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Question re staged payments for extension build

  • 06-10-2025 08:24PM
    #1
    Cel982
    Registered Users, Registered Users 2 Posts: 10 ✭


    Apologies if this is in the wrong place - happy to move it elsewhere if necessary!

    We’ve AIP for a remortgage to extend our home, and are just at the point of deciding on the breakdown of the funds for the staged payments. The final drawdown - on completion of the job/certification/valuation - has to be a minimum of 10% of the loan amount - but can anyone tell me if this is 10% of the entire loan, which includes >300k to pay off our existing mortgage, or 10% of just the amount allocated to our build (about 250k)? If it was the former, it would be a huge amount of cash not to be able to access until the very end of the build, and I’m not sure if our builder would be prepared to wait…

    I know I could of course ask the bank - it’s just that it takes days for queries to be answered and we’ve been back on forth for ages on various things, so if anyone has actually been through it themselves and has the answer that would be great! The bank is PTSB.



Comments

  • #2
    Mellor
    Registered Users, Registered Users 2 Posts: 40,753 ✭✭✭✭Mellor


    Should be the 10% of 250k, not 550k.
    The 300k is paid immediate to close the other loan.
    If possible, I’d ask the bank to split the 300 and 250 into separate loans.



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