can you take cash from your mortgage a/c

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poppy1

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we are doing a self build and i we got our mortgage with self build - we need to pay the council before we start but have no money!!! i can borrow off my dad, but can i take cash out of the mortgage account to pay him back????
 
No, the mortgage can only be drawn to buy the site and build the house. Depending on criteria and the end value of the house you could go back and borrow more when the house is finished to repay your dad but you can't borrow mortgage monies for the council.

Sarah

www.rea.ie
 
I have taken cash from my mortgage account for reasons other than my house and I know friends who have done the same.

Who's your mortgage account with?
 
Carebear said:
I have taken cash from my mortgage account for reasons other than my house and I know friends who have done the same.

Who's your mortgage account with?
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I presume that's on a house that is already built? Poppy1 doesn't have an asset to borrow against at this stage..........

Sarah

www.rea.ie
 
Carebear said:
Yes and friends are too
Click to expand...


Well I think the OP is referring to a situation where the initial mortgage cheque is issued, presumably to a solicitor.

AFAIK, the solicitor cannot release the funds other than to the vendor's solicitor.
 
Interesting that you could do that carebear. I thought like Sarah that self build mortgages could not be used for council payments. Have you used your mortgage, which I take is a current a/c mortgage, for any other type of payments?
 
I didnt use my mortgage monies to pay any council fees but used cash from this account for a private matter - not a big amount of cash though i.e couple of hundred euro.
 
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