Hi all,
I'm looking at doing a self build and am pretty sure I want to go for an accelerator mortgage (like Buildstore offer), but cannot find out whether the repayments made are on the total amount that will be borrowed for the whole build or just on the amount that you have been lent for the stages so far.
The reason I'd like to know is that I might get in the position where I have bought the land but have to sit on it while I draw up the plans, get planning permission and more importantly get my 5 month old twin boys to an age where we're less reliant on being just round the corner from their grandparents! As a result I'd rather not have to pay repayments on the entire mortgage when I've only received part of it, at the same time as paying out for where we're currently living.
Does anyone have experience with these mortgages who knows what the answer is?
Thanks in advance!
- Dave
I'm looking at doing a self build and am pretty sure I want to go for an accelerator mortgage (like Buildstore offer), but cannot find out whether the repayments made are on the total amount that will be borrowed for the whole build or just on the amount that you have been lent for the stages so far.
The reason I'd like to know is that I might get in the position where I have bought the land but have to sit on it while I draw up the plans, get planning permission and more importantly get my 5 month old twin boys to an age where we're less reliant on being just round the corner from their grandparents! As a result I'd rather not have to pay repayments on the entire mortgage when I've only received part of it, at the same time as paying out for where we're currently living.
Does anyone have experience with these mortgages who knows what the answer is?
Thanks in advance!
- Dave