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Old 18.03.2019, 15:14
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Re: Mortgage Problem - HELP!

Sure they can, it's part of the requirements.

Amazed that they will give a mortgage on a building not completed, normally you would need a building loan at much higher interest rate.

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Taking this issue up with a notaire, but wondering if anyone on here can help me anecdotally?

I'm buying an appartment through a PPE in Vaud, and began a process at the start of the year to arrange a mortgage with BCV bank for circa. CHF 500K.

The process has been, let's say, untidy, and very stressful. My conseiller is quite badly organised, and his communications have not been good.

Anyway, the Tuesday before last I finally reached the stage where I co-signed the mortgage note in front of the notaire. Job done! I thought.

I was wrong. Bank is refusing to pay out until it receives a further document from the developer.

Initially, my bank guy wanted an 'acte de revers' to guarantee correct use of mortgage payments for the development, which is in the process of being built. Seems it is not possible to provide this, but he is still insisting on a letter of 'attestation' that says something similar.

After assuring me that he'd spoken to the relevant people connected with the development company, my conseiller told me he was 'waiting' this this letter of attestation.

Well, he's now been waiting for two weeks. Given that I owe money to the developer now (having signed a contract with them), I pushed my conseiller early last week, politely yet firmly on this letter - viz.

"I now owe this money (and will suffer late payment fees if I don't make the correct payments), I've signed the mortgage, you should release the money under our contract. So what's happening?"

Not only did my BCV representative reply and refuse to release the money, but he then went on the attack, insisting that he'd gone and above the call of duty on my behalf, and that it was MY responsibility to chase this mysterious letter so the funds could be released. I did so, but am still waiting for this letter.

My question is this. From a legal standpoint, can BCV now continue to withhold the monies? On my side, I've fulfilled all my obligations, signed the mortgage agreement, plus the mortgage note in the presence of the notaire (bank also signed). It seems to me that this extra assurance that the bank desires on its side - via this document - is something it should have secured before offering me the mortgage agreement to sign, i.e. two months ago and not at this stage.

Be grateful for any perspectives / insight / advice.


Thank you!
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