switching mortgage mid build

[Eve1]

We are trying to change banks at the moment mid build and increase our mortgage at the same time. We have had a mortgage for over 2 years with one bank but we are unhappy with them and would like to switch, we also need to increase the mortgage to finish the build. The current value of the house is €80,000 above the increased mortgage we are seeking even though the house isn't completed. We have been given a value of €280,000 above the mortgage required once the work has been complete.

Will the fact that our house isn't completed cause problems with the banks (the house is constructed just needs plastering and decoration)?

Thanks

 

[Sarah W]

It shouldn't do as long as the legal work is up to date and your builder/architect have supplied all the relevant certificates and, of course, you fit the criteria of the new lender. Why are you unhappy with your current lender?

Sarah

www.rea.ie

 

[Eve1]

The rate with the new bank is much lower and they seem to be much more efficient. We had so many problems with our current lender. They lost so many documents, we nearly lost our site and then each stage payment was delayed. They also said that out TF company was not on their books and we had to wait until this was sorted out. Overall I think they delayed us by over 6 months, which is not acceptable when you are building.

 

[Salmon]

I feel your pain eve1,

I spent absolutely ages trying to get my mortgages 1 stage payment. It absolutely broke my heart! As soon as my house is built im gonna move it to another lender as the one I am with is the absolute pitts. I ended up getting out a loan to cover the first stage payment while I waited for the bank to get their act together, this meant that I couldnt approach any other lender as I now had a personal loan out in my name! I was absolutely cornered for a while. Any way, the payment came through in the end, im just wondering how much hassle the rest of the payments will be! Keep us posted about how difficult the changing over is!