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12-08-2018, 23:22   #1
Specialun
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new house question

so were due to draw down in 5 half weeks. for some unknown reason yet the kitchen contractor says he cannot do the job now. looks as if we will only use have the allowance included.at drawdown we have 6 k balance to pay ex mortgage. what would happen if the allowance left over was 7.5 k.

would that change the mortgage terms or would we be advised to just use up the 1.5 k to avoid hassle

hopefully that makes sense
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14-08-2018, 19:10   #2
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anyone
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14-08-2018, 19:13   #3
GingerLily
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Quote:
Originally Posted by Specialun View Post
so were due to draw down in 5 half weeks. for some unknown reason yet the kitchen contractor says he cannot do the job now. looks as if we will only use have the allowance included.at drawdown we have 6 k balance to pay ex mortgage. what would happen if the allowance left over was 7.5 k.

would that change the mortgage terms or would we be advised to just use up the 1.5 k to avoid hassle

hopefully that makes sense
It doesn't make sense.

Is this a self build?
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14-08-2018, 21:11   #4
Specialun
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new build

so the house came with an allowance. we will not be using most of it because of issues with the contractors.

at draw down we have 6k balance excluding mortgage. the developers are refusing to move the unused allowance to other areas. they will only knock it off the house price, despite moving around other allowances in the past..this remaining unused allowance is 7.5k

so how will this affect the mortgage terms with the bank. the house value will be decreasing if the develops insist on this

we want to borrow the same amount as the jobs to the house will still need to be paying for ( ie the jobs where the contractors are not doing )
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14-08-2018, 21:21   #5
GingerLily
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Quote:
Originally Posted by Specialun View Post
new build

so the house came with an allowance. we will not be using most of it because of issues with the contractors.

at draw down we have 6k balance excluding mortgage. the developers are refusing to move the unused allowance to other areas. they will only knock it off the house price, despite moving around other allowances in the past..this remaining unused allowance is 7.5k

so how will this affect the mortgage terms with the bank. the house value will be decreasing if the develops insist on this

we want to borrow the same amount as the jobs to the house will still need to be paying for ( ie the jobs where the contractors are not doing )
You'll need to talk to your bank
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