Refused additional borrowing

learnerlawyer

Please can someone advise me as to what action I can take re the following :

Took out a mortgage with Aldermore through a broker in Sept 2010 - £100k to move mortgage and £50K to build an extension.

At the time Aldermore offered to lend up to £70k for the extension but we decided we could probably do the work for £50k however we were insistent that the lender we chose must be happy to do additional borrowing if we had our sums wrong. Broker assured us they would allow us to apply for further lending up to a further £20k provided we could demonstrate we had used previous funds for extension, no change in income etc

Rang Aldermore yesterday and they have advised they do not and never have provided additional borrowing.

I now have a half finished extension and really don't no what to do.

Any advice would be greatfully received

hcb42

You will have to speak to the broker and see what alternative course of action s/he recommends

themull1

Did you not get a quote from a builder for a finished product?

learnerlawyer

I have spoken to the broker who is going to ring Aldermore tomorrow, but they seemed pretty insistent on the phone that they just don't do additional borrowing.

Project is a self build - we are in the trade and extra costs have come from issues unforseen and a very difficult building inspector !