Hi All,
Sorry if this is a silly question! We are currently investigating our options for building a home.
With AIB, the process appears to be that we would be on a variable mortgage on the drawdown amount totals, until the house is built and then onto a standard variable/fixed.
With FA, We're not sure of the process and are waiting on them to ring back, but are wondering can we choose a fixed rate mortgage and 'fix' as soon as we complete our first drawdown to lock in the mortgage rate?
Does any bank allow this?
Basically, I'm thinking that if we can lock the rate as early as possible on a fixed rate mortgage we could securitise the amounts we'll pay. However, if we can't we're at the mercy of rates until the project is completed which could be the worst time, i.e the next 12 months or so. Hmmm, any ideas?
Thanks,m.
Sorry if this is a silly question! We are currently investigating our options for building a home.
With AIB, the process appears to be that we would be on a variable mortgage on the drawdown amount totals, until the house is built and then onto a standard variable/fixed.
With FA, We're not sure of the process and are waiting on them to ring back, but are wondering can we choose a fixed rate mortgage and 'fix' as soon as we complete our first drawdown to lock in the mortgage rate?
Does any bank allow this?
Basically, I'm thinking that if we can lock the rate as early as possible on a fixed rate mortgage we could securitise the amounts we'll pay. However, if we can't we're at the mercy of rates until the project is completed which could be the worst time, i.e the next 12 months or so. Hmmm, any ideas?
Thanks,m.