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Extending terms of mortgage

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  • 18-07-2013 10:58pm
    #1
    Z4bimmer
    Registered Users Posts: 18 ✭


    Hi,

    I'm in the middle of a self-build at the moment due to complete by the end of the year. My problem at the moment is that my mortgage had its first draw down in November 2012 and there is a condition within the mortgage saying that all drawdowns must be complete within 12 months of the first drawdown.

    I'm going to miss this by at least 3-4 months based on the current plan.

    Before I talk to the bank I wanted to see if anyone else has had this situation before and is it as simple as just asking the bank to extend the condition or will they make me jump through hoops and get valuations and have to prove how the funds have been spent so far.

    Any experience from other would be good to see.

    Thanks,


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    #2
    muffler
    Registered Users Posts: 46,089 ✭✭✭✭muffler


    Moving from C & P to Banking, Insurance & Pensions


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