In 2008 we took out a mortgage to buy a derilect cottage with the intention of renovating and living in it.
We also remorgtaged our existing place which had a small mortgage to pay for the renovations of the cottage.
When we were about to sign on the cottage the bank informed us they were holding 10% of the mortgage of the cottage back till the renovations were complete so we had to make up this portion from the sum we borrowed from the remortgage.
So.... fast forward to January this year and renovations finally begin the the builder completed the first part of the job and we draw down money from the re morgtgage no problem.
Last week we ask our solictor to draw down the remainder of the money and when the cheque didnt arrive by yesterday we ring solictor and she rings the bank before ringings us back and telling us there is a backlog at the bank and we might want to ring them ourselves.
So we call the bank and after talking to the person dealing with our mortgage she says she cant find out account details and could she ring us back.
Half an hour later we get a call from the bank saying as we were drawing down the last of the amount of the remortgage that it was standard procedure for the underwriter of the mortgage to sign off on this, has anyone else had this problem?
We also remorgtaged our existing place which had a small mortgage to pay for the renovations of the cottage.
When we were about to sign on the cottage the bank informed us they were holding 10% of the mortgage of the cottage back till the renovations were complete so we had to make up this portion from the sum we borrowed from the remortgage.
So.... fast forward to January this year and renovations finally begin the the builder completed the first part of the job and we draw down money from the re morgtgage no problem.
Last week we ask our solictor to draw down the remainder of the money and when the cheque didnt arrive by yesterday we ring solictor and she rings the bank before ringings us back and telling us there is a backlog at the bank and we might want to ring them ourselves.
So we call the bank and after talking to the person dealing with our mortgage she says she cant find out account details and could she ring us back.
Half an hour later we get a call from the bank saying as we were drawing down the last of the amount of the remortgage that it was standard procedure for the underwriter of the mortgage to sign off on this, has anyone else had this problem?