F
fireman sam
Guest
· Both myself and my wife are in our mid thirty’s and have Full time and Permanent employment contracts
·We have an excellent savings record and We have no outstanding debts .We have a clear credit record .All our banking is done with TSB; they have a clear idea as to our monthly spending.
Personal Family Financial status
Combined Salary 106,000 per annum.
57 / 49
Rental Income 12,000 Per annum
Total Cash Savings 85,000
Current Financial Status (with TSB)
Amount
Current Mortgage (remaining)
161,000
Outstanding Drawdown (Current home Mortgage)
60,000
New Borrowings
179,000
Total Borrowings
400,000
New Build Financial Position
Amount
Outstanding Drawdown (Current Mortgage)
60,000
New Borrowings
179,000
Cash Savings (Bank of us not In NAMA)
85,000
Total Available Budget for new house build
324,000
Total Available Budget
324,000
Total Fixed Costs
30,000
Final Budget for build
294,000
Initially they were very pleased to offer me 400,000 on a 3.5% variable (since then it is now 4%, I understand it is the highest on the high street. This offer was made verbally but was being offered unconditionally. I expressed that I wanted to keep my tracker mortgage as part of the financial arrangement. The Figures below is the scenario that we have been in conversation with the Lapps Quay, Cork City, and Permanent TSB branch since the New Year.
Current Loan 161,000 Tracker
Outstanding Drawdown 60,000Tracker
New capital 179,000 Variable
The following is the order of events that took place since then
· They refused an equity release on the property to arrange future capital. I agreed
· They refused to honour the outstanding 60,000 drawdown (on tracker). I disagreed
Upon reflection after they studied their own terms and conditions they changed their minds.
They said they would honour it.
· They requested that 10% (of the overall budget) be the final withheld stage payment. I agreed
· They wanted me to spend my 85,000 first on the new build without any of their money being committed. I disagreed.
I offered to percentage match the stage payments with our cash and use a TSB account for transparency, TSB agreed
· They wanted a greater/fuller briefing regarding the budget for the build. I agreed
They were furnished with all this information from my Engineer,
· Awaiting Loan offer in writing last Thursday, Feb 25
· Refused over the phone
So there you have it. In waiting for my loan offer in writing late last week, I get a phone call to say that they have refused me application. The process fell on the basis that the banks appointed valuing agent (done in late November/early December) valued the House currently at 222,000 and its worth in the future after the build would be 650,000. It is the figure of 222,000 that has derailed the process.
We have independently valued the house by an officer of all the major banks including the TSB. He valued the property between 300,000 – 350.000. Last Thursday morning in conversation with TSB I was being set up for a loan refusal until I told them about another of their valuers, appointed by my independent mortgage broker, coming in with a vastly different valuation. The banks officer (assistant manager) cut the conversation short as he wanted to relay this information to his superior.
Three hours later the bank refused my application for a loan, again stating that the first valuation was good enough for them, and this valuation was indeed the grounds my refusal was based on. From day one of the first valuation I questioned its accuracy and professional credit. The valuer in my opinion did not execute his actions professionally as in the course of his duties his attitude changed towards my wife through conversation. A difference of opinion was aired.
I have requested in writing the grounds for refusal and I am currently awaiting the paperwork. I have also stated to them that I would be appealing their decision and am currently arranging this process. I have submitted no appeal as yet.
The TSB have refused my application not based on the merits of my case but indeed on their own agenda which is to minimise their over extended tracker loan book and I believe I find myself a victim of this process.
What Do I do next?
·We have an excellent savings record and We have no outstanding debts .We have a clear credit record .All our banking is done with TSB; they have a clear idea as to our monthly spending.
Personal Family Financial status
Combined Salary 106,000 per annum.
57 / 49
Rental Income 12,000 Per annum
Total Cash Savings 85,000
Current Financial Status (with TSB)
Amount
Current Mortgage (remaining)
161,000
Outstanding Drawdown (Current home Mortgage)
60,000
New Borrowings
179,000
Total Borrowings
400,000
New Build Financial Position
Amount
Outstanding Drawdown (Current Mortgage)
60,000
New Borrowings
179,000
Cash Savings (Bank of us not In NAMA)
85,000
Total Available Budget for new house build
324,000
Total Available Budget
324,000
Total Fixed Costs
30,000
Final Budget for build
294,000
Initially they were very pleased to offer me 400,000 on a 3.5% variable (since then it is now 4%, I understand it is the highest on the high street. This offer was made verbally but was being offered unconditionally. I expressed that I wanted to keep my tracker mortgage as part of the financial arrangement. The Figures below is the scenario that we have been in conversation with the Lapps Quay, Cork City, and Permanent TSB branch since the New Year.
Current Loan 161,000 Tracker
Outstanding Drawdown 60,000Tracker
New capital 179,000 Variable
The following is the order of events that took place since then
· They refused an equity release on the property to arrange future capital. I agreed
· They refused to honour the outstanding 60,000 drawdown (on tracker). I disagreed
Upon reflection after they studied their own terms and conditions they changed their minds.
They said they would honour it.
· They requested that 10% (of the overall budget) be the final withheld stage payment. I agreed
· They wanted me to spend my 85,000 first on the new build without any of their money being committed. I disagreed.
I offered to percentage match the stage payments with our cash and use a TSB account for transparency, TSB agreed
· They wanted a greater/fuller briefing regarding the budget for the build. I agreed
They were furnished with all this information from my Engineer,
· Awaiting Loan offer in writing last Thursday, Feb 25
· Refused over the phone
So there you have it. In waiting for my loan offer in writing late last week, I get a phone call to say that they have refused me application. The process fell on the basis that the banks appointed valuing agent (done in late November/early December) valued the House currently at 222,000 and its worth in the future after the build would be 650,000. It is the figure of 222,000 that has derailed the process.
We have independently valued the house by an officer of all the major banks including the TSB. He valued the property between 300,000 – 350.000. Last Thursday morning in conversation with TSB I was being set up for a loan refusal until I told them about another of their valuers, appointed by my independent mortgage broker, coming in with a vastly different valuation. The banks officer (assistant manager) cut the conversation short as he wanted to relay this information to his superior.
Three hours later the bank refused my application for a loan, again stating that the first valuation was good enough for them, and this valuation was indeed the grounds my refusal was based on. From day one of the first valuation I questioned its accuracy and professional credit. The valuer in my opinion did not execute his actions professionally as in the course of his duties his attitude changed towards my wife through conversation. A difference of opinion was aired.
I have requested in writing the grounds for refusal and I am currently awaiting the paperwork. I have also stated to them that I would be appealing their decision and am currently arranging this process. I have submitted no appeal as yet.
The TSB have refused my application not based on the merits of my case but indeed on their own agenda which is to minimise their over extended tracker loan book and I believe I find myself a victim of this process.
What Do I do next?