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Banks right to inspect mortgaged property.
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Comments
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Thrugelmir wrote: »Banks aren't property developers.
It's the builders who are the property developers, the bank gets a kick back.0 -
Tin foil hat timeI am a Mortgage BrokerYou should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it.
This signature is here as I follow MSE's Mortgage Adviser code of conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
Is this a 'normal' residential mortgage with a high street lender, or is it a commercial-type charge for business/development lending or similar?
I'm not sure how a lender would be aware of the condition of a property for it to be considering repairs to safeguard the value of its security.
A conservation area, but two acres with planning permission?I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0 -
Reaches for the Popcorn.ANDR£W0
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Leafeysurrey wrote: »Can anyone tell me if the clause in a mortgage contract which says the bank has a right to inspect the property at any time and force repairs? The house is in the UK.
We are going to have to remortgage with the same blasted bank (don't ask) as other avenues have dried up and they have this clause in their mortgage. Our property does need work doing on it we know but it is being done slowly (in conservation area). We have good reason to suspect that the bank and its builders have already been outside the house inspecting it.
What have you done to trigger the current mortgage holders interest in your property?0 -
getmore4less wrote: »What have you done to trigger the current mortgage holders interest in your property?
We tried to change from a SVR rate to a lower rate. We haven't heard from them in 15 years apart from the annual statement. They were outside our property the next day.0 -
Leafeysurrey wrote: »Can anyone tell me if the clause in a mortgage contract which says the bank has a right to inspect the property at any time and force repairs? The house is in the UK.
We are going to have to remortgage with the same blasted bank (don't ask) as other avenues have dried up and they have this clause in their mortgage. Our property does need work doing on it we know but it is being done slowly (in conservation area). We have good reason to suspect that the bank and its builders have already been outside the house inspecting it.Leafeysurrey wrote: »We tried to change from a SVR rate to a lower rate. We haven't heard from them in 15 years apart from the annual statement. They were outside our property the next day.
They normaly would not bother for a retention deal(thats's not a remortgage).
Were you asking for more money?0
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