Developer option and getting a mortgage?

Surf_bug

Hi there,

We have a developer option to sign. The developer is interested in some land on our property and will seek planning.

We have an existing mortgage with Santander, and so they would need to sign an agreement permitting the option.

Although there would be no risk to the property (only potentially an upside) the indications are that Santander do not sign such agreements out of "policy"...

Looking for either the right department at Santander or pointers to advice on such topics... ? Are there other mortgage companies that would remortgage with an option?

Any help / pointers gratefully received

Thanks!

Thrugelmir

Surf_bug wrote: »

Although there would be no risk to the property (only potentially an upside) the indications are that Santander do not sign such agreements out of "policy"...

Would you be prepared to fund all of Santander's costs in relation to even considering the option ?

Surf_bug

Thanks for reply. Yes I would have thought that would be ok...

Thrugelmir

Surf_bug wrote: »

Thanks for reply. Yes I would have thought that would be ok...

Something to offer them. As unlikely they will wish to entertain the idea at all at their own expense.

Also use some of the option monies paid by the developer to reduce the mortgage.