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2nd Draw-down of Mortgage

LowOdour · 2010-07-15 08:00:24

We have around 15k left from our first draw-down of our mortgage (self-build), I was wondering does there have to be a minimum left before we can apply for the 2nd draw-down. It is likely that that 15k will go quickly so i dont want to be caught short.

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15-07-2010 9:00am

#1

LowOdour

Registered Users Posts: 2,525 ✭✭✭

Join Date: January 2009

Posts: 2316

We have around 15k left from our first draw-down of our mortgage (self-build), I was wondering does there have to be a minimum left before we can apply for the 2nd draw-down. It is likely that that 15k will go quickly so i dont want to be caught short.

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#2 16-07-2010 1:09am
themoneyguy

Registered Users Posts: 75 ✭✭

Join Date: November 2009

Posts: 54

Most mortgage providers in this circumstances drawdown against architects certificates for self builds. Once the work is done and is certified they will issue funds to cover the costs. They will usually hold back 10% regardless of work done until final valuation is provided by that sounds a little in the future for you. Best of luck with your build:)

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