ultramods

Increasing Mortgage for Furniture

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We now have our self build mortgage in place and have received the first release. We would like to request an additional £20,000 to pay for furniture.

 

In terms of affordability criteria and the ratio of borrowing v end value this should be fine.

 

However would the lender provide the additional £20,000 if we say it's for furniture?

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Probably not, I suspect, as I have a feeling that they will only increase a mortgage for specific items.  Worth asking, and it'd be helpful if they said yes!

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If you say it's for furniture then it will likely be a no, but if you say it's because you need another 20k to complete the build and it's within the LTV limits then maybe. No harm in asking but stress that it's to complete the build not for other items. 

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