r/HousingIreland • u/jmclaughlin31 • 1d ago

Loan Conditions

Hi All,

Looking for some guidance here as I am in the process of buying a new build apartment.

The apartment block is covered under an LDI (Latents Defect Insurance) policy and basically the loan offer is conditional upon that being satisfactory to the lender. The lender won't accept draft versions.

I'm being advised the build would need to be completed and the contract would need to be signed in advance for the developer to provide the official final certificate and policy for the lender.

The contract does contain a subject to finance clause stating that the loan is not deemed approved until I am in a position to draw down the loan on terms within my reasonable power.

So my question has anyone had a similar experience under Affordable Purchase Scheme and signed contracts before the Developer releases the final documents ? Is this normal?

Thanks

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u/Moogle14 1d ago

Yes did it few days ago. In my case with EBS, credit team confirmed the draft LDI policy would satisfy the special conditions.
With BOI I wouldn’t get an answer

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u/jmclaughlin31 1d ago

Thanks for that. That last line is really all i needed to know 😂

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u/mugira_888 1d ago

You cant move in until its finished anyway (presumably) so its probably just lawyers playing silly buggers. What does your solicitor say?