Can we take out CU loan while waiting for mortgage drawdown?

Discussion in 'Credit Union issues' started by Cally2017, Feb 6, 2018.

  1. Cally2017

    Cally2017 New Member

    Posts:
    1
    Hi all,

    Would really appreciate any advice or info if anyone has a few mins.

    We are currently trying to build. We have full mortgage approval and have drawn down one stage payment out of 4. However the bank we have been dealing with is extremely difficult and at each stage there have been errors and mix ups which have resulted in long delays. Our builder has been very accommodating up to now but we need about 10k to keep the build going while bank sorts out the latest mistake.

    My question is- if we borrow from CU in the meantime will it affect the rest of our mortgage drawdowns?

    Thanks a mil,
    Cally
     
  2. MrEarl

    MrEarl Frequent Poster

    Posts:
    1,430
    Hello Cally,

    I think I would contact the Bank, tell them that they are putting you in a very difficult position with your builder due to their mistakes and that you want them to provide you with an overdraft, to bridge their loan drawdowns. That way, the Bank knows what is going on and why.

    Out of interest, what sort of mistakes are they making ? Is the true solution not to see this problem fixed, once and for all ?
     
  3. Elnino

    Elnino Registered User

    Posts:
    15
    It would be standard practice for a bank to do a new ICB check on you before each draw down so I wouldn't risk it without prior written approval from the bank. Otherwise they could refuse to lend further to you due to a change in your circumstances.