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Misleading mortgage advice

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  • 10-07-2015 8:36pm
    #1
    jon29
    Registered Users Posts: 1 ✭


    • In our mortgage application we were told that the renovation costs that we had to provide proof of financing for would be re-mortgaged once a new valuation had been complete. 


    • Our financing of the project was referred to as bridging loans, which they were not. We have now been told we cannot re-mortgage these bridging loans, contrary to what we were told in our initial application, and to what it says in our contract. We are now left with high costing short-term loans. 


    • Our contract says ‘valuation for mortgage purposes’. The renovation is finished and the new valuation has been complete, and we are only now told we cannot mortgage this. We feel it is misleading to say ‘valuation for mortgage purposes’ in the contract. The term for ‘mortgage purposes’ shouldn’t be used if this is not to be mortgaged at this new value.


    • Why are we not able to mortgage at this new value when we have been approved for this according to the correspondence we received from the bank: Customer have capacity to borrow further funds against mortgage. Which would be more preferable from banks and customers perspective. If proceeding this way we could release funds to purchase property and balance against works completed in arrears. We would prefer to proceed in this manor.
    [*]


    We submitted a complaint and were informed that in our mortgage application:
    Mr … correctly advised you that if you wished to apply for an equity release mortgage on your property, you would need to re-apply for additional funds at the time.

    We have followed these instructions and have received the following from Mr … (9 July).
    Application was received yesterday and after careful consideration it was declined as we cannot under any circumstance re finance an existing debt held with another institution. Apologies for the inconvenience.

    We feel we deserve an explanation to why we have received such misleading information throughout the process, and why we were not informed of this. 


    Thanks, Jon


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  • Options
    #2
    Bank of Ireland: Elaine
    Closed Accounts Posts: 1,367 ✭✭✭Bank of Ireland: Elaine


    Good Morning jon29, 

    Thank you for getting in contact with us here on Boards.ie. 

    We are sorry to hear of your recent experience and we would like to help you with your queries. Can you PM us with your name, branch name and contact number which will assist us with arranging a call back for you. 

    Looking forward to hearing from you, 
    Elaine 


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