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Mortgage Refusal Ulster Bank

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  • 23-09-2016 11:37am
    #1
    Rosmichael
    Registered Users Posts: 2 ✭


    I was recently declined a mortgage from Ulster Bank to finish a self build. I was told that I was almost successful but because I had no paper trail for the work to date, they could not approve a mortgage.I worked hard to get the house to where it is but unfortunately this was mostly from cash jobs. I started the mortgage application in February of this year and only found out I was declined in August. This was after sending payslip after payslip, plans, P60s(originals might I add), bank statements, savings statements etc. What I would like to know is, why did Ulster Bank lead me on for so long? Will this be the same for every bank? Why did nobody from Ulster Bank come to view the house to date? The site is still in my mother's name so would I be approved a mortgage if I was to buy it from her for a reduced amount?? Any advice appreciated.
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    #2
    phormium
    Registered Users Posts: 3,330 ✭✭✭phormium


    Lack of experienced staff in the banks I think myself is the main reason for something as slow as this and as messy. However it has always been difficult to get a mortgage for a half built self/build, far better idea to apply for the mortgage before you start the house even if you don't need to draw it down until later in the build but too late for that now. It would be pointless anyone from UB coming out to look at the house, what would that prove? They have valuers who do that.

    When you say you have no trail, is it from cash spent on property or certification wise, as in has there been an architect/engineer supervising all aspects?

    If you have the proper certification in place then it might be a money laundering red flag to them that you cannot show the spend on the property or where it came from.

    Are you looking for much? A credit union secured loan might be an option if you have an account with one, more expensive and shorter term but might be easier to get.


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    #3
    Rosmichael
    Registered Users Posts: 2 ✭Rosmichael


    I have no paper trail of cash paid to get the house to that stage.I have architect certs for work to date but UB did not ask for these.I understand the money laundering side of things but I'm hardly rolling in it!
    It's just very frustrating!Thanks for reply.


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