Self Build Mortgage Draw down Procedure

[BMD]

Does the situation described below still apply?

- The builder requests the money
- Architect certifies the stage,
- Architect gives the stage cert to the solicitor
- The solicitor requested the money from the bank,
- The bank sends the cheque to the solicitor
- Solictor makes a cheque out to me, I lodge it in my account and I pay the
builders with a personal cheque

I'm dealing with BOI

 

[aishling]

Yep thats how it works with our AIB mortgage except our solicitor lodges the money into our account as it is quicker than collecting a cheque.