Hi All,
We have just had the bank make our first progress payment and were a lil shocked that they withdrew some money from our acct. The amount they withdrew was called Transfer Out Admin EQUITY and I'm wondering if this is some of the variation amount that we were going to pay out of our own pocket? I assumed it would need payment at settlement but I might be wrong as that was just an assumption and realise now that perhaps its split at each progress payment. I am waiting to hear from the broker to clarify but thought I'd ask here in the meantime. Thanks