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Mortgage Drawdown stage payments

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  • 06-01-2021 12:36pm
    #1
    Gemma_22
    Registered Users Posts: 35 ✭


    Hi,

    We are in the middle of getting a mortgage to cover the purchase price + cost of works completed to the property. I am wondering after we drawdown the initial purchase price amount and provide all of our up to date statements/payslips etc. Is this all then required each time we drawdown a stage payment for the works completed?

    In a few months my partners hours at work may be changing and we will probably be in the process of renovating by then hopefully so I am concerned that if his hours/payslips have changed and we need to provide new ones for each stage it might cause issues.

    Also, say we managed to get all or the majority of the works done early on and didnt need the later stage payments how does this work? is it an issue with the bank if you dont drawdown the remainder?

    Any advice would be appreciated thanks.
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    #2
    godtabh
    Moderators, Science, Health & Environment Moderators Posts: 23,204 Mod ✭✭✭✭godtabh


    i've just drawn down a mortgage. The information to the bank clearly states that if I suspect that my circumstances change I have to notify the bank. I would assume this is standard in most banks cases?

    Are you not getting into something you cant afford, or worried you cant afford, or worried the bank thinks you cant afford?


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    #3
    Gemma_22
    Registered Users Posts: 35 ✭Gemma_22


    Our mortgage is only for 80k so repayment isnt a problem. Its not a significant change to our income and is not being rolled out for a few months so at that stage we will have already bought the house and began renovations (which we have already saved a significant amount for ourselves).


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    #4
    monday monday
    Registered Users Posts: 115 ✭✭monday monday


    its been a few years since we bought and renovated our house but as far as I can remember we didnt have to provide any more pay slips for the drawdowns.
    but the band did withold the first drawdown payment of 15000 euro and refund it to us after the work was completed and everything signed off. so we had to have 15000 euro that we could go without until refunded.


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