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home improvements
halfpint79
Posts: 33 Forumite
I currently need to free up some cash for various reasons and am thinking about getting a home improvements top up on my mortgage. A friend did this recently and was asked to provide estimates for the work. is this the norm now? How much detail will they go into with this and will they follow up afterwards to check if i have used the money for this?
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Comments
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Estimates can be required, as can invoices for work done. Not beyond the realms of possibility that certain improvements will be followed by a reinspection to ensure the work is done according to Building Regs.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0
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Wow, so they could follow up afterwards? What if I "change my mind" after I have the money and decide not to buy a new kitchen - is there somewhere in the mortagage contracts that says I have to tell them? i thought essentially once I have the money I can do what I want with it.0
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No. They have the right to establish what has been done to improve the property which is security for the loan.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0
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halfpint79 wrote: »Wow, so they could follow up afterwards? What if I "change my mind" after I have the money and decide not to buy a new kitchen - is there somewhere in the mortagage contracts that says I have to tell them? i thought essentially once I have the money I can do what I want with it.
If the purpose of the funds is to settle other unsecured debt. This will be detected.
You are applying for a home improvement loan. Use of the money for anything else is technically fraud. As you will have lied on the application form.0
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