Drawdown
The point where the lender releases the mortgage money to your solicitor so the sale can close. For a self-build it happens in stages.
What it means
Drawdown is when the loan is actually paid out. After you accept the loan offer and sign contracts, your solicitor requests the funds. The lender sends them to your solicitor, who passes them to the seller's solicitor on the closing date. Interest starts from drawdown.
A self-build mortgage is drawn down in stages as the work goes on. For Help to Buy on a self-build, the date of the first drawdown is what counts for the qualifying period, which runs to 31 December 2029.
Work it out
Help to Buy calculatorRelated terms
Mortgage approval in principleA lender's written statement of how much it will lend you, subject to a valuation and final checks. Estate agents often ask for it before taking an offer.Sale agreedThe stage where seller and buyer have agreed a price but nothing is legally binding. Either side can still walk away until contracts are signed.Help to Buy (HTB)A refund of income tax and DIRT for first-time buyers of new homes up to €500,000: the lesser of €30,000, 10% of the price or 4 years' tax.