Urgent mortgage advice required

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Ellie32

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Got mortgage approval early this year and placed a deposit on an apartment on foot of it.

The builders have been in touch to say that they're ready to snag and to get in touch with the bank re drawing down my mortgage.

The bank seem to be procrastinating big time on whether or not to give me a mortgage even though I thought their offer lasted for 12 months. I've had to re-submit some documents (my current account bank slips and another credit report) - is it normal that a bank asks for this information a second time?

If I now don't get the mortgage do I have any recourse towards the bank?
 
Find out for sure how long the bank said they would stand over your offer. This should be on the letter of offer itself. I would be shocked if it was a year. Last year when we got a mortgage the offer was good for six months. Things might be a bit different now, however.

In saying that, I don't think it is unusual for the bank to ask for updated payslips etc before drawdown, just to ensure you are still earning the same etc.

Surely the best thing to do is contact your bank to see if everything is in order. Speculation is only worth so much - best to go straight to the source, especially if you have a non-refundable deposit down.

Good luck!
 
This questions have been asked many times before.

A mortage offer is generaly valid for 3/6 months. You have no recourse towards the bank.

Chances are, if you are reapproved, you will not be offered the same amount of money.

Your options are:

1. Walk a way and lose at least your deposit, the developer can sue you for not fulfilling your contract. There are a number of these cases in the courts at the moment, but I have yet to hear any outcomes.

2. Offer the developer the reduced mortgage the bank offers you.

3. If 2. is refused, I have heard (not confirmed) of someone getting in contact with the developers bank and buying the house (at the reduced rate) off the bank, cutting out the developer.
 
I'm told the loan offer was for 12 months but a new one now has to be issued (if I'm successful) as my solicitor didn't return the papers within 30 days the last time.
 
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