Thank you....so a valuer may reduce the market value by the cost of the remedial works, and but that would still be significantly more than the mortgage being applied for....The bank will want a valuation from one of a panel. If the valuer spots anything out of the ordinary such as signs on the stairway about remedial works they might mention it. Apart from that I don't see why they would refuse unless they knew about it. Having said that I'm pretty sure they have some questions and/or T&C that state you may have to reveal this.
Hi...just to update on this...unfortunately the solicitor would not be able to provide an undertaking re marketable value to the lender, so not likely to proceed...we are going to check with the lender if they would accept a conditional undertaking before incurring valuation and legal fees, but apparently unlikely.....The bank will want a valuation from one of a panel. If the valuer spots anything out of the ordinary such as signs on the stairway about remedial works they might mention it. Apart from that I don't see why they would refuse unless they knew about it. Having said that I'm pretty sure they have some questions and/or T&C that state you may have to reveal this.
Hi @biker,Hi...just to update on this...unfortunately the solicitor would not be able to provide an undertaking re marketable value to the lender, so not likely to proceed...we are going to check with the lender if they would accept a conditional undertaking before incurring valuation and legal fees, but apparently unlikely.....
Hi Paul,Hi @biker,
Did you find out if the lender would accept a conditional undertaking? What did your son decide to do in the end?
Thanks
Hi Paul,Hi @biker,
Thanks for the update. These construction defects are causing stress and costing money for thousands of people. Another Celtic Tiger legacy.
Has your son checked what his break fee would be, with a view to switching to a better rate with his current lender?
Hi Paul,
it's not a fixed rate, it's a variable rate, it was part of the portfolio from Danske Bank that was sold.
Hi Eureka,It is a horrible situation. I am in the same position.
What is really upsetting is that the government allowed the sale of our performing mortgages to these vulture funds.
We originally took out our mortgages with a bank but overnight our opportunities to leverage improving LTV’s or renegotiate lower fixed or variable rates with our bank we’re taken from us..
Whilst the simple solution would be to switch, unfortunately people’s financial situations change therefore preventing this, yet the Vulture Fund is allowed to continue to gouge with very high rates whilst offering no services nor bricks and mortar facilities.
But hey, someone in government thought this was an ok way to treat people, right?
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