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I gave StGeorge bank a building contract for a renovation the builder is related same surname the bank does not want to touch it because of the relationship. Has any one heard of this before??
Yes. The lender may be concerned with you being provided with an over-inflated building contract in which you will receive a cash rebate from your relative. A simple solution to the problem would be to ask the lender if they will let your relative do the work if you can organise an independent fixed price quote for the work.
Robert Bou-Hamdan
Mortgage Adviser
Viewing 2 posts - 1 through 2 (of 2 total)
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