Closing/Draw down question

[jedentag]

Hi there, I’ve had AIP, subsequently found a house and submitted payslips and got approved again.

The house won’t be ready to move in until Spring 2024 so wondering is there another round of payslips needed before drawdown?

Its a new build with delays and wondering what happens if I have paid 10% deposit (which I will by then) and they subsequently approve for lesser amount in 6 months.

Many Thanks

 

[RedOnion]

Its a new build with delays and wondering what happens if I have paid 10% deposit (which I will by then) and they subsequently approve for lesser amount in 6 months.

Unfortunately this is where your solicitor needs to advise you. Typically there is no "subject to mortgage" clause in a new build contract. As per previous thread.

The house won’t be ready to move in until Spring 2024 so wondering is there another round of payslips needed before drawdown?

Yes, most likely, but will depend on lender and overall application.

 

[jedentag]

Thanks - I’ll dig out that thread and speak to my solicitor

 

[Leo]

Its a new build with delays and wondering what happens if I have paid 10% deposit (which I will by then) and they subsequently approve for lesser amount in 6 months.

As RedOnion suggests, no one here can tell you the exact terms of the contract that will be signed on paying that deposit. Ensure you discuss with your solicitor as it is common for the 10% deposit to be non-refundable on new builds.