Most people require a mortgage unless they are lucky enough to have the readies. We tasked an independent mortgage advisor to find us a good deal for our self-build, however while he was doing his thing I carried out a bit of surfing and found Buildstore (www.buildstore.co.uk). It is worth noting that if you are carrying out a conversion many lenders do not want to know! I telephoned many lenders and did umpteem on-line applications only to be turned down! Buildstore gave us a deal that the mortgage advisior had to admit was better than he could get for us, so it worth doing a bit of research yourself.
The self-build mortgage that was recommended to us was a tracker with Lloyds TSB which had stage payments. This meant that we could request payments in stages and therefore only paid interest on the money that we had 'drawn down'. This gave useful peace of mind because if the build was to go slower than anticipated then we would only be paying out on what had used so far, not the whole lump sum. The other useful feature of this was that we could set the size of each of our stage payments. We were also recommended to borrow as much as we were allowed to. This meant that if we had got our calculations wrong or we came across unexpected costs we knew the money was there if we needed it. This precaution could then save us money. If at a later date we needed more than we had estimated we would not have to reapply again ie. going through the whole application/ valuation progress again. This didn't cost us any extra to do and because we were lucky enough not to need it - we didn't pay interest on it!
No comments:
Post a Comment