Wrong Address

[HeadAboveWater]

Hi

 

I was speaking to guy recently who had a self build mortgage with Accord. He was well into the build when he ran out of money. Accord would not release any further money to finish the house and told him that if he applied or his current mortgage today that there was no way that it would be approved. So his situation is he has an unfinished house that he cant live in or sell and doesnt know what to do. I spoke to him a few days ago and he was still no better off but he was looking through is mortgage papers and the mortgaged property address is incorrect, I think that they have mixed the house no up, like 34 instead of 43. Is there anyway he can use this to his advantage or is it just a typo.

 

Any ideas.

[jansus]

Sounds a bit strange . A self build mortgage is usually one where the whole loan is approved from the start of the loan and then there is a retention of the monies untill each stage is completed. If he has kept his part of the bargain and has kept up payments on the funds that have been released so far then I am not sure why they would reduce their security by leaving him with a half finished property?

 

Does he have copies of all the original documents / Agreements etc?

 

If so I would be writing an official letter of complaint asking them for a full written explanation of their decision and ask for a copy of their compalints proceedure. Then it will probably be a case of going to the FOS.

 

I am not convinced the number of the house will be relevant as with a new build this could have been changed anyway - presumably the original laon is really on a plot of land not a property and would be described in the deeds.IMO