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Mortgage Extension Process

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  • 23-01-2020 12:57pm
    #1
    Mitch Connor
    Registered Users Posts: 45,785 ✭✭✭✭


    Hi - hoping you can provide some clarity (and some good news).

    I have a mortgage fully approved and purchased a house on the basis of that. 

    Unfortunately the build of the house has been delayed, and it is going to push beyond the 6 month period. 

    When we spoke to BoI previously we were told to get an extension would only require payslips and would be a quick process (assuming no significant changes).

    However, we were told today that it would require an entire mortgage application process again - is this correct? 

    It seems wrong that having been approved, we would have to go through the entire process again. 


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    #2
    Bank of Ireland: Alison
    Closed Accounts Posts: 1,060 ✭✭✭Bank of Ireland: Alison


    Thanks Mitch Connor for checking your mortgage query here with us today.



    We've looked into this for you. If a loan isn’t drawn down within 6 months of receiving an Offer Letter the offer can generally be extended by providing up to date income documentation, providing there has been no change in the proposal, identified property, etc.



     If the original application was submitted more than 12 months ago this may sometimes necessitate a refreshed application.



    Your Mortgage Specialist or Case Manager will be able to tell you what’s needed for your case.   If you would like us to link in with them on your behalf, please feel free to send us a private messenger here and we would be happy to arrange this for you.



    We hope the above information helps,



    Many thanks

    Alison


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