Postoffice Mortgage for newbuild

geek1981

Hi guys

I'm buying a semidetached new build for 276K and applied for a postoffice 5 yr fixed 3.59% on 75% LTV. I got the AiP approved immediately and will be reserving the plot this weekend based on that. Will be submitting my application next week with supporting docs so i hopefully i get the offer in 2-3 weeks.

From what i read postoffice is very strict about valuations etc, and my house will be completed by DEC/JAN. Would there be any issue as the house is not built completely yet when they do the valuation? I already have a Halifax mortgage on my current home but i prefer to not to go with them anymore as their rates are not competitive at all and so i will repay full from my sale and close my mortgage account. Anybody have experience with PO mortgage application for newbuilds? Any issues if i use my own solicitor who is not listed under their approved ones?

cheers guys!

kingstreet

You're buying a Bank of Ireland product. They will have no problem valuing a newbuild before it's built. They employ experienced surveyors or work with firms on a panel.

If you use a solicitor they do not have on their panel, you will pay for their solicitor to act for them on top of your fee to your own solicitor.