Made redundant and bank wont release final (self build) mortgage tranche

J

JohnJames81

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Fist time post so any advice is greatly appreciated.

I got a mortage for a self build from BOI. Half way through the build I got laid off from work so I decided to do a year in College to finish my degree so im un-employed at the moment.

Went to get the final mortgage payment last week and the bank have siad they are not releasing the final mortgage monies because I have become un-employed!

Out of that last payment I wanted to pay the builder for finishing the house and pay for some furniture so I can let it as I have a tenant lined up whos rent will pay alot more than what my mortgage is.

The builder is obviously looking for his final payment and I have no savings

My hair is falling out with stress as I write this post ! ! ! ! !

Can the bank do this?
 
Sorry to hear about your situation.

Did you tell the bank that you'd lost your job or did they just deduce it from the activity in relation to your account?
 
I told them that I went back to college to finish my degree and that I am finished at the end of April.

Ive not missed any mortage payments but there has been little activity on my account.

Im up the creek big style.
 
That is just outrageous - as long as you've been making payments what's their big problem? OK I understand about the future, but even people in so called "safe" jobs have no guarantee that they will have jobs down the line. There is a name I'd like to call who ever is making this decision in the bank - but I won't put it here.
Best of luck & fight them as best you can.
 
Cheers for the words of support.

The thing that is making things worse is that the builder does not believe my story and he thinks that ive pocketed the final payment and he is getting extremely aggresive.

Also ive had a valuation done on the house and its worth double of what my mortgage is, so its not as if im over exposed or a high risk. Id say fair enough if i was in negative equity but ive 50% equity as it stands.

Blood boiling with these people!
 
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