Mortgage "Holiday Breaks"

SandyCZ

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

koexelek

I'm sure they would do a proper valuation if you asked them to...................

.... but they would charge you for it

_Andy_

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.