Mortgage drawdown

[Bambo]

I am selling my house and the purchasers have signed contracts. I now have mortgage approval and plan on siging contracts on my new house this week.

My question is, can I draw down my mortgage so that I can move into my new house while I still have my old one for say a period of a week to facilitate moving furniture etc? Can you draw down new mortgage with the old one still outstanding? Current mortgage is with BOSI and new one for new house will be with IIB

 

[Apollo]

I thought that they it worked was once you signed contracts, the closing dates would be synchronised, i.e. the funds for your new house would be forwarded, insofar as possible, around the same time the funds for your old house arrive.

Ask your solicitor to make sure.

 

[Dreamerb]

My question is, can I draw down my mortgage so that I can move into my new house while I still have my old one for say a period of a week to facilitate moving furniture etc? Can you draw down new mortgage with the old one still outstanding? Current mortgage is with BOSI and new one for new house will be with IIB

Normally no - I'm in this kind of situation at the moment, and have had to arrange to pay off mortgage on PPR and obtain bridging on the value of the PPR for the new property (granted, I'm looking at a longer turnaround). Consult your solicitor and mortgage companies, but I'd be most surprised if they let you draw down the new mortgage while the old one is still in place.

[And then talk very nicely to your bank manager!!]