Mortgage Tracker based on BoS base Rate

[Moscow Mule]

why do I need permission from the lender and can they do anything to block me from extending my home, or perhaps present some extra costs?

P

Because you might cock it up, thereby making their (remember it's theirs until you pay for it) collateral worthless.

[BrilloPad]

Just hoping this thing is pushed through quickly.

Here's a question, in the conditions of the offer it says any work I intend to do with the property (major modifications etc.) requires permission from BoS. Well, I indend to build another bedroom on the roof terrace and for that I need PP, which after a few enquires I am confident I can get.

My question then is, why do I need permission from the lender and can they do anything to block me from extending my home, or perhaps present some extra costs?

P

Such permission should be virtually be automatic. Might be best to mention it to broker now and add it as a clause.

I re-mortgagued to extend. lender withheld 10k until work completed! So I increased offer by 10k - I never have drawn down the rest.....

[Peter Loew]

Because you might cock it up, thereby making their (remember it's theirs until you pay for it) collateral worthless.

Yep completely understandable!

[Peter Loew]

Such permission should be virtually be automatic. Might be best to mention it to broker now and add it as a clause.

I re-mortgagued to extend. lender withheld 10k until work completed! So I increased offer by 10k - I never have drawn down the rest.....

Yes I have mentioned it to the broker and she's doing the digging for me. Interesting your lender held the 10k, must have been a major extension?

P

[Meerkat]

I was promised an offer by Intelligent Finance first time around, then nothing, broker said they were having funding problems.


P

oh botheration (being polite) - its IF i'm waiting on. Got an agreement in principle from them at the start of the process but in the last three weeks its just dragged on with them asking for more and more information...usually the same information said in a different way.

[Peter Loew]

oh botheration (being polite) - its IF i'm waiting on. Got an agreement in principle from them at the start of the process but in the last three weeks its just dragged on with them asking for more and more information...usually the same information said in a different way.

That's exactly what happened with me. They kept requesting more and more info until finally after speaking to the head guy in the relevant IF dept., we decided moved on.

If you have found a property don't wait for IF, start shopping around for mortgage products elsewhere but do it now, IF may or may not come through.

What deal were they offering btw?

P