Drawing down the mortgage

[AdamL]

My bank recently refused to sanction a drawdown on my mortgage for renovation despite my manager verbally assuring me several times over the last year or two. I'm back at the drawing board for some drastic changes to plans etc. I'm interested to know if many people find themselves in this situation of late. Thanks

 

[itsallwrong]

I have tendered for people and I have heard the same thing a couple of times. The bank basically don't want the exposure of lending more money to non bricks and mortar things. The money you will spend on the renovation will not increase the house value to the same amount as I am sure you know.
How much were you looking for the works end of the deal?