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Last stage payments

  • 05-03-2020 1:17pm
    #1
    Annie20
    Registered Users, Registered Users 2 Posts: 9 ✭


    Hi,
    I note that for self builds the final 10% of the mortgage cannot be drawn down until cert of completion and compliance, and final valuation is with the bank, and house is liveable in. Can someone explain this please, as this means we would not be able to use the final 10% to complete the house, most likely savings would have to be used. But then why would you draw down the final 10% when you no longer need it? I would be grateful if someone could please explain or give any tips? Many thanks


Comments

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


    Hi Annie20,

    Thanks for getting in touch with us on Boards.ie.

    We have linked in with our Mortgage Specialists on this and they would be happy to arrange a call to you to explain this if you like?

    If you would to send us a PM with your name and contact details we would be happy to help.

    Many thanks,
    Richard


  • #3
    [Deleted User]
    Posts: 5,121 ✭✭✭ [Deleted User]


    Yes - you will have to prioritize and plan your cashflow to complete your house and paperwork to whatever standard is required.

    Why do they do it?
    Not everyone would bother to complete the house or paperwork.


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