Ecology building society - increasing initial loan figure - is it possible?

[KillyfadNewBuild]

Hi all,

 

It's maybe a silly question as I have signed up with an agreed figure and I may only increase the loan amount when remortgaging the house but what I was wondering has anyone increased the initial agreed amount before the build has been completed?

 

Why I ask, with the cost of everything going up, the possibility of increasing the total mortgage loan figure is becoming more appealing.

 

My affordability shouldn't be a problem as I didn't take the maximum figure at the start.

 

Again, I might be asking a silly question but thought it would be good to run it past you good folk to see.

 

Thanks,

Joe

 

 

[Ian Phillips]

Yes, I did it on my build, from memory it was painless, just a few forms and a small fee.

 

Ecology are brilliant! just give them a call or email.

[KillyfadNewBuild]

I also couldn't speak anymore highly of Ecology, they have been brilliant.

 

Thanks for confirming that Ian, I appreciate that as it's definitely food for thought.

[Temp]

I would ask as soon as possible because the possibility of rising interest rates may affect the affordability calculation. 

[KillyfadNewBuild]

I dropped them an email yesterday as I was thinking the same thing.

 

I'll keep the post updated for others for future reference.

[Baxter1980]

On 16/06/2022 at 14:49, KillyfadNewBuild said:

Hi all,

 

It's maybe a silly question as I have signed up with an agreed figure and I may only increase the loan amount when remortgaging the house but what I was wondering has anyone increased the initial agreed amount before the build has been completed?

 

Why I ask, with the cost of everything going up, the possibility of increasing the total mortgage loan figure is becoming more appealing.

 

My affordability shouldn't be a problem as I didn't take the maximum figure at the start.

 

Again, I might be asking a silly question but thought it would be good to run it past you good folk to see.

 

Thanks,

Joe

 

 

Joe, do you mind advising me what Ecology would loan you? As it 3.5 or 4 x your salary? The reason I ask is because another provider who is quite experienced with self builds up in Scotland has told us the figure we want isn't possible. But I put it in to the 'how much can I borrow' part of the Ecology site and it says much more? The ecology site does have a few flaws though and I was guessing somewhat as the 'information' symbol next to the question such as 'money each month after outgoings' didn't work so I was unable to know exactly what figures they are after. Thanks  

[KillyfadNewBuild]

1 hour ago, Baxter1980 said:

Joe, do you mind advising me what Ecology would loan you? As it 3.5 or 4 x your salary? The reason I ask is because another provider who is quite experienced with self builds up in Scotland has told us the figure we want isn't possible. But I put it in to the 'how much can I borrow' part of the Ecology site and it says much more? The ecology site does have a few flaws though and I was guessing somewhat as the 'information' symbol next to the question such as 'money each month after outgoings' didn't work so I was unable to know exactly what figures they are after. Thanks  

 

It sounds like you are in the same position as myself around September 2021.

 

Ecology have lent at a higher rate against a customers salary compared to traditional lenders and the process along with their support is fantastic, to the point I have yet to see a negative comment about them.

 

I have heard of them lending up to 5.5 x a customers salary (there is a thread on here I will try finding for you and linking to it) though just before I applied I was lucky enough to negotiate a salary increase which helped the worries of applying.

 

Though these 5+ times salary were before the Bank of England increased the base rate so that would be taken into consideration.

 

See @Wagas post about half way down @Conor thread 👍

 

Edited June 21, 2022 by KillyfadNewBuild
Adding link to source I quoted.

[Baxter1980]

3 hours ago, KillyfadNewBuild said:

 

It sounds like you are in the same position as myself around September 2021.

 

Ecology have lent at a higher rate against a customers salary compared to traditional lenders and the process along with their support is fantastic, to the point I have yet to see a negative comment about them.

 

I have heard of them lending up to 5.5 x a customers salary (there is a thread on here I will try finding for you and linking to it) though just before I applied I was lucky enough to negotiate a salary increase which helped the worries of applying.

 

Though these 5+ times salary were before the Bank of England increased the base rate so that would be taken into consideration.

 

See @Wagas post about half way down @Conor thread 👍

 

Oh thank you so much ... I was beginning to think it wasn't going to be possible. I'll give them a call tomorrow then and see what they say  Thanks x

 

[KillyfadNewBuild]

13 hours ago, Baxter1980 said:

Oh thank you so much ... I was beginning to think it wasn't going to be possible. I'll give them a call tomorrow then and see what they say  Thanks x

 

 

Hopefully they put your mind at ease and you're able to process an application and move forward with your build.

 

Be sure to keep us updated.