EBS mortgage conditions - madness?

EBS has requested an auditors letter confirming an option to acquire a shareholding in a business as part of their mortgage conditions, on a loan which is 38% LTV. This is in addition to salary certs and a letter from the company secretary, sealed with company stamp, confirming salary. Is this pure madness or what? Auditors say they have never been asked for such a thing before. Evidence of a desire not to complete the loan, putting up barriers that cannot be complied with? Opinions from anyone, ever hear of such a condition before?

Thanks,

PWR

I have no idea, but have you tried to get loans from any other bank?
Is the loan for your business? Maybe they are nervous about the market for your industry?

Is the purpose of the loan to purchase the share in the company? If not, how did an option to purchase a share of a business arise in a mortgage / remortgage application?

Loan is for (2nd) house purchase, and the share option came up because they did a search through the Companies Office and asked me for current and previous Directorships, and shareholdings, as part of the mortgage conditions. I found that bizarre, woulddn't have thought they would do that level of investigation. As I said, the LTV ratio is 38%, not a big number on a second house.

PWR

PWR said:

Auditors say they have never been asked for such a thing before. Evidence of a desire not to complete the loan, putting up barriers that cannot be complied with?

Click to expand...

Both, imho. No other rational explanation I can think of.

I had an absolutle nightmare with EBS when setting up my mortgage - ended up going to AIB - EBS wanted crazy info.