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Mortgage Top Up

Ted Simpson · 2018-03-20 12:05:15

Hi, I am in the early stages of applying for a mortgage top up with Bank of Ireland, the amount I am looking for is 80k. What I would like to know is what is the mechanism by which the builder would receive the funds typically. Does the money go into the mortgage holders account, is it released in installments. Does the…

20-03-2018 1:05pm

#1

Ted Simpson

Banned (with Prison Access) Posts: 42 ✭

Join Date: March 2018

Posts: 39

Hi, I am in the early stages of applying for a mortgage top up with Bank of Ireland, the amount I am looking for is 80k.

What I would like to know is what is the mechanism by which the builder would receive the funds typically. Does the money go into the mortgage holders account, is it released in installments. Does the architect need to sign off at stages for funds to be released? What is the role of the solicitor in this process?

Now the first thing people will say to me is ring up and ask your bank. I've done that and they can't tell me, the underwriters will need to determine much of those details apparently after the application is submitted to them by the client service team.

So what I'd like to hear is the experiences of others who have applied for a mortgage top up for a house extension, what was the process like with respect to my questions above?

Thanks,
Ted

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