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  • FIRST POST
    • anglelovesea
    • By anglelovesea 16th Jul 17, 12:45 AM
    • 4Posts
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    anglelovesea
    BTL mortgage audit last for 4 months causing £2000 loss
    • #1
    • 16th Jul 17, 12:45 AM
    BTL mortgage audit last for 4 months causing £2000 loss 16th Jul 17 at 12:45 AM
    I got a written BTL mortgage offer from Bank of Ireland on 03/03/2017. I received a letter from the solicitor saying the bank wants to have an audit check on 03/04/2017 and the original completion date was 28/05/2017. Until now(16/07/2017), 6 weeks from the supposed completion date, more than 4 months from the mortgage offer issued, the audit check is still going on and there is no clear close date. As expected, the seller decides to put the property back to market and we have a bill of £2000 on broker fee and solicitor fee.

    Both the broker and myself assumed that Bank of Ireland regretted his original offer(for no matter what reason that they refuse to say) and delaying until the offer expires or the seller pulls out, which just happened last Thursday.

    The broker has already made a complaint to the bank last month. Since the time for a complaint decision is 8 weeks, I have not received any formal explanation from them.

    I searched for some cases on the forum of last minute mortgage audit check. It seems that no one had one that lasts for so long. I don't blame the seller because he lost money for waiting too.

    Sorry for my poor English. Can anyone help me:1 is this normal or just very bad luck? 2. If its not right, what can I do now?


    Thanks!
    Last edited by anglelovesea; 16-07-2017 at 12:56 AM.
Page 1
    • glosoli
    • By glosoli 16th Jul 17, 1:58 AM
    • 675 Posts
    • 388 Thanks
    glosoli
    • #2
    • 16th Jul 17, 1:58 AM
    • #2
    • 16th Jul 17, 1:58 AM
    A four month compliance check is very unusual. If they have already offered - and in hindsight they shouldn't have, they should be looking at a fait accompli situation if all information provided by yourself and the broker was true and accurate to the best of your knowledge.

    It makes me wonder therefore if there is something else going on, i.e something that has not been disclosed to the lender, which has came to light after they have offered. Banks don't "regret" offers, they can't after an offer document has been produced, unless something has came to light that they were not previously aware of.
    • anglelovesea
    • By anglelovesea 16th Jul 17, 8:18 AM
    • 4 Posts
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    anglelovesea
    • #3
    • 16th Jul 17, 8:18 AM
    • #3
    • 16th Jul 17, 8:18 AM
    thank you for your reply. There is nothing new after the offer. If Bank of Ireland has concerns about getting untrue information from the application, they surely would let us know their suspicious? In these four months, they just asked for more documents and raised more questions of the new documents.

    For example, a few weeks back, they saw the standing oder putting money into my account from my another account, they asked for 12 months bank statement of all my related accounts. I did. Two weeks later, they asked what is the income that stated" XXX company" with a memo"salary". I answered as it stated, it was salary. Last friday, when I told them the seller had pulled out, they need to hurry up. Instead, they asked me about my new company what is it and how it is set up. A question could have been asked long time ago and has nothing to do with a BTL mortgage. I have a feeling that Bank of Ireland has no intention to close the case but only the opposite.

    Believe me, we noticed nothing went wrong long time ago. We even asked the bank two months ago if they were not able to release the fund we should find another lender soon. Unfortunately, more irrelevant questions came in and there were no yes or no answer from the bank. Every time we thought we were quite further down to the end, therefore we did not want to start over to find another lender.
    • Thrugelmir
    • By Thrugelmir 16th Jul 17, 11:19 AM
    • 56,213 Posts
    • 49,594 Thanks
    Thrugelmir
    • #4
    • 16th Jul 17, 11:19 AM
    • #4
    • 16th Jul 17, 11:19 AM
    Unfortunately, more irrelevant questions came in and there were no yes or no answer from the bank. Every time we thought we were quite further down to the end, therefore we did not want to start over to find another lender.
    Originally posted by anglelovesea
    While you consider them irrelevant. They won't be be to the lender. If your financial affairs are opaque. Then the lender is going to keep digging. To ascertain the bottom line.
    ďOpportunities come infrequently. When it rains gold, put out the bucket, not the thimbleĒ
    ― Warren Buffett
    • anglelovesea
    • By anglelovesea 16th Jul 17, 1:30 PM
    • 4 Posts
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    anglelovesea
    • #5
    • 16th Jul 17, 1:30 PM
    • #5
    • 16th Jul 17, 1:30 PM
    I only have income from salary and money from parents.

    Supposing all the questions are a must, why not ask in one go?

    Everybody has their very special circumstances, if the bank asks a question every two week, most mortgage applicants will suffer the same situation.

    Because it took so long, the bank now wants renewed payslips/bank statements and so forth, and there are more to look into.

    I understand it sounds bizarre and fishy. However, if I really have something to hide, I won't waste time here to ask for help.
    • anglelovesea
    • By anglelovesea 16th Jul 17, 1:39 PM
    • 4 Posts
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    anglelovesea
    • #6
    • 16th Jul 17, 1:39 PM
    • #6
    • 16th Jul 17, 1:39 PM
    I submitted all documents for the application. If my finance is beyond the acceptance of Bank of Ireland, why issue me the offer? it would cost me nothing if there was no mortgage offer in place.

    £2000 is a lot for me to pay. The purchase had fallen out and the only reason is that the bank is not real easing the fund as promised.
    Last edited by anglelovesea; 16-07-2017 at 2:00 PM.
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