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Updated details after Mortgage Letter of offer

  • 08-04-2021 9:43am
    #1
    vadh607
    Registered Users Posts: 3 ✭


    Hi,

    We received mortgage loan offer letter from BOI, after we sign this letter of offer is it still possible that BOI could come back looking for more uptodate details like latest bank statements etc before the first drawdown. Weve met the main valuation condition on the mortgage so its a case of signing and should be onto the drawdown then.

    The reason im asking is ive been living like a hermit for the last six months getting the statements in order but ive been spending a bit since the letter of offer and took out a small 1500 loan with AIB.

    Could this come back to haunt me?


Comments

  • #2
    Geuze
    Registered Users, Registered Users 2 Posts: 13,591 ✭✭✭✭Geuze


    Banks can ask for updated documents just before drawdown, yes.

    I recall it happened to me.

    I advise caution.


  • #3
    Trish56
    Registered Users, Registered Users 2 Posts: 1,256 ✭✭✭Trish56


    Since Covid Banks are seeking up to date documents such as payslips and current account bank statements at all stages of the process. The spending should be ok but the repayments on the loan of €1500 could affect your repayment capacity to repay the mortgage.

    I presume you can show the bank that you have balance of funds to complete the mortgage such as the 10%/20% deposit plus stamp duty and legal fees. All banks differ regarding requirements so not sure what documents BOI require before closing but your Solicitor should know.


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