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Drawdown should be when the cheque issues from the lender to your solicitor as far as I know.
I'm in the same boat as yourself. I got the same letter from ptsb. You will be covered on the lower rate if the cheque has been issued. If you have online banking (with ptsb) your mortgage details should be added to that automatically, and you will see your rate there.Hi All,
My first post and its an important one for me...
Could anyone please tell me what exactly mortgage "drawdown" is? I have been searching forums for ages and cannot get exact answer.
Permanent tsb have sent the cheque to my solicitor and he has it now, previously they sent me a letter saying I had to "drawdown" the mortgage by 25th of this month or else I will go up to new fixed interest rate.
Am I covered (on lower rate) or is it only when solicitor actually withdraws the money is the mortgage "drawndown" ?
Thanks so much in advance...
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