# Fixing Mortgage while still drawing down?



## aishling (5 Aug 2010)

So I have applied for a mortgage with AIB for a self build and have been approved. I had decided on the 4year fixed rate but have been told that I have to go variable until the mortgage is drawn down in full. Have any of you been able to fix at the start of the mortgage? At my mortgage meeting, the women went through all the available fixed rates with me and never mentioned this?


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## niceoneted (5 Aug 2010)

Will they allow you to draw down the entire amount now so as you can fix.


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## byrnsey09 (5 Aug 2010)

No, AIB won't allow you to fix a mortgage when its a self build until it is fully drawn. Your mortgage advisor in AIB should have told you this.

You can't draw it all down now. Works have to be complete and signed off by your architect/engineer before AIB will release funds in stage payments.


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## byrnsey09 (5 Aug 2010)

By the way, other banks will allow you to fix on a self build straight away. AIB unfortunately won't.


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## aishling (5 Aug 2010)

Thanks for that, which banks let you fix out of interest?


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## matt1979 (6 Aug 2010)

unfortunately so, i had an offer from both boi and aib, went with boi as they allowed us to fix it straight away


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## aishling (6 Aug 2010)

Really wished I had known that How long did BOI take for approval etc Matt? Would you guys reckon I should apply again for the sake of the fixed rate?


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## matt1979 (10 Aug 2010)

hi aishling ,it took about 2 weeks to get approval, if you plan to get the house built it the next year interest rates probaly should not go up again unless the ecb put them up so you might be safer to accept the mortgage you have, it aint that easy to get one these days, best of luck with the build, were half way through ours, exciting but stressful


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## aishling (13 Aug 2010)

Thanks Matt, was talking to BOI and can only take a 1yr fixed rate per drawdown so will be in the same position in a years time anyway so definately going with AIB. Thanks for the help & best of luck with the rest of your build!


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