TMB -Self build mortgage help needed

em1977_2

Hi Everyone, I'm new to this but just wondered if anyone else has had a similar problem.

We have been carrying out a self build conversion and have a TMB draw down mortgage (4 stages). We have completed most of the build however we were advised that a 5th draw down could be done after we had taken all 4 stages if need be. It turns out that we could do with a 5th payment to finish the build off as it has gone over on price and we've maxed out all our other means :-( I 've tried to speak to someone about the additional borrowing at Birmingham Midshires (as TMB dont lend anymore) only to be told I will have to remortgage with them :-( This is not an option I want to do at all. Anyone any ideas ? Surely if they advertised this deal as additional option at the end then they should honor it?
Ideas welcome !!

Conrad

They do not have to honour it, as the original offer / terms will have contained a caveat, that they may alter lending policy if conditions dictate.

If you attempt a remortgage the property will need to be fully complete (bar decoration) if you want a high st lender.

JA1000

This is the catch situation at the moment, I had exactly the same problem, bank pulled plug due to the market even though I proved a rise of £10k from the initial valuation and at a time when the market was in decline. The land came free and was worth £100k.

Rather than sit and look at a building site with a building not signed off, I reached for the credit cards. It worked well kind of, I did finish the project on behalf of the bank or we would still be looking at a building site. My aim was to finance and get it done, RBS were in major panic, so the Gov't bailed them out but seemed to forget about the rest of us.

So now I have a property signed off but a build mortgage which needs to be paid back, the bank asking for it but I have significant unsecured debt which I am managing frustratingly because it shouldn't have happened and they should have financed it.

Now it's a vicious circle that I can't raise a mortgage because of my unsecured debt even though I would consolidate this all together.

Round and round and round and round and round - just to warn you that it's not easy out there. I wish common sense would prevail sometimes.