PTSB OnePlan expert please

I have an approved 130K OnePlan equity release approved and I have the cheque book. For those who are not aware, basically, there is no
charge to your existing mortgage repayments until you issue a OnePlan cheque.

I have money in liquid investments up to 160k that I want to avoid using, and instead use the OnePlan, for the following purpose:

To move house and use OnePlan facility to sign contracts (10%) on a 1.2m home (120K). This is for convenience purposes, to avoid going through mortgage approval again as I did with OnePlan. The price has been agreed and is a good deal for me IF I sign contracts asap. As stated I dont want to use my own money and don't want to hassle bank again.

I know I can get the required mortgage balance afterwards and I know I can get enough bridging finance if I sell my house, and this is from provisional phone calls to PTSB also. And the vendor will allow me 6 maybe 9 months to close between Contract Signing and Closing.

Although OnePlan guidelines state you can't use the product for investments (but yes for holidays, cars, extensions, holiday homes etc.),
I'd like to think this is an ok thing to do as this is moving house and not an investment.

Help appreciated !

I'm not entirely sure what your question is.

I'm not an expert on the One Plan but my understanding is that once you have the cheque book you can use the cheques for any purpose you like, regardless of what the product guidelines say. I don't think there's any way that PTSB could realistically start asking you what each cheque was for, before honouring it.

One point that springs to mind is that you should not sign unconditional contracts without having formal written approval for all of the funding. I wouldn't hand over €120,000 on the basis of "provisional phone calls to PTSB". A verbal agreement is not worth the paper it's written on.

A verbal agreement is worth nothing, i was in a similar position to what you wanted to do with PTSB, I went through with them what i planned to do and was told to go ahead, I went off and paid deposits etc and then went to sort out finance with them and was told that markets have changed (this was in the space of 4 weeks) and what i wanted to do was not feasible, so i would sort out the finance first before you go down that line or at least an AIP.