Homebond Certificate and Rate Increase with BOI

andersccc

andersccc

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We are trying to request our funds ahead of our new build house being complete to avoid the rate increase on the 22nd from BOI.

The house is fully finished, we even have our floors and carpets in. The only delay is Irish water.

The builder is saying they won't have the homebond certificate as the they need the utilities to be finished before issuing this.

Does anyone know is it possible to drawdown funds without a homebond certificate?

Also, what happens to your letter of offer if the rate does increase, does this need to back to the underwriters for approval again? I think we were right on the limit with what we were borrowing anyway.
 
I think that this issue has arisen here before.
Try searching and see if any recent topics cover it.
 
Yeah, I had a quick search before posting. Couldn't see anything obviously answering either question.
 
I'm assuming you mean it's a fixed rate that increasing on the 22nd, a change in rate wouldn't usually involve going back to underwriters as the application would have been stress tested day one and allow for increases to a certain extent. A new loan is just issued either ahead of time or with the drawdown cheque.

If the Homebond is a condition of drawdown on the loan offer then I doubt you will be able to draw down without it, is there the possibility of partially drawing down before getting it which might or might not secure the rate, need to ask, some banks only do partial drawdowns on variable and issue fixed on final drawdown.
 
@andersccc how is this going for you? I’m in same boat and just submitted the draft certificate showing registration. It’s very frustrating to be facing the increase when house complete with valuation!
 
Hi @MortgageApp, it looks like we managed to make the cut off for the rate increase with BOI. The developer worked out something with Homebond to issue the cert. I have a feeling they may have been dragging their feet on this one.

BOI actually offered us an extension on the rate increase happening on the 22nd. Something about an IT related issue that resulted in them being delayed in processing uploaded docs. So maybe you could mention this, if you're still pushing for the 22nd.

Hope it works out for you.
 
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