Loan committment

EZ26

Hi,

I'd like to ask your help to understand the following sentence I've read on a mortgage letter of offer:

"You have 30 days to reflect before committing yourself to taking out this mortgage loan."

It doesn't make any sense to me, because after 30 days it's more than probable that the purchase has not been completed and many times it doesn't go through for many reasons.

At that point would be one forced to get the loan without house?

Could you please help me understand this?

Thanks

Bank of Ireland: Darren

EZ26 wrote: »

Hi,

I'd like to ask your help to understand the following sentence I've read on a mortgage letter of offer:

"You have 30 days to reflect before committing yourself to taking out this mortgage loan."

It doesn't make any sense to me, because after 30 days it's more than probable that the purchase has not been completed and many times it doesn't go through for many reasons.

At that point would be one forced to get the loan without house?

Could you please help me understand this?

Thanks

Hi there, 

Thanks for getting in touch with us here. 

This sentence would just be in relation to to accepting the offer and terms of the mortgage. Once you have done this you would then half six months to draw down the mortgage loan. 

Thanks again for the message,
Darren. 

EZ26

Thanks for your prompt reply Darren. 

From what I've understood after 30 days it's like I have accepted it, but what I don't have clear is what happens if I don't go through, let's say because I decide to not buy the house or because the 6 months expires

Thanks a lot for your support

Bank of Ireland: Darren

EZ26 wrote: »

Thanks for your prompt reply Darren. 

From what I've understood after 30 days it's like I have accepted it, but what I don't have clear is what happens if I don't go through, let's say because I decide to not buy the house or because the 6 months expires

Thanks a lot for your support

Thanks for getting back to me EZ26. This would just mean that you may have to apply for the mortgage again.

Darren. 

EZ26

Thanks Darren, this helped a lot!

Have a nice day