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Mortgage Drawdown Questions

  • 07-12-2015 2:35pm
    #1
    michaelhek9
    Registered Users, Registered Users 2 Posts: 7 ✭


    Hello Everyone, I'm currently building my own house with my wife. As part of our mortgage of 130k we have to input 25k of our own money which is done at this stage. My question is in relation to our first drawdown, how much can we draw on first drawdown?

    The reason i ask is that our roof is going to cost 25k and windows are another 10k, we are also paying outstanding bills for house at minute that may go over our 25k upfront. Can anyone who has done this in the past advise of steps for selfbuild house and mortgage drawdown? Thank you.


Comments

  • #2
    delfagio
    Registered Users, Registered Users 2 Posts: 376 ✭✭delfagio


    Your first drawdown will depend on how much work in monetary terms is completed.

    So say if you do your site clearance, strip topsoil, dig and pour foundations and the backfill the subfloor and pour concrete subfloor, this could be anywhere from 15k - 30k depending on size of house, details etc.

    So say it cost 30k to do this work, then you can only claim 30k once the engineer or architect signs off for the drawdown


  • #3
    michaelhek9
    Registered Users, Registered Users 2 Posts: 7 ✭michaelhek9


    Thanks for that. So for the 25k I spent already, engineer will sign off for that and ill have to proceed to build the roof and windows off credit from builders providers before I can get second drawdown to pay that?


  • #4
    delfagio
    Registered Users, Registered Users 2 Posts: 376 ✭✭delfagio


    michaelhek9 wrote:
    Thanks for that. So for the 25k I spent already, engineer will sign off for that and ill have to proceed to build the roof and windows off credit from builders providers before I can get second drawdown to pay that?


    Yea mortgage drawdown is always a bit awkward when doing a self build as your always on the back foot as such. You have to do the work first and then get paid by the bank to pay the builder


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