Advertisement
If you have a new account but are having problems posting or verifying your account, please email us on hello@boards.ie for help. Thanks :)
Hello all! Please ensure that you are posting a new thread or question in the appropriate forum. The Feedback forum is overwhelmed with questions that are having to be moved elsewhere. If you need help to verify your account contact hello@boards.ie

Confused about next steps

Options
  • 08-08-2019 11:45am
    #1
    wheresthebeef
    Registered Users Posts: 887 ✭✭✭


    Howdy,
    We recently received underwritten AIP from Bank of Ireland for a new build home with HTB.
    The AIP shows house price and address on it.

    We need to sign our contracts ASAP. Broker says loan pack has been requested. But is also saying we need to get a valuation done now. The house is in a development of 400 homes and is still a building site, our house not being due for completion until November.

    I thought we could get loan pack, sign contracts, and then get the valuation done in the interim period before draw down. Do banks issue loan packs without a valuation on file usually?

    The houses are selling off plans for 370k.


Comments

  • Options
    #2
    Dolbhad
    Registered Users Posts: 782 ✭✭✭Dolbhad


    wheresthebeef wrote: »
    Howdy,
    We recently received underwritten AIP from Bank of Ireland for a new build home with HTB.
    The AIP shows house price and address on it.

    We need to sign our contracts ASAP. Broker says loan pack has been requested. But is also saying we need to get a valuation done now. The house is in a development of 400 homes and is still a building site, our house not being due for completion until November.

    I thought we could get loan pack, sign contracts, and then get the valuation done in the interim period before draw down. Do banks issue loan packs without a valuation on file usually?

    The houses are selling off plans for 370k.

    For our new build, there was an initial valuation carried out by Ulster Bank before loan offer issued. It just states the estimated houses in estate, what the house is like and price. A final valuation is carried out at the end before funds are issued.


Advertisement