrow. In general an estate agent will require a letter of offer from your bank before accepting a bid on a property.


Your approval in principle letter will outline what you need to do to get an offer letter from the bank. If do not have this information we'd advise you to contact your mortgage specialist about what’s outstanding so that they can arrange to get you an offer letter asap.

Thanks again for your message and please let us know if there is anything else we can help you with here.
Darren.

Thanks Darren,

Under the "What to do next" section of the AIP letter, it says to let you know once I have found a property and also to provide a copy of my passport and a recent utility bill. 

The copy of my passport and a recent utility bill were provided already along with the rest of my documentation. There is nothing outstanding on my part.

I am currently having difficulty getting in contact with my mortgage advisor. Perhaps they are on annual leave. Can you provide me with a contact number of someone else who I can sort this issue with. There is a general telephone number on the AIP letter but when I dial and go through the options there doesn't seem to be one for this issue.

Can you please direct me where to go from here. I am viewing a house tomorrow and if all goes well I'd like to put in an offer but right now that doesn't seem possible.

Thanks,

Andrea

Bank of Ireland: Darren

rocka2 wrote: »

Bank of Ireland: Darren wrote: »

rocka2 wrote: »

Hi 

I received an Approval in Principal letter from BOI a couple of weeks ago. However I was informed that an estate agent needs you to have a Letter of Offer from the bank before they will accept an offer on a property as the Loan Letter of Offer means that your finances are in place and you are good to go.

Can you confirm when BOI sends out the letter of offer? Is it before or after I put in an offer on a property if BOI needs the property address before issuing it? I'm just a bit confused if the AIP is sufficient enough to put in an offer on a property or if i need to obtain the Letter of Offer first.

Thanks,

Andrea

Hi Andrea,

Thanks for getting in contact with us here through Boards.

An approval in principle indicates how much you are likely to be able to borrow. In general an estate agent will require a letter of offer from your bank before accepting a bid on a property.


Your approval in principle letter will outline what you need to do to get an offer letter from the bank. If do not have this information we'd advise you to contact your mortgage specialist about what’s outstanding so that they can arrange to get you an offer letter asap.

Thanks again for your message and please let us know if there is anything else we can help you with here.
Darren.

Thanks Darren,

Under the "What to do next" section of the AIP letter, it says to let you know once I have found a property and also to provide a copy of my passport and a recent utility bill. 

The copy of my passport and a recent utility bill were provided already along with the rest of my documentation. There is nothing outstanding on my part.

I am currently having difficulty getting in contact with my mortgage advisor. Perhaps they are on annual leave. Can you provide me with a contact number of someone else who I can sort this issue with. There is a general telephone number on the AIP letter but when I dial and go through the options there doesn't seem to be one for this issue.

Can you please direct me where to go from here. I am viewing a house tomorrow and if all goes well I'd like to put in an offer but right now that doesn't seem possible.

Thanks,

Andrea

Thanks for getting back to us Andrea.
In this case I'd ask you to call our general Mortgage number on 01 611 3333 and select option 2 then 2 again and this will get you on to an advisers that will be able to have a further look into this for you.

Thanks again,
Darren.

Signature003

Hi,

I got my approval in principle form BOI last week but in order to get the letter of offer my partner needs to complete his probation period. I have a deposit on a new build and the house wont be finished until November and so is my partners probation period.

In this scenario when will the selling agency require the letter of offer? Is the letter of offer only issued when the house is finished ? Do you sign the contracts with the developers after the house is finished?

Please advise
Thanks a million

Bank of Ireland: Aisling

Hi Signature003,

Thanks for getting it touch with us here on Boards.

I'm afraid we wouldn't be able to advise you here, these types of questions would need to be directed at the selling agency themselves. They should be able to advise you of the above.

If you would like to discuss your mortgage offer, you can certainly link in with one of our mortgage specialists on 01 611 33 33 and one of my colleagues will be more than happy to help.

Thanks, Aisling.