Waiting on BOI to validate mortgage...

Hi All

Myself and my partner are FTB and have approval from BOI to purchase, we have everything in order and are going to the solicitor to sign the contracts and pay the remaining deposit tomorrow but i was just speaking to our point of contact in the bank and she said all our documentation went to 'mortgages' to be validated...can someone please tell me what this means?

Do you have a formal loan offer or just a letter offering you approval in principle? It is unlikely that your solicitor will allow you to exchange contracts until you have a formal loan offer.

Bank of Ireland branches have little or no say in approving mortgages. Branch staff send all documents to head office and all approvals and letters of offer come from head office.

Thanks for the reply. We have a formal letter of offer and have met all the conditions so not sure what this is about.

Okay - if you have your formal loan offer then you can go ahead and sign contracts.

If there were conditions on the formal loan offer (e.g. life insurance, house insurance, more bank statements) these have to be fulfilled before Bank of Ireland will advance the mortgage monies. You may have already sent in some of these items and these are waiting in a queue in head office for someone to look over them and validate that they're happy with what you've sent in. But you don't need to fulfil all the conditions until shortly before you're ready to close and move in.

Thanks LDFerguson.

Just to give an update BOI validated all paper work so good to go!!


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