Michael McGrath (Cork South Central, Fianna Fail)
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Question 133: To ask the Minister for Finance the current duration for which mortgage approval is valid once granted for each of the covered banks; and if he will make a statement on the matter. [36794/12]

Michael Noonan (Limerick City, Fine Gael)
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The covered Banks have supplied me with the following information regarding mortgage approval durations. In the case of IBRC residential mortgages are no longer offered. For AIB, the current mortgage approval duration is six months from the date of sanction subject to review after 3 months if approval continues to outstand.

In practise, the Bank of Ireland mortgage letter of offer is considered valid for a period of six months from date of issue.

Permanent TSB, in its discretion, may permit drawdown of the loan within a period of up to 6 months from the date of the initial Loan Offer. Once the 6 month period has elapsed and the loan remains undrawn, the Loan Offer will expire.