Staged mortgage drawdown

jlm29

Myself and my partner almost ready to draw down a mortgage (40k) for home improvements (equity release).
We’ve been told can draw it down in two stages, and that the first must be at least 20k.
Our solicitor told us yesterday that the bank would probably withhold the last payment until works are done.
Does this mean, in anyone’s experience, that Our first drawdown must also be a maximum of 20k?

I know I can ring The bank to clarify this on Monday, but I have found that everytime I ring the number we have been given, someone different answers, and they all say something different.

I’ve checked the contracts, and although it does specify a staged drawdown, it does not specify any amounts.

mickdw

jlm29 wrote: »

Myself and my partner almost ready to draw down a mortgage (40k) for home improvements (equity release).
We’ve been told can draw it down in two stages, and that the first must be at least 20k.
Our solicitor told us yesterday that the bank would probably withhold the last payment until works are done.
Does this mean, in anyone’s experience, that Our first drawdown must also be a maximum of 20k?

I know I can ring The bank to clarify this on Monday, but I have found that everytime I ring the number we have been given, someone different answers, and they all say something different.

I’ve checked the contracts, and although it does specify a staged drawdown, it does not specify any amounts.

If the bank want to do it that way, your engineer will have to do a drawdown cert for the works as progressing. The banks only pay out for works done generally.
I recently did a drawdown for exactly same scenario for a client, 40k home improvement and we did 30k and 10k as client was happy with this.

jlm29

We don’t have to have an engineer, we’re drawing down on invoices, which is fine.

We’ve had the house valued once, and one person in the bank told us we wouldn’t need to get it valued again after the works, but the solicitor told us that we would, and that they’d “probably withhold 20 k until the last valuation was done”.
Our problem is that our current works are totalling just around 20k, but most of the rest of it is outside stuff that can’t be done until the weather starts improving. There’s a couple of other things I want to get done now though, but I don’t want to get them done if I won’t be able to draw down money to pay for those things until everything is complete, because that could be months away.
This whole process has been a total faff. We should have just gotten a personal loan to begin with.