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what should i do?

feelinfoul · 2009-10-01 07:51:58

hi all, i have secured planning to build a house (after being assured of mortgage before seeking planning),but now bank won't lend site purchase+build amount only site amount,another bank is willing to lend build amount but both want to retain site deeds as security leaving me in limbo,because of the current situation…

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01-10-2009 8:51am

#1

feelinfoul

Registered Users Posts: 34 ✭

Join Date: October 2008

Posts: 27

hi all,
i have secured planning to build a house (after being assured of mortgage before seeking planning),but now bank won't lend site purchase+build amount only site amount,another bank is willing to lend build amount but both want to retain site deeds as security leaving me in limbo,because of the current situation selling the existing home is not possible/feasible(was hoping to keep anyway and rent out once new build was completed)what would any of you do?this has been dragging on and farmer is putting pressure on for money for site,should i go ahead and borrow site amount and wait and see will banks be giving out money in 6-12 months or forget about it altogether? o/h is eager to move out of town before kids get any older

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