Can a lender renege on a mortgage offer in the middle of a self-build?

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pinkairfish

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Hi

I've just been informed by BOI that I have to re-submit my financials because my letter of offer was signed in May, 2008. I still have final 20K to draw down on a self-build mortgage pending valuation and cert of compliace. Thing is my husband was made redundant since then. He has since started a new viable business. My wages have doubled so our financial position is much of a muchness.
They have pulled the 3 month lapse clause for starters - I have rejected.

I need to finish my house - no gate security and no lanscaping

Can the bank unilaterally change the T & C's of my offer at this point?
 
Of course they can ....

You got the loan based on your financial position at the time. They just want to make sure that your financial position hasn't changed.

If you can prove it hasn't then you'll get your money.
 
pinkairfish said:
They have pulled the 3 month lapse clause for starters - I have rejected.

I need to finish my house - no gate security and no lanscaping

Can the bank unilaterally change the T & C's of my offer at this point?
Click to expand...

What have you rejected? A clause in the contract ?

Is gate security and landscaping really important if you've the house built and it's habitable?
 
Pinky

This is interesting, but can you give more details because your post is very unclear?

1) How much is your mortgage approval for?
2) When did they give it to you?
3) Are they trying to change the terms e.g. get you off a cheap tracker?
4) How much have you drawn down so far?
5) What does your solicitor say?
 
Very interesting, same thing happened to a friend of mine with ICS. They pulled the mortgage completely (only 1 drawdown done), they also pulled the 3 month lapse clause.
His solicitor seems to think it's a straight forward case however Banks are not going to pull a move like this without being fully secure that are within their rights to do it. I think this particular solicitor has too much time on his hands!
Would also welcome any opinions on this?
 
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