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Showing results for tags 'buildloan'.
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Changing phasing on mortgage release to help cashflow
oldcoop posted a topic in Self Build Mortgages
Does anyone have a self-build mortgage via BuildLoan/Buildstore? I'm wondering what our chances are of getting them to release funds early (so not borrowing more money but just changing the timing). Our mortgage is with Chorley Building Society via BuildLoan. They release funds in several stages, and the issue is that they withhold the final 10% until completion (ie building regs sign-off). We've had our early funds released and the next stage is the pemultimate one: "water tight". We should be there by the end of this week (wohoo!)... However, there have been some unexpected costs (we found a well under the new foundations...boo). This takes us over our contingency. We can afford this in the long term (ie once the last 10% of mortgage funds have been released), but the phasing means that in the short term we'll go £15k into the red for a few weeks, which would mean having to beg/borrow from relatives to tide us over. Ideally I'd like to drawn down more funds to avoid that. Does anyone know my chances of getting the to release more in the next (penultimate) stage? I am worried that if they always insist on withholding 10% then it isn't worth mentioning it to BuildLoan (who do the admin on the stage releases) because it might just freak them out. If, on the other hand, there is a chance they may be helpful, then I want to bring it up. Dilemmas...