Self Build Mortgage Problems

anoble66

Hi,

Back in 2008 I took out a self build mortgage (for site and build costs), the 1st stage payment was drawn down to purchase the site. It's only now that I am starting to feel like I can proceed. When I have approached the bank to look for the 2nd stage payment to begin the house build, I am being told I am going to need to go back through the application and approval process as so much as changed.

They now may or may not approve the extra I need to build, especially as they will be doing a re-valuation of the site etc and new central bank lending terms etc.

If needed I am going to get legal advice as all I want is for the bank to honor the previously signed upon mortgage agreement.

Does anyone else have experience of a bank attempting this or any other advice?

Thanks

amdublin

Was there a length of time specified for each draw down??

Seems an incredible length of time for you not to have drawn down.

Seems you want to say they must adhere to the contract. I'd say that they would see it as you didn't adhere to the contract and draw second payment down.

anoble66

On all the paper work I have been through, there was no time line specified for stage payment draw down.

BuffyBot

Duplicate of an existing thread