Mortgage + "Conditions"

  • Thread starter niallquinnspants
  • Start date
N

niallquinnspants

Guest
Mortgage + "Conditions"

Lads
Has anyone ever heard of anything similar.

Applied for mortgage there in January for a self build. Requirement for Engineer was to have indemnity insurance which he does.

So sent in all the paperwork and forms etc, got approval, put in place house insurance, life cover etc etc.
Contracts signed on the site, ready for drawdown on the site there yesterday.

Got a call from the mortgage company who tell me that they will not give us the money as they see that on the form from my engineer he does not have 10 year experience on his own!!
Got onto him and he has overseen loads of house builds with other banks without issue, now they try and swing this one on us

To say I am fupped off is a major understatement, I have now wasted 7 weeks, money etc, have I any ground to stand on, can they actually do this??

Is there some "body" that I can contact for free advice as this is disgraceful
 
Can they actually do this??

Yes,they can do this - it is their money.

Is there some "body" that I can contact for free advice as this is disgraceful.

Well no but have you spoken to your solicitor and is there anything the engineer can offer to the lending institution to assist? Is he actually an engineer? Or is he something like an engineering technician?

Lending institutions don't normally have a problem with qualified engineers so perhaps check out his qualifications or get onto lending institution and advise that his certificates are universally accepted in the locality. Alternatively, get another engineer.

mf
 
Thanks for the response BUT the issue with with the institiute.

They have now after so many weeks decided that "since my engineer does not have 10 years of self employed experience" that they are not willing to accept his sign-offs.

The lad has as I said all the relevant qualifications and insurance as well as over 10 years experience, 4 as self employeed engineer.
He has worked with all the major banks but this institute seem to be the only one to have this condition.

Bit selective with who they want to do sign off, bordering on the edge of discrimination against engineers who have less than 10 years experience running their own company.
 
Hi Niall,

This is the first that I have EVER heard of a bank imposing these conditions on an Engineer for starters.

But I do wonder as to whether your engineer is a Chartered Member of the Institute of Engineers in Ireland (CEng IEI). This could be the reason as to why they are so sticky. In the past the simple qualification, Engineer, was often enough for financial institutions but recently, in our more litigious society, it has become a requirement that an engineer be CEng in order to certify stage payments and issue an Engineers Opinion on Compliance with Planning & Building Regs on completion.

You can find this out easily by contacting the iei [broken link removed] and asking them to check their register. To become a chartered member, engineers are required to complete a number of years post qualification and show that they have acheived a set professional standard.

I do find it strange that they require the engineer to have over 10 years experience in running their own company. Many newly qualified engineers would join another company for the period of time it takes for them to gain Charteredship and only then set out on their own. So it is very limiting for any newly chartered engineer setting out on their own.

In the absence of the bank getting down off of their marble pedestal, you might like to contact either the iei (see link above) or the Association of Consulting Engineers in Ireland ACEI and they should be able to help you out with an alternative in your area.

HTH
Mo
 
Well the update lads is that we have after absolutely no help from First Active sent the cheque for the site back and have moved our mortgage to another bank, NIB Offset mortgage.

I have also sent emails and letters to IFSRA, IEI, First Active complaints department, First Active director, Eddie Hobbs, Irish Independent Business and Finance Editor, posted it on another number forums, Joe Duffy, think that is it

Personally my wife and I are totally disgusted with First Actives attitude, lack of answers to our questions, and total unprofessionalism in dealing with our mortgage.
Also the fact that they are the only banking institute that has this condition in relation to the engineer needing 10 years self employed experience, not informing us of this within the first number of days and springing this onto us after the cheque for the site was sent down
 
You must log in or register to reply here.
Back
Top