Asked mortgage advisor in AIB this question and perhaps I phrased it badly but she couldn't give me answer. I have self build mortgage approved for 100k. I plan to draw down 20k as soon as I can (to secure loan) and then remainder towards end if needed. Once I draw down the 20k are my repayments based on the 100k loan or on the total amount to be drawn down.
If they are based on the entire amount drawn down and I subsequently realise that I don't need the entire amount can I go back and revise repayments.
Advisor in bank said something along lines of sure "everyone draws down the total amount"
If they are based on the entire amount drawn down and I subsequently realise that I don't need the entire amount can I go back and revise repayments.
Advisor in bank said something along lines of sure "everyone draws down the total amount"