FiveFingers
Registered User
- Messages
- 52
Hi,
When doing an equity release, does your mortgage provider need to know why you want the money? Our mortgage is with NIB (ECB + .79%).
We intend to build a small extension to our home. Originally, we intended to get a top-up to finance the extension, but they wanted two quotes from builders and on this site I learned that they sometimes require invoices as proof that the work was done. Our builder has offered to do the work for cash at a great price, therefore we won't be able to provide invoices. So, can we just ask for an equity release and not a give a reason for the funds?
Thanks,
FiveFingers
When doing an equity release, does your mortgage provider need to know why you want the money? Our mortgage is with NIB (ECB + .79%).
We intend to build a small extension to our home. Originally, we intended to get a top-up to finance the extension, but they wanted two quotes from builders and on this site I learned that they sometimes require invoices as proof that the work was done. Our builder has offered to do the work for cash at a great price, therefore we won't be able to provide invoices. So, can we just ask for an equity release and not a give a reason for the funds?
Thanks,
FiveFingers