Sorry if this is a stupid question, I’m hoping soneone can clarify this for me.
How do I receive the extra money I borrowed On my mortgage?
When doing our sums for our mortgage with all the fees taking into consideration, we requested to borrow enough to have around 5k extra for money to do up the new house. As well as 1k for a removal van.
How do we receive that money? Will it go into our bank? Would that be on completion day?
I’m assuming on the day we complete the new mortgage will take my equity we agreed with The bank as a deposit and what’s left will go into my account. Is that right?
Sam