Drawdown Deadline

[KCT]

I'm buying a house (builders finish) which was due to be completed in August. Got mortgage approval at that stage and it stated that the mortgage had to be drawndown by 1st December (NIB). Of course the builders aren't on the ball and it's still two weeks away from snagging. Does anyone know if it's much hassle to extend the drawdown deadline as I don't want to drawdown the mortgage and have to pay the mortgage and rent together for longer than I need to.

 

[Cashstrapped]

I would imagine the drawdown date of 1st December was in effect how long your original mortgage offer from NIB was. I can understand you not wanting to pay mortgage & rent together but in effect every payment you make you are getting closer to owing your own home so it's not a real disaster. If you have agreed a fixed rate mortgage be aware that if you do not drawdown within the terms of the agreed loan you may leave yourself open to an increase in your interest rates if your contract with NIB was prior to the last number of interest rate rises, that itself could add quiet an increase to your monthly payments (major money over the lenght of your mortgage)!

 

[KCT]

No, I went for a tracker so I'm not worried about a change in the rate of repayment. I just don't want to end up filling out a whole new raft of forms in order to get the date extended or run into hassle waiting for a decision from the bank. Maybe it's easier to drawdown before the deadline and suffer the pain of paying both mortgage and rent.