Mortgages

Does anyone know the situation regarding mortgages being granted prior to the first occupation licence being issued. I have had conflicting reports on this. One lender said no, the banks will not and cannot grant a mortgage without that first licence, whilst the legal advice is yes they will??!!

Confused, I bloody well am!

Obviously this affects any decision to sign off with Aifos prior to completion of the licence.

Come on my armchair lawyers, lets have your thoughts please?

D

Hi,

 I am not a lawyer but i can tell you that if the bank, the builder and the buyer are agree, there is no problem to sign the mortgage, even if they dont have the first license (they only need the document of building completion) . I dont know if Banco Pastor do it , but I know another banks that may do it.

Regards

Juan

It is interesting Juan that the first bank I asked the question of answered with an emphatic no! Obviously I am exploring the possibility of having to sign without the first licence, however there had to be a mortgage available?

Thanks for the reply though.