eliza_1

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2025-03-08 09:30:29

Bank withholding money

In my case I also had to submit costings but the first draw down covered the whole house and the second draw down is only for the renovations I costed above the sales price. In fact the bank wouldn't mortgage my property unless I took out more than the sale price to cover the renovation.

1741541274
Oh interesting. My costings I think are a bit lower than yours as house is liveable so not sure if I’ll qualify for a second drawdown. My issue is if my quote ends up being lower than the cost of works what do I do?! Building costs typically do especially now! Unfortunately the property doesn’t qualify for vacant property tax

1741541568
My second draw down is only for 16k, I submitted about 20k in costings but am doing a much more extensive renovation than I told the bank since I got approved for a 70k derelict property grant.

1741541727
Okay, mine are for less than 16k and valuer said they’re not going to add to value of house so not sure if I’ll qualify for a second drawdown but will definitely ask!

1741543885