Home Improvement funds with mortgage

xxzeezeexx

Hello.
I'm currently going through a Right To Buy Purchase.
I wanted to borrow additional funds to do new kitchen/bathroom.
The mortgage company has asked for me to provide written estimates for the work and says they wont release the funds until the work is done and the property has been inspected.
Is this normal? I don't have the £7000 to pay them out of my own money, do builders/home improvement companies normally have to wait till the end of the work to be paid?

kingstreet

Supervision of such work is normal these days as councils and lenders are wise to those wanting a new car or foreign holiday under the guise of "home improvements" under RTB.

Haylezzmm

Hey Guys

Sorry to steal this thread but would love some more info on this. We are also going through the RTB process, everything is going well, bank are happy to mortgage us and as we are well within their acceptable LTV, so have said they can lend more for home improvements, (Kitchen/Bathroom etc). We are happy to get quotes for the council and abide by their rules etc, but are wondering if anyone has done the same and how they found the process.

What do councils actually allow for, for example would plastering of walls be allowed, carpet etc? And how does it work in practice? Do we get quotes, get them approved by the council and then lender holds this amount back until completion of the work? Appreciate that they are not just going to hand us the money, as Kingstreet says, it could be spent on anything, but similar to OP, will builders etc be happy to do the work and then get paid?

Trying to get a straight answer out of the one person who deals with this at our council is like getting blood out of a stone. I have researched as much as I can find on here and the web, but cant find a direct answer.

What I am really after is a step by step guide as to how this actually works?.

Sorry again for jacking this thread and the million questions

H