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Mortgage Offer Expiration

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  • 11-03-2018 12:20pm
    #1
    sightband
    Banned (with Prison Access) Posts: 670 ✭✭✭


    Dear BOI,

    We are customers who have a recently purchased a new build and have our offer from Bank Of Ireland mortgages. Contracts have been signed and just under €50,000 has been paid by us as a deposit, this was  November 2017 and we were given an estimated completion date and closing of late March, early April 2018. Our mortgage offer contract was 8 November 2017 and we were unconcerned as completion date fell within the 6 month validity period of the mortgage offer.

    On Thursday this week, we received an email from the estate agent informing us of delays and that completion would now not be until mid-June 2018. Our mortgage offer expires 8 May 2018, we contacted the adviser in BOI about extending and we were informed that this was not possible and we would have to complete an entirely new application from scratch, our circumstances remain completely the same at the time of applicaton. This seems to contradict what is in your FAQ section:

    https://www.bankofireland.com/help-centre/faq/long-mortgage-offer-stay-valid/


    Our mortgage offers last for 6 months. This can generally be extended without difficulty if your circumstances haven't changed.


    Is this correct??? This puts us in a very precarious situation as we have paid substantial deposit and various fees and the developer refused a subject to loan clause in contracts. Surely we can have it extended by less than two months when we close?

    Regards.


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    #2
    Bank of Ireland: Darren
    Closed Accounts Posts: 991 ✭✭✭Bank of Ireland: Darren


    sightband wrote: »
    Dear BOI,

    We are customers who have a recently purchased a new build and have our offer from Bank Of Ireland mortgages. Contracts have been signed and just under €50,000 has been paid by us as a deposit, this was  November 2017 and we were given an estimated completion date and closing of late March, early April 2018. Our mortgage offer contract was 8 November 2017 and we were unconcerned as completion date fell within the 6 month validity period of the mortgage offer.

    On Thursday this week, we received an email from the estate agent informing us of delays and that completion would now not be until mid-June 2018. Our mortgage offer expires 8 May 2018, we contacted the adviser in BOI about extending and we were informed that this was not possible and we would have to complete an entirely new application from scratch, our circumstances remain completely the same at the time of applicaton. This seems to contradict what is in your FAQ section:

    https://www.bankofireland.com/help-centre/faq/long-mortgage-offer-stay-valid/


    Our mortgage offers last for 6 months. This can generally be extended without difficulty if your circumstances haven't changed.


    Is this correct??? This puts us in a very precarious situation as we have paid substantial deposit and various fees and the developer refused a subject to loan clause in contracts. Surely we can have it extended by less than two months when we close?

    Regards.

    Hi there,

    Thanks for getting in touch with us here.

    Any extension on a mortgage application would be looked into on a case by case basis and because of this I'd ask you to call our mortgage section directly on 1890 365 345 and the mortgage specialists there will be happy to go through all the options available to you. 

    Thanks again,
    Darren.   


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