are we getting the money or not!!!!!

bkca1230

hi basically we are having extension done and asked our existing mortgage company(halifax ) before xmas and after if we could borrow 20k on top of our current mortgage (40k) they said yes no problem.

3weeks ago when we rang to get money they said we wasnt allowed it:eek: (devastated as builder starting in april)so we went to our bank(barclays) and they done credit check and said we were allowed to borrow up to 76k in total.so now going ahead with this.but just have a few questions.only going to borrow 58k in total.
started application 16 /3
1. we our allowed money subject to valuation(value of house 130k)should this be ok?

2.also on 19/3 we got deeds to sign(sent back same day)does this mean we are definately getting the money? (we are so nervous after halifax etc)

3.how long roughly will it take to complete and money in bank?

thank you in advance to anyone that responds but we have been on a rollercoaster the last 3weeks and we need some good news.
thank you.

Comyface

Hi bkca, will try to answer your questions:

1. If you are borrowing £58k and your house value is £130k, then your LTV is ~45%, this is low risk to the lender so should be okay (obviously they also take into account your income and whether you can afford to pay it back). Has the valuer been out yet? Even if you get a conservative valuation of £100k, you'll still be under 60% LTV which is still low risk.

2. Getting the Mortgage Deed from the solicitors doesn't necessarily mean you'll definately get the money, you should be looking out for your Mortgage Offer, that means they've agreed to it all.

3. I believe the average time is around 4 weeks.

bkca1230

the valuer hasnt been round yet.barclays said income is ok. thank you

bkca1230

any other opinions would help as well thank you

bkca1230

hi anyone elses opinion would be veryhelpful thank you.

Wutang_2

opinion on what?

bkca1230

the questions that i asked!!!

Wutang_2

answers or opinions?

the question has been answered

opinion - the question has been answered

Dan_1976

IMO you should have not booked a builder until you have the money in your back pocket. It used to drive me mad!!

I even had clients coming to me for money when the builders had already started!!