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Mortgages - who's lending?

  • 02-03-2013 7:19pm
    #1
    dudwell
    Registered Users, Registered Users 2 Posts: 38 ✭


    Myself and my girlfriend are set to buy a house. We need to borrow approximately 50% of the purchase price and despite getting mortgage approval, the bank has said it plans to withhold approximately 15% of the drawdown amount because we included the cost of construction work in our application. They've said that due to the fact that the structure of the house will change, they will not release 15% of the money since they will need to assess the property to ensure its value has been upheld once work has been finished i.e. protect their investment.

    Can anyone tell me if this is common practice and if so, will it jeopardise our application if we now go back to the bank and say we no longer wish to proceed with construction work?

    Also, can anyone out there tell me which banks are currently lending?


Comments

  • #2
    mr.dunkey
    Registered Users, Registered Users 2 Posts: 194 ✭✭mr.dunkey


    dudwell wrote: »
    Myself and my girlfriend are set to buy a house. We need to borrow approximately 50% of the purchase price and despite getting mortgage approval, the bank has said it plans to withhold approximately 15% of the drawdown amount because we included the cost of construction work in our application. They've said that due to the fact that the structure of the house will change, they will not release 15% of the money since they will need to assess the property to ensure its value has been upheld once work has been finished i.e. protect their investment.

    Can anyone tell me if this is common practice and if so, will it jeopardise our application if we now go back to the bank and say we no longer wish to proceed with construction work?

    Also, can anyone out there tell me which banks are currently lending?

    just got approved by boi for a decent mortgage. the rest either wouldnt give me anything or approved me for a small amount.


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