Halifax Build Mortgage - More funds needed

lynnnie123

Can anyone point me in right direction please.

We bought land and property outright for £150.00 and funded a large amount of the renovation costs. We applied for and got a build mortgage with Halifax for £115k which started in Jan. Their surveyor valued property at £390K when complete. we are nearly finished with final fixes starting next week and Halifax are holding 10% until finished and will then release.

My daughter has decided she would now like to come and live with us with our grandson. We want to make some changes to the inside in order to provide her and our grandson with some privacy, own kitchen bathroom ect., which have been approved by b regs and all above board. However, we need to borrow about another £20,000 to enable us to finish the build and do these amendments.

I contacted Halifax to ask if we could increase the mortgage and they are happy to do this but we need to have had the mortgage with them for 6 months.

Our credit is excellent and we have no worries on repayments etc., all affordable.

Where could we look for an alternative source of funds until July when we can add to the mortgage. We are close to finishing the build and really want to get in and settled with our family.

Any advice welcome.

GMS

If the preoperty is not finished you will struggle to raise mainstream finance. It may need specialist financing such as bridging which can be expensive. Also ensure you have an 'exit route' to repay the bridging. Something from your current lender would be useful.

Also speak to Halifax about how they would view 2 kitchens. This is something lenders are generally not keen on and may stop you financing in the future.

getmore4less

A couple of 12month + 0% purchase CC should do some of the job, buy the building materials on the CC.

Will the builders work on credit for bit?