Additional borrowing query

Darrenvrs

Hi all, first time post.
I am looking to remortgage with additional
Borrowing. I have been told I can have the mortgage
But I need to provide quotes for what the extra money
Is being used for ( kitchen ). Why is this? I would prefer to
Get quotes a barter with cash in hand to get a lower price.
Why do they ask for quotes?

Thanks in advance.

kingstreet

To begin the audit trail to ensure the work costs what you are requesting. They can then request invoices or have a surveyor re-inspect the property later to ensure it's been done.

Darrenvrs

Thanks Kingstreet for the quick reply.
When did they start doing that? I had my bathroom do a few years ago and never had any requests like that.

kingstreet

It's just the tighter lending which has resulted from the credit crunch.

No self-certification, no 100% mortgages, no non-status lending, no interest-only and stricter checks on affordability, credit history, and purpose of lending.

It's life after the crunch, I'm afraid.

Darrenvrs

Thanks for that. I originally thought it was odd.