mortgage lien

[bikki]

My Partner and I have finally been approved for our mortgage after a very long few weeks of waiting...
As part of the loan offer the lender has stated we must provide a lien of a few thousand euro. So I am just wondering if anyone else has had experience in doing this in getting their home loan. If so, how long was the lien for and was their any issues in getting it back? The lender has not yet specified how long it will be.
Thanks in advance.

 

[angela59]

Hi bikki,

I purchased land last year and I had SSIA savings and the bank asked that I transfer this money into an account with them for 1 year (high earning interest account). I don't think there is anything you can do about it. The year will be up on January 08.

 

[ClubMan]

Did either or both of you shop around? I can't imagine that all lenders adopt this approach.

 

[huskerdu]

Liens are not uncommon, bu tI've only heard of them with specific conditions so it is clear when they end.
Have you asked the lender what the conditions will be for the lien to end ?

 

[bikki]

Thanks for your responses. Its not a problem that we have to do it. I under stand why they have asked us to as my partner had a couple of missed loan repayments recently. I was just wondering how long it was for and if they were any issues at the end. In a way it will be very handy in a years time to get our hands on it!

We had been shopping around for weeks but were refused becasue of the missed payments...this lender was the only one to give us a break on the condition of the lien.