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When does the clock start ticking?

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  • 16-02-2023 9:54pm
    #1
    southofthelee
    Registered Users Posts: 35 ✭


    Hey,

    When does the mortgage term start; from drawdown date (I.e funds remitted from bank to solicitor) OR from close date (keys in hand of purchaser, funds with vendor’s solicitor).

    Thanks ! And Good Luck out there !



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    #2
    thegame983
    Registered Users Posts: 917 ✭✭✭thegame983


    drawdown



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    #3
    the_amazing_raisin
    Registered Users Posts: 11,352 ✭✭✭✭the_amazing_raisin


    Drawdown, but they should all happen within a couple of days in theory. I think the day I drew down the mortgage I had the keys, but it depends on the solicitor to a large extent

    I think most banks give you the first month "free". So if you drawdown on the 14th February, your first payment will be 1st April instead of 1st March

    "The internet never fails to misremember" - Sebastian Ruiz, aka Frost



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