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Changing mortgage provider with New Build

  • 10-05-2021 04:33PM
    #1
    coolbeans21
    Registered Users, Registered Users 2 Posts: 12 ✭


    Hi guys, fairly rookie question here. We have AIP with PTSB, and put booking deposit down on New build but house wont be ready for 9 months. If we move forward with thee buy, do we have to draw down with PTSB or can we reapply for the mortgage with another bank closer to the time the house will be ready? Thanks for your help,


Comments

  • #2
    Dolbhad
    Registered Users, Registered Users 2 Posts: 782 ✭✭✭Dolbhad


    coolbeans21 wrote: »
    Hi guys, fairly rookie question here. We have AIP with PTSB, and put booking deposit down on New build but house wont be ready for 9 months. If we move forward with thee buy, do we have to draw down with PTSB or can we reapply for the mortgage with another bank closer to the time the house will be ready? Thanks for your help,

    No you are not bound to a bank until you draw down funds - even if you sign a loan offer with them. Definitely for new builds worth checking around on banks as could be better offers than when you went sale agreed.


  • #3
    coolbeans21
    Registered Users, Registered Users 2 Posts: 12 ✭coolbeans21


    Dolbhad wrote: »
    No you are not bound to a bank until you draw down funds - even if you sign a loan offer with them. Definitely for new builds worth checking around on banks as could be better offers than when you went sale agreed.

    Thank you so much!!


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