Additional loan for extension - do they follow the project?

MINCTbw

I have about 90% equity on a property and so I've applied for, and been given, some additional borrowing, i.e. basically enlarging the mortgage. This is for a large extension project for which I have planning permission. But, it's still in its early stages, and I am wondering to what extent the bank is likely to ask, follow or generally care about how the project goes?

It was discussed only lightly in the application process, I showed them my planning permission and such like, but they didn't really care about the details or ask about a firm timeline.

Am I right in thinking that, since the extension has nothing to do with my ability to make the payments they won't really take an interest in how it goes, if its delayed or changed, etc?

Thanks,

csgohan4

borrowing more will be subject to affordability, so you only have a mortgage for 10% of your property?

MINCTbw

csgohan4 wrote: »

borrowing more will be subject to affordability, so you only have a mortgage for 10% of your property?

I'm fully aware of that, yes I had 90% equity on this property. My question was very specifically about the use of the funds. I have been approved an additional loan already, the funds are arriving in a few days.

My question is:
> to what extent does the lender follow, query or "care about" the progress of the project (extension, in this case) for which the funds are to be used?

foxy-stoat

They will not care or follow the project, as long as you keep making the mortgage payments.

Where the funds actually for an extension?