Can one change their mind before mortgage drawdown?

B

Babstar

Guest
Hi all
just wondering if anyone can shed any light or share their experience on this matter. Basically got 00% mortgage offer last august. Have since been paying this off until the house is completed at which stage we'll be able to draw down the mortgage cheque. The house has been already pushed out till summer 2007 and to be honest it looks like it will be a lot later than that. Now, i have seen another property - cheaper and in better location...can I still switch property or am I tied down to the one I am paying the deposit against? Has anyone gone through the same?
Any help, ideas, assistance will be welcomed! Barbara
 
Babstar said:
Basically got 00% mortgage offer last august.
Click to expand...
A 0% mortgage. Hmmm... :)
Have since been paying this off until the house is completed at which stage we'll be able to draw down the mortgage cheque.
Click to expand...
Is this a self build with mortgage stage payments or something? If not then why on earth are you paying the mortgage when you haven't yet drawn it down? :confused:
 
sorry that must have made no sense.

So, got 100% mortgage approved. Deposit loan being paid off at the moment, full mortgage cheque to be drawn when the house is completed. Between now and then we're repaying the deposit loan.

Does it make more sense now?

B
 
Who did you get the deposit loan from or is this part of the 100% mortgage deal? Is any of the deposit refundable? So you want to buy a different house now? For the same price as the original one? Have you asked your lender about what's possible in this situation?
 
If you've signed a contract to buy the first house then yes, you will lose your deposit if you pull out now. Speak to your solicitor to see if there's any way you can get out of it.

Sarah

www.rea.ie
 
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