We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
Mortgage "Holiday Breaks"
SandyCZ
Posts: 2 Newbie
Hi
Last month my mortgage lender confirmed that I could take a mortgage break and that I should call back after my next ddr had cleared. I have called them this morning and now they tell me I can't because the increase to my mortgage would result in my outstanding balance being greater than the 90% of the value of my house. Understandable, except that they haven't got an exact value for my house just a figure that is 10% more than the amount of money I wanted to borrow in order to renovate and not to buy the property.
Can they really refuse me on this basis? Can I demand a proper valuation?
I hope someone understands my above annoyed waffle, I look forward to some advice?
Cheers
Last month my mortgage lender confirmed that I could take a mortgage break and that I should call back after my next ddr had cleared. I have called them this morning and now they tell me I can't because the increase to my mortgage would result in my outstanding balance being greater than the 90% of the value of my house. Understandable, except that they haven't got an exact value for my house just a figure that is 10% more than the amount of money I wanted to borrow in order to renovate and not to buy the property.
Can they really refuse me on this basis? Can I demand a proper valuation?
I hope someone understands my above annoyed waffle, I look forward to some advice?
Cheers
0
Comments
-
I'm sure they would do a proper valuation if you asked them to...................
.... but they would charge you for itI am a Mortgage adviserYou should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
They can refuse what they like, it's their money they're lending, in a falling market.
As above, if you want to get a valuation done, you will need to pay for it, which in itself would negate some of the payment break/s.0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 353.6K Banking & Borrowing
- 254.2K Reduce Debt & Boost Income
- 455.1K Spending & Discounts
- 246.7K Work, Benefits & Business
- 603K Mortgages, Homes & Bills
- 178.1K Life & Family
- 260.7K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards