serotoninsid
Registered User
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I'm just trying to work out if there are any pitfalls with the following scenario.
Property to be purchased for €100K with 50% financing being needed to complete the purchase. The plan would be to drawdown an additional €50K (back of fag packet amount at the moment - but not to exceed this...if anything, it will be lower).
Can a mortgage be drawn up giving the customer flexibility as to when they come back for drawdown - or partial drawdown- of the additional sum? ie. will a timeline be fixed to this? Also, is there any possibility of getting caught between stools ie. between purchasing - and then requesting additional funds for refurb later on? Can the bank wriggle out of their commitment in this respect?
Lastly, in this instance ie. a refurb - is it safe to assume that the additional drawdown is made payable to the customer ie. they don't insist on writing the cheque to the builder?
Property to be purchased for €100K with 50% financing being needed to complete the purchase. The plan would be to drawdown an additional €50K (back of fag packet amount at the moment - but not to exceed this...if anything, it will be lower).
Can a mortgage be drawn up giving the customer flexibility as to when they come back for drawdown - or partial drawdown- of the additional sum? ie. will a timeline be fixed to this? Also, is there any possibility of getting caught between stools ie. between purchasing - and then requesting additional funds for refurb later on? Can the bank wriggle out of their commitment in this respect?
Lastly, in this instance ie. a refurb - is it safe to assume that the additional drawdown is made payable to the customer ie. they don't insist on writing the cheque to the builder?