Getting around silly bank mortagage rules

Tradnuts

Hi Guys,
We've just been approved of a 25,000 topup on our mortgage.
The reason given is for an attic conversion.
The bank all along said we could do 'whatever we want' with the money once we got it.
Now that we've been approved, they want an invoice from the builder for the full €25,000 once the work is done before they will release the money.

The thing is, we wanted to spend 20,000 on the attic, 2,500 on electric gates, and 2,500 on other bits around the house.
But this isnt acceptable to the bank.

They'll only release the full amount when they receive the invoice from the builder for the full amount.

Anyone know of any way around this?
Thanks.

lawred2

Tradnuts wrote: »

Hi Guys,
We've just been approved of a 25,000 topup on our mortgage.
The reason given is for an attic conversion.
The bank all along said we could do 'whatever we want' with the money once we got it.
Now that we've been approved, they want an invoice from the builder for the full €25,000 once the work is done before they will release the money.

The thing is, we wanted to spend 20,000 on the attic, 2,500 on electric gates, and 2,500 on other bits around the house.
But this isnt acceptable to the bank.

They'll only release the full amount when they receive the invoice from the builder for the full amount.

Anyone know of any way around this?
Thanks.

Can he invoice you for 25k and then 'refund' you 5k?

Henry Ford III

lawred2 wrote: »

Can he invoice you for 25k and then 'refund' you 5k?

Possibly, but that'd be fraud surely?

p.s. Nothing wrong with getting a mortgage for an attic conversion but borrowing long term for a set of gates isn't a good idea I'd say. Seems the lender agrees too.

lawred2

Can you not find 5k to do the gates and odd jobs?

BuffyBot

Read the forum charter. You don't even have the excuse of being new to the site..