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Mortgage Running Out

Carb · 2005-11-17 17:20:26

Has anyone got any experience on self build mortgages. Basically, I borrowed 40K less than my earnings allowed at the start of this year to finance a self build. It's looking like I'm heading over budget by about 20/30K. The problem is that my wife recently had a baby and isn't working now, so this would change…

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17-11-2005 6:20pm

#1

Carb

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Join Date: May 2005

Posts: 722

Has anyone got any experience on self build mortgages. Basically, I borrowed 40K less than my earnings allowed at the start of this year to finance a self build. It's looking like I'm heading over budget by about 20/30K. The problem is that my wife recently had a baby and isn't working now, so this would change dramatically the amount we'd be able to borrow, if I was applying today. What way do banks deal with this, ie do they base your request for a top up on the original application and circumstances, or is it like applying all over again, which means supplying proof of income, half of which isn't there any more. Any advice would be much appreciated.

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#2 18-11-2005 4:46pm
GreeBo

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AFAIK you will need to go through most of the process again for exactly the situation you are in. The bank want security.

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