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not drawing down all of your mortgage

  • 01-01-2021 1:06pm
    #1
    Registered Users, Registered Users 2 Posts: 3,784 ✭✭✭


    hi all

    i expect to not have to draw down all my mortgage by paying for some items out of my own savings. how does this work wrt the mortgage payments, i presume they adjust based on how much you actually drew down? is there a penalty at all?


Comments

  • Subscribers Posts: 42,581 ✭✭✭✭sydthebeat


    froog wrote: »
    hi all

    i expect to not have to draw down all my mortgage by paying for some items out of my own savings. how does this work wrt the mortgage payments, i presume they adjust based on how much you actually drew down? is there a penalty at all?

    You'll use your savings first, then draw as you need off the mortgage.

    If you get to completion without having to draw everything down then happy days, less payback.

    Just make sure you get your required certs on completion so the mortgage file is closed off


  • Registered Users, Registered Users 2 Posts: 3,784 ✭✭✭froog


    sydthebeat wrote: »
    You'll use your savings first, then draw as you need off the mortgage.

    If you get to completion without having to draw everything down then happy days, less payback.

    Just make sure you get your required certs on completion so the mortgage file is closed off

    great, thank you. so the bank don't give you grief for having too big of a mortgage?


  • Subscribers Posts: 42,581 ✭✭✭✭sydthebeat


    froog wrote: »
    great, thank you. so the bank don't give you grief for having too big of a mortgage?

    In order to be approved for "x" mortgage, you will be required to show that the build will cost "x"

    If you are able to build it for less, and still be planning and building regulation compliant, then that's a good thing.


  • Registered Users, Registered Users 2 Posts: 13,155 ✭✭✭✭Calahonda52


    froog wrote: »
    great, thank you. so the bank don't give you grief for having too big of a mortgage?
    1: What do you mean by this statement?
    2: Have you a loan approved?
    3: Have you done stage payments on it this far.?

    As S noted, for x loan you will need to show its costing y of which you have z as own funds, so as the LTV numbers and repayments are okay.

    “I can’t pay my staff or mortgage with instagram likes”.



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