Mortgage query - can banks do this?

Rua88

So myself and my other half applied for a mortgage about 8 weeks ago with BOI. He is permanent and in full time employment, I am a teacher (post primary) and unemployed but i sub casually. We inherited a house two years ago and everything to do with that was paid off etc etc. It doesn't suit us to live here anymore space wise as we have kids and so looked to move and applied for an average mortgage.

So we applied not having a house in mind and then a house came up that we did want. All relevant forms were filled correctly and accepted by the bank- the salary certs for both of us were cleared and accepted and mortgage offer was made with no outstanding criteria.

Of course went to solicitor got the ball rolling and went sale agreed on the property. Bank said we didnt have to sell current house so wrote it down as an investment.

After signing letter of offer with no outstanding documents needed and signing for mortgage with solicitor the BOI rang me this week asking for another salary cert for me and a letter to say i was on the panel for the ETB I work in. The fella on the phone more or less told me that the money would be ready for us the day I get the above in and have it faxed but salary cert must say I earn over a certain amount (20k p/a) which to be honest unless I'm on contract I obviously won't earn. This was all explained to bank previously on application and in writing- I have been on continuous contracts for the last 4 years with ETB for sick leaves etc- all these contracts have been given along with everything else requested.

The thing is, I am only the supporting income for the mortgage and other half is the one getting it.

Can the bank hold things up for us now after us signing the legal contract for mortgage and letter of offer?

We literally have to close on this house by 15th of September as was in contract with the seller. I'm terrified we'll lose our deposit of nearly 15k otherwise.

Just worried this is all about to fall apart.
Advice???

alibab

Don't know if it's different for investment property . How far did you get in the process with Boi . I got approval with boi and aib but the list of terms and conditions of mortgage with the boi was so long it was exhausting but doable . I got full loan offer and everything sent to solicitors and it was only then they actually looked for a salery cert where this was the first thing AIB looked for which I found strange . I did not go with BOI my own bank due to the amount of messing about process was so much more simple with AIB .

It was made clear on the terms and conditions re salary cert etc but this does not make sense in your case also I understand with BOI once you get the official letter of offer its meant to be very straightforward obviously not but then I am not surprised.

Rua88

alibab wrote: »

Don't know if it's different for investment property . How far did you get in the process with Boi . I got approval with boi and aib but the list of terms and conditions of mortgage with the boi was so long it was exhausting but doable . I got full loan offer and everything sent to solicitors and it was only then they actually looked for a salery cert where this was the first thing AIB looked for which I found strange . I did not go with BOI my own bank due to the amount of messing about process was so much more simple with AIB .

It was made clear on the terms and conditions re salary cert etc but this does not make sense in your case also I understand with BOI once you get the official letter of offer its meant to be very straightforward obviously not but then I am not surprised.

Thanks Alibab, I don't know what to do- It has me stressed as hell these last few days.

BOI looked for salary cert from the get go from both of us. we actually put our own house on the market today, forgot to mention that so that we could put a lump on the mortgage when it does sell and have some left over to do the next house up as there is quite a bit to be done. We're only getting 105k off the banks as a mortgage which I thought was low enough and we passed the stress test, got that assurance or insurance thing and whatever else they wanted us to do. When the letter of offer came back there were a few conditions but we worked hard to get them all done and out of the way. they sent us back a letter saying all conditions had been met to their satisfaction and we signed the letter of offer.

I think they are giving us the run around completely- why would you request forms at the last minute like this (especially when the ETB can take forever to complete forms).

solicitor said to wait out the week and he would make a call but they are really taking the piss.

EDIT: They were happy with both salary certs and said nothing more was required in that area so why the need for mine to be re done with no real explanation?

alibab

It really sounds like they are messing you about completely. What does the bank person say that you dealt with on all this I would be going back to them very annoyed you met all the conditions etc you are right to he pissed off I would go back to them and complain at this stage they should not be going back and looking for more when you met all the terms outlined

Rua88

alibab wrote: »

It really sounds like they are messing you about completely. What does the bank person say that you dealt with on all this I would be going back to them very annoyed you met all the conditions etc you are right to he pissed off I would go back to them and complain at this stage they should not be going back and looking for more when you met all the terms outlined

Person in the bank just apologized and said that they just wanted to little things again and I swear i nearly lost it down the phone at him- i know its not his fault but like these forms could have been asked for two weeks ago rather than this week and the fact that they should already have these makes me so mad because the new copies are just going to say the exact same things as before.

That's what is breaking my heart- we've both already met the conditions, myself in particular (after even having to submit a CV to him to show qualifications) and now this. Its like what's next!