Bank Of Ireland

sparklecity

Doesn't surprise me with how unhelpful bank of Ireland were when I contacted them! Hope you get sorted asap. My valuation is tomorrow, hoping to hear something before the bank holiday.

MortgageMamma

FirstTimeBen

In my experience a full structural survey usually indicates that there will be a retention of funds (where the lender holds back x amount until a certain type of work is done) or an undertaking (where they grant the mortgage subject to the work being done within x months at your expense and reserve the right to check the work has been done). You could also be facing a significant downvaluation if the property is found to have major issues or even a refusal to lend entirely.

Are you applying for this mortgage through a broker? have they explained all this to you? you could be paying a fair whack for the full structural and still not be guaranteed to get a mortgage on the property.

Of course it could all turn out ok, but I just wanted to warn you in case it didn't!

FirstTimeBen

Hi MortgageMamma

Yes I've been in full contact with my broker. Basically the valuer was unable to put a value on the property until the full structural report has been carried out so basically we are in limbo until the report is carried out.

To be honest I am preparing myself for the worst-case scenario, where I will have to pull out from the sale if the works needed are going to cost thousands of pounds to put right the floor.

MortgageMamma

I hope it works out in your favour - be interesting to hear how you get on

FirstTimeBen

I'm currently waiting for a response from the vendor as I've asked them to contribute, or pay for, the structural report.
I have a sneaky feeling this may be something they already knew about.
Will keep you posted.

sparklecity

My homebuyers survey came in the post today (valuation was Tuesday) and all looks good, so I'm hoping to get my offer next week.

sparklecity

Hi again Ben, don't know if you're still following this but just wanted to let you know re: timescales, my valuation was on Tuesday last week (22nd March), my homebuyers report arrived Saturday (26th March) and full mortgage offer came through yesterday (30th March) just waiting for the written offer in post. Not bad really as two days between were bank holidays too.

Hope you're getting on ok

powernap

Congrats! We are in the same boat with BOI, and our valuation passed successfully last Thursday but no word on offer as yet. A bit worried because we applied 11 March and have been chased by the EA. :mad:

sparklecity

My written offer came in post today, but BOI are wanting a full electrical report and all necessary upgrades carried out before completion!

powernap

Are you on the HTB mortgage guarantee scheme? I am guessing the delay in our offer is due to what I understand is addional administrative burden associated with the scheme. We thought we would hear something last week but alas... It states on average it takes 14 working days to offer - hopefully Monday will be the day