Additional Borrowing - Home Improvement

marc81

Hi,

We are currently in the process of extending our home and have applied for additional borrowing through our current Mortgage Lender (Natwest). The application went well and it is with the underwriters at the minute, awaiting some documents and a survey. One thing that they have asked for is some of the builders quotes to prove that we are spending the money on what we have said, now I have these and have no issues sending them in but I wondered whether anyone knew if they would actually contact the builders to verify these? My concern is not that they aren't correct but more with the fact that the builders don't really need to know where my money is coming from as I consider it a relatively private thing. If anyone has had any past experience with this kind of thing can you let me know how the process went?

Thanks,

Marc

Goldiegirl

I worked for the Halifax for many years.

In recent years it was rare to ask for quotes, but years ago it was the norm to see the quotations for the work.

But we never, ever, contacted the builder about what was on the quotes.

I think it extremely unlikely that Nat West will want to speak to your builder, but if it puts your mind at rest, then confirm this with NW

marc81

Goldiegirl wrote: »

I worked for the Halifax for many years.

In recent years it was rare to ask for quotes, but years ago it was the norm to see the quotations for the work.

But we never, ever, contacted the builder about what was on the quotes.

I think it extremely unlikely that Nat West will want to speak to your builder, but if it puts your mind at rest, then confirm this with NW

Thanks for your reply, I know it's not Natwest but this is a good sign. When I did the application the advisor said that it was unlikely they'd ask for quotes as he said the amount we are borrowing in his opinion was not that much, but I have taken a call this morning from someone else that was going through what we need to send in and he said that they need to see them as it's over £20k.

Thrugelmir

The lender most likely wishes to see to the improvements will add some value to the property and not simply be cosmetic.