Can you draw on mortgage before completion?

Balarissa

Hi, I was hoping those in the know would be able to help.
We are currently getting an application for a mortgage for an off-plan new build that is *due* to be finished and read to move in to in March 2010. Our broker has explained about the mortgage offer lasting for 6 months from when we agree on the mortgage. We understand that if it takes longer than 6 months to complete they can offer us a different product (i.e different interest rate etc).
The builder will give us a final completion date 6 weeks before we can move in. My question is - our mortgage will likely 'expire' at the end of February - potentially 4 weeks before we can move in and after our 6 weeks notice of moving in. If the maths worked out ok (and if the builder is right about the estimated completion of course) would be actually be able to choose to draw on the money before we can actually move in to enable us to stay on the product currently available instead of having to go to a different product? Or are you only able to start using the mortgage once you have officially completed? Or could we complete early even if it isn't finished (or would that be insane?!)
Obviously there would potentially be a month where we would be paying rent and mortgage but neither our rent or our mortgage are massive figures and we could take that strain for one or possibly two months.

Thanks

opinions4u

Not going to happen.

If you don't own the property at the time the mortgage is released, the lender has no security.

If the property isn't fully built they would have an impaired security.

Mrs_Bumble

Definitely not, you need to make sure that the build is complete for before your mortgage offer runs out. What will you do if the lender decides that they don't want to offer another product or that the property isn't valued at what it was previously?

Push for completion!

Balarissa

Ah well, thankyou. I see the problem completeing before the product we have agreed to buy is available.
I am still awaiting an appointment with my solicitor to discuss.
Thanks.