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new house question

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  • 12-08-2018 11:22pm
    #1
    Specialun
    Registered Users Posts: 3,068 ✭✭✭


    so were due to draw down in 5 half weeks. for some unknown reason yet the kitchen contractor says he cannot do the job now. looks as if we will only use have the allowance included.at drawdown we have 6 k balance to pay ex mortgage. what would happen if the allowance left over was 7.5 k.

    would that change the mortgage terms or would we be advised to just use up the 1.5 k to avoid hassle

    hopefully that makes sense


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    #2
    Specialun
    Registered Users Posts: 3,068 ✭✭✭Specialun


    anyone


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    #3
    GingerLily
    Registered Users Posts: 4,767 ✭✭✭GingerLily


    Specialun wrote: »
    so were due to draw down in 5 half weeks. for some unknown reason yet the kitchen contractor says he cannot do the job now. looks as if we will only use have the allowance included.at drawdown we have 6 k balance to pay ex mortgage. what would happen if the allowance left over was 7.5 k.

    would that change the mortgage terms or would we be advised to just use up the 1.5 k to avoid hassle

    hopefully that makes sense

    It doesn't make sense.

    Is this a self build?


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    #4
    Specialun
    Registered Users Posts: 3,068 ✭✭✭Specialun


    new build

    so the house came with an allowance. we will not be using most of it because of issues with the contractors.

    at draw down we have 6k balance excluding mortgage. the developers are refusing to move the unused allowance to other areas. they will only knock it off the house price, despite moving around other allowances in the past..this remaining unused allowance is 7.5k

    so how will this affect the mortgage terms with the bank. the house value will be decreasing if the develops insist on this

    we want to borrow the same amount as the jobs to the house will still need to be paying for ( ie the jobs where the contractors are not doing )


  • Options
    #5
    GingerLily
    Registered Users Posts: 4,767 ✭✭✭GingerLily


    Specialun wrote: »
    new build

    so the house came with an allowance. we will not be using most of it because of issues with the contractors.

    at draw down we have 6k balance excluding mortgage. the developers are refusing to move the unused allowance to other areas. they will only knock it off the house price, despite moving around other allowances in the past..this remaining unused allowance is 7.5k

    so how will this affect the mortgage terms with the bank. the house value will be decreasing if the develops insist on this

    we want to borrow the same amount as the jobs to the house will still need to be paying for ( ie the jobs where the contractors are not doing )

    You'll need to talk to your bank


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