Hi,
A relation of mine has a query about her mortgage. She took out a mortgage to build a new house and they finished the house without needing the final payment. They agreed a tracker mortgage with the bank 2/3 years ago. Now they are going to tell the bank that they dont in fact need the final payment. Their concern is that they agreed the tracker based on a certain loan-to-value (dont know what value % or tracker amount) - can the bank refuse the tracker interest rate and re-negotiate the mortgage because (a) the final payment was not drawn down or (b) the LTV is invalid (i.e value has gone way down)?
Will the bank look for a re-valuation to finalise the mortgage?
Any advice appreciated.
<Sorry wrong forum>
A relation of mine has a query about her mortgage. She took out a mortgage to build a new house and they finished the house without needing the final payment. They agreed a tracker mortgage with the bank 2/3 years ago. Now they are going to tell the bank that they dont in fact need the final payment. Their concern is that they agreed the tracker based on a certain loan-to-value (dont know what value % or tracker amount) - can the bank refuse the tracker interest rate and re-negotiate the mortgage because (a) the final payment was not drawn down or (b) the LTV is invalid (i.e value has gone way down)?
Will the bank look for a re-valuation to finalise the mortgage?
Any advice appreciated.
<Sorry wrong forum>