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When approved for a mortgage how long would you have before you have to draw down the

  • 30-12-2019 3:32pm
    #1
    imelle
    Registered Users, Registered Users 2 Posts: 445 ✭✭


    Hi, 

    My partner and I have saved for the past 2 years to build our house. We have a site and are in the process of attaining planning permission. 

    We are looking at taking a career break from our jobs to work abroad for some time next year to try make some extra income to go towards our house. 

    If we were approved for our mortgage in August 2020 would it be possible to draw down the first stage of the build in March 2021 even though we would be on a career break from our jobs in Ireland but we would still be making money from working abroad, have a good bank of savings and would be back working full-time in Ireland the following September 2021 etc? thanks


Comments

  • #2
    Bank of Ireland: Richard F
    Closed Accounts Posts: 483 ✭✭Bank of Ireland: Richard F


    Hi Imelle,

    Thanks for reaching out to us here on Boards.ie.

    The timeframe for a mortgage application can vary depending on a number of factors. If you need to drawdown by a particular date, you can let your mortgage advisor know and they will do everything they can to meet that deadline.

    If you call our mortgage team on 016113333 a member of staff will be happy to look into this further for you.

    Thanks and happy new year.

    Richard


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