# Remortgaging



## Olive7 (22 May 2020)

Hi we are in the process of taking out a new mortgage with AIB. My husband has an exsisting mortgage with them in his name only for 100000e we are doing work with the house costing 85000 so we are taking out a new mortgage in joint names for 185000e...they have told us that the offer should issue before the end of June once i am back at work...sorry if this is a stupid question but if the loan offer is issued before July even if we do not draw it down until end of July or August will the refund from AIB be given to us in a cheque or wrote of the new mortgage..i know i probably sound so confusing am just wondering if you know what may happen thanks


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## RedOnion (23 May 2020)

Olive7 said:


> will the refund from AIB be given to us in a cheque or wrote of the new mortgage


Hi, the redress is in relation to the current mortgage. If that's redeemed from the drawdown of a different mortgage before any redress is made, my understanding is that the redress should be made to your husband by cheque.


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## Olive7 (23 May 2020)

Thanks a million for your reply..im just wondering once the new loan offer issues is the old one redeemed then or is it not redeemed until we draw down as if we start in July we probably wont be drawing down first sum until August..


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## RedOnion (23 May 2020)

It won't be redeemed until you repay it using the funds of the new mortgage.


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