Hoping for some advice or previous experience. My solicitor drewdown my mortgage yesterday from AIB for a house we're supposed to buy tomorrow. It's a second hand home and we're FTB. Just today we've been told that there is a delay further up-chain somewhere and we won't be closing tomorrow and there is no new date.
(A) Can I send the mortgage "back" to AIB now that there has been a delay and draw down again? Will this be an easy drawdown or seen as a whole new application again?
(B) Assuming we don't send the mortgage "back" and keep it in the solicitors account. In the event the house sale eventually collapses, what happens to the mortgage? Considering we've taken a 3 year fixed rate, would I have to pay extra to break that fixed rate if sending the mortgage back now or at a later time?
(C) Would ringing AIB to ask them raise any red flags even though the funds have been received and in my solicitor's client account?
Hoping to get some perspectives and to be honest, we're just a bit lost on top of the frustration now.
(A) Can I send the mortgage "back" to AIB now that there has been a delay and draw down again? Will this be an easy drawdown or seen as a whole new application again?
(B) Assuming we don't send the mortgage "back" and keep it in the solicitors account. In the event the house sale eventually collapses, what happens to the mortgage? Considering we've taken a 3 year fixed rate, would I have to pay extra to break that fixed rate if sending the mortgage back now or at a later time?
(C) Would ringing AIB to ask them raise any red flags even though the funds have been received and in my solicitor's client account?
Hoping to get some perspectives and to be honest, we're just a bit lost on top of the frustration now.