Help - Drawing down the Mortgage

D

djsim

Registered User
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Hello All,

I am looking for some advice. I recently received a letter from TSB saying interest rates have gone up, I was getting a one year fix for 3.95 but they have gone up to 4.19. My loan was approved before August so they say that they will keep it at 3.95 if I draw down the mortgage before sept. 28 (dont need it until Nov\Dec)

My questions are:
1) Can I draw down the mortgage down even though the house isnt ready untill december?
2) If I can, what happends the capital, is it placed in a a\c within the bamk? Can I gain interest on the capital?

Thank you for all your help,
James.
 
You can, once your solicistor is happy to do so. It should be held in their account until required. The only down side is you have to make repayments form the date of drawdown.
 
I was talking to my solisitor and he says that we cannot draw down the mortgage until he receives a engineers report once the house is at wall plate level (part of the stage payment)

Is there anyting that I can do? I would kinda pee me of to pay the bank an extra 20 a month for nothing. What are my changes of ringing the bank and asking them to keep it for me on the 3.95 for another few weeks, nil I would say...
 
Correct. The cost of money has gone up, simple as that. You could opt for a tracker rate which would be cheaper initially at 4.1%.

Sarah

www.rea.ie
 
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