Wednesday, September 21, 2005

Government extends times for loan arrangements

Waterport Terraces

Gibraltar Government has said it will allow additional time for people to obtain confirmation from financial institutions as to their ability to arrange the purchasing of a house at Waterport Terraces.

The move follows lending institutions requiring more time to process applications.

But the deadline to apply for a house remains the end of this month.

Application forms for Waterport Terraces Housing Scheme require applicants to confirm that they have the financial means to complete the purchase of the property. In most cases, this will require them to obtain a bridging loan and mortgage.

Government yesterday said it had been informed by lending institutions that they will be unable to conduct preliminary interviews with all their potential customers before the deadline of September 30 2005 for submission by prospective purchasers of Applications to buy a property.

As a result Government says it will accept application forms from people who have been unable to obtain confirmation from their bank or building society by that date, so long as they state a date in October of their appointment with their lending institution.

In an advertisement published today, (in The Chronicle Newspaper), they also say that a letter from the bank or building society confirming an in-principle agreement to lend the required sum is required before the end of October.

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