# Time limit  on Letter of Offer



## Brendan Burgess (10 Mar 2019)

I am reading a loan offer in connection with a tracker issue.  I had an idea that a Letter of Offer usually had a time limit of 6 months on it.  (But I might be confusing that with an AIP).

But in this AIB case, it says "Please sign to indicate your acceptance within 30 days - otherwise the offer will lapse" 

There doesn't seem to be any limit on the time to draw down the mortgage. 

So, if it takes a few months or even a year to complete the deal, the Letter of Offer still stands? 

Brendan


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## October2019 (10 Mar 2019)

Hi Brendan, as far as I know the letter of offer only lasts 6 months, I got a mortgage last year thru AIB and it went past 6 months before all the details were sorted and I had to request an extension 

Thanks


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## RedOnion (10 Mar 2019)

Yes, the current ones have an expiry from date of offer : I think AIB is 3 months for 2nd hand house, and 6 months for a new build.
However, it might not always have been the case if you're looking at offers from pre 2009.

The dates are called out in a few places on mine (AIB) from 2012 - the 2nd paragraph on the letter of offer "This offer is valid until XX/XX/XXXX and the mortgage must be fully drawn by this date".

The same sentence is repeated in the General Conditions: "Draw down of mortgage loan"


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## Brendan Burgess (10 Mar 2019)

Thanks Red 

I see it now in the General Conditions. 






Brendan


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