Maybe thats at least partly why the bank have offered her a deal / a large reduction on the balance owed provided she signs a non disclosure document. Hence neither she or I are going to divulge details of the location, name of bank, amount of loan or write-down etc as someone may identify her.
The loan offer would usually show what the payments would be on capital and interest, there is a load of stuff that comes out with a loan offer, including a valuation, and I would say most people read none of it.
How did your sister plan to repay the loan from renting out a two bedroomed house with no central heating or double glazing?
As Brendan asked why did she pay the price for her house when she could have purchased a 6 bedroomed house in the same area for the same price?
There is no mention of the number of bedrooms on the mortgage application form. My sister got a copy of all documentation from the bank for (I think she said) 6 or 7 euro. Parts of the buy to let mortgage application form are left blank. The broker filled it in and my sister signed it.Does the mortgage application form state there are six bedrooms which will rented & give a rental value? Who filled in & signed the mortgage application?
To answer your question, no, she did not discuss it with me in any detail at the time as I was overseas.With a sister like you who can talk the talk, did she never discuss the purchase with you?
As said before, she did actually, but she was fobbed off, and just told by the broker that the financial experts had gone through the figures and that she could afford it, otherwise they would not lend her the money. She asked again and was told it would depend on interest rates etc and nobody could predict what exactly the repayments would be, but the broker/estate agent said the rent would cover it. Why did the bank not tell her what the monthly or yearly repayments would be when the interest only period is up? Its not on the loan agreement. Should they not have seen the figures did not stack up?yet she didn't think to ask "What will my repayments be when the interest only period is up?".
No they did not. I do not think they have to. I would be more concerned about what went on in the other lending institution.Did that bank not give her, in writing, a reason for the refusal?
To answer your question, no, she did not discuss it with me in any detail at the time as I was overseas.
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e - but this is not acceptable to sibling !)
Not taking from the thread in question Bronte but what does your sibling want out of this.
As an after thought God only knows the shenanigans that went on over the tiger years. All coming home to roost a is evident in this thread.
This is a couple willing to fight back on their own, experts on High court, procedures, affidavids, you name it they know it, and on first name terms with other side's legal teams. And also experts on judges too !
Sounds great, hope they get on just fine and all will come to a successful conclusion.
The whole thing is so crackers you wouldn't believe it, and no mortgages being paid for a few years now, and they ran the receivers on one property and prevented them getting to a tenant on the other. They threatened the locksmith (quoted law at him) and he refused to ever go out for the receiver again, and the price the receiver was charging was unbelievable too. They've now asked the settlment bank for an astronomical sum in compensation (6 figures, I nearly fainted myself), it's like an eposide of Dallas to me. One of the well known top solicitors firms are handling it for the bank and the property worth less than the mortgage.
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