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    • Raxiel
    • By Raxiel 13th Mar 18, 4:00 PM
    • 625Posts
    • 331Thanks
    Repaired PRC - Remortgage
    • #1
    • 13th Mar 18, 4:00 PM
    Repaired PRC - Remortgage 13th Mar 18 at 4:00 PM
    Our house is a 'repaired' former PRC Semi-detached 'Cornish Unit'. We've lived in it for about 4 1/2 years and will be coming to the end of our 5 year fix with Santander in the summer.

    Wanting to get ahead of any potential rate rises, and wanting some cash to fund a new kitchen, we spoke to our current bank (Natwest) about remortgaging, who suggested some competitive rates, and after several hours with their mortgage advisor offered us a new mortgage that would clear the existing one, shave 8 months of the period, and lend an additional £10k for improvements, with the same monthly payment - subject to a valuation survey.

    Unfortunately after the survey yesterday, they've withdrawn the offer because while our house has been repaired, next door hasn't. Natwest policy requires all homes of this type in a block to be repaired. Shame this wasn't communicated before we wasted several hours of our time and got a hard search on our files but what's done is done.

    We need to find a lender that is willing to mortgage a repaired PRC home without considering the attached property(es)? Preferably one that can give us better rates than the 4.74% we will be on in the summer. Presumably Santander will be willing, since they did before (no guarantee), but no-one is available at my local branch to discuss it with me this week.

    Can anyone offer any other suggestions or recommendations?

    Last edited by Raxiel; 13-03-2018 at 4:07 PM.
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