Mortgage Further Advance - When are funds released?

Colin_E.

I had an extension built a couple of years ago, funded via an Further Advance from my mortgage supplied (Woolwich). One issue I hit was that they would not release the funds until the extension was built and that they had inspected it. Because of some administrative slip ups (on their behalf), I was quite late paying the builder, who was not happy!

I'm looking to have another extension built, and want to avoid falling into the same trap. The (new) builder I am talking to typically only starts work when the client has the money in their account.

What I want to know is - is it typically for mortgage lenders to only release funds upon completion of an extension? Or is this peculiar to Woolwich?

If this is not typical - I may well go elsewhere this time!

TrickyDicky101

Do you have the necessary equity in your property as it is now or are you relying on the value uplift the extension will bring?

Colin_E.

I should have the necessary equity, the borrowing will not exceed my current LTV.