Bank refusing final stage mortgage payment, seeking more up to date information!

H

happyholly

Guest
We have just requested our final stage payment of our mortgage from our bank and they have come back to us wanting up to date income details before they will issue the money.

Our solicitor has said not to supply these details to them as they have entered into a contract with us and that they were given all the information when we applied for the mortgage.

It has now gone to the banks legal department and our solicitor is adamant that the bank has no option but to issue the money.

Has anyone come across this and does anyone know if the bank can legally do this.
 
Re: Bank refusing to issue final stage payment on mortgage

Have your circumstances changed? If not, why not just supply the info. If you have had a reduction in income, are you sure you can still afford the property.

With so many redundancies & job losses, I guess the banks are being cautious
 
Re: Bank refusing to issue final stage payment on mortgage

Agree fully with your solicitors advice. Get him/her write a strong letter to banks legal dept home mortgage division with cc to Branch
 
The bank do not have to issue the money the money if they are under the impression you cannot afford higher repayments. Have you met all your payments on time? Have your circumstances changed?
 
Surely the bank has sanctioned the mortgage and the fact that your income may have reduced since then doesnot permit the bank to withhold the final drawdown.
 
sam h said:
Have your circumstances changed? If not, why not just supply the info. If you have had a reduction in income, are you sure you can still afford the property.

With so many redundancies & job losses, I guess the banks are being cautious
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obama said:
The bank do not have to issue the money the money if they are under the impression you cannot afford higher repayments. Have you met all your payments on time? Have your circumstances changed?
Click to expand...

Even if the OP has had a change in circumstances, it's got nothing to do with the bank at this stage. The contracts been signed, and most of the money's been handed over.
And say the bank doesn't hand over the final payment. What good is an unfinished house to the bank?
 
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