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Mortgage issue

  • 03-02-2013 7:57am
    #1
    focusowner
    Registered Users, Registered Users 2 Posts: 318 ✭✭


    I have a query re a mortgage application


    My fiance and i applied for a mortgage through bank of ireland last november and gave all information that was at that point required , were were firstly approved in principal and then got letter of offer , we then found a newer house far nicer than the one we had been looking at in a lovely estate , we contacted bank and were informed that was not an issue and did we require further funds so we increased the mortgage by 10k new letter of offer arrived and i was asked for a new salary cert , nothing had changed i was still on a fixed contract thru work and was now earning slightly more than on first one

    Bank arranged mortgage protection and life cover and advised us to pay for a valuation on house , solicitor , survey etc and that we could pay deposit.

    2 days after deposit was paid they rang to say there was an issue with me being on a fixed contract even though its running till next november, i cant get a letter to say il be kept on in november but i have been told there is a 95 % chance i will be. We have had to pull out of sale 3 months after initially starting the process and 1.5 weeks after paying deposit -it shouldnt take that long to check a salary cert !

    We were then told yesterday that the issue is more or less with BOI as they own 2-3 unfinished houses in that estate and auctioneer seemed to think that we would have absolutely no issue buying one of those as they must be sold as the builder has forced the banks hand oddly enough the day after we payed deposit.

    We are currently in process of talking to another bank in the hope we can still purchase our "dream house" but hope is fading daily , we now have to sign forms with the bank to cancel the mortgage protection and the manager said why would you want to do that we can still sell you protection for the mortgage even though we dont have one !!! Im also removing my savings from the bank as ive lost all faith in them - that was also met with consternation



    Question is , what are peoples opinion on this ?

    Both employed
    One permanent one fixed contract both with considerable savings
    And more than minimum deposit requirement


Comments

  • #2
    Bank of Ireland: Laura
    Closed Accounts Posts: 414 ✭✭Bank of Ireland: Laura


    Hi focusowner.

    Thanks for your query.

    We are sorry to hear your mortgage application has not gone as smoothly for you as you would have hoped.

    As your application was processed in your branch, please contact the Mortgage Advisor, if you have not done so already, who will look into this further for you and appeal the decision, if possible.

    Apologies we can not be more help to you in this instance.

    Laura


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