Payments on mortgage draw downs

L

lolasweet

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Can anybody tell me if this is correct. I never drew down the final stage payment of 10000 on my self build. I was approved for 150000 and drew down 140000 yet my mortgage statements show decreasing amounts form 150000. Does that mean I'm paying interest on 150000 even though I only used 140000.
 
you should only be paying interest on the 140k.
id say ring the bank and ask for the current balance.
if they say its 150.
question about the final stage release and when was it drawn.
if they have details, then contact your solicitor to see if it was requested and drawn, and if not then back to the bank for them to trace the final 10, as it may be in a bank suspense account.
 
I did that and the bank say they are aware that I didn't draw down the final 10,000 and that I am only being charged interest on the drawn amount but I don't know therefore why my statements show decreasing amounts from 150,000.
 
do you ever forsee yourself drawing the final 10.
if no, ask the bank to cancel the final stage payment from your file.
 
Yes thanks, I won't be drawing it down, just thought my account should read from 140,000 down, it doesn't make sense and I'm worried that I'm paying interest on the 150k. Thanks for replying anyhow.
 
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