Hi,
I took out a 100% mortgage, and got a loan to cover the deposit until the mortgage is drawn down. The contracts are signed and everything is ready to go with the mortgage but the builder hasn't looked for any stage payments yet... Meanwhile the first repayment is due for the loan - cash is a wee bit tight at the mo and the repayment is quite large!! I really want to draw down some of the mortgage to pay back the loan asap.
Can I just instruct the bank that I want to draw down some of the mortgage?
And does it take long for the cheque to come through?
Thanks!
I took out a 100% mortgage, and got a loan to cover the deposit until the mortgage is drawn down. The contracts are signed and everything is ready to go with the mortgage but the builder hasn't looked for any stage payments yet... Meanwhile the first repayment is due for the loan - cash is a wee bit tight at the mo and the repayment is quite large!! I really want to draw down some of the mortgage to pay back the loan asap.
Can I just instruct the bank that I want to draw down some of the mortgage?
And does it take long for the cheque to come through?
Thanks!