Drawdown process for selfbuild mortgage

[aims]

Hi All,

 

I am looking to understand the drawdown process in a little more detail. Generally from what I can see on the forum most people mention its fairly straight forward i.e. simply fill in a form > lender sends a valuer to confirm the uplift in value >  lender then pays drawdown. 

 

However I just had a look at BuildLoans drawdown forms and they mention the following as "requirements":

1. Confirmation of work completed from Warranty Provider or Professional Consultant

2. Photographs confirming stage of build

3. Valuation re-inspection (to be instructed by BuildLoan/Lender)

4. Technical Audit instructed by BuildLoan (if not using Warranty Provider)

 

Numbers 2 & 3 I understand

Number 4 wouldn't apply as I will have Warranty in place 
Number 1 seems interesting i.e. have people had to sync up their warranty inspections with the mortgage drawdown stages? or request additional inspections from the warranty provider if the drawdowns and inspections don't sync? 

 

Would be good to hear people's experiences of their drawdown process

 

Cheers

[nod]

It sounds like more fees 

While warranty providers are reluctant to come out in person

Your BC should confirm that the work has been carried out 

I don’t think there will be any way round them sending a valuer at your expense 

[gc86]

I just took my second drawdown with Ecology. Easy... 

 

1. At any point during your build you can instruct a valuation. (small fee to pay). Ecology will get a surveyor to value the site in its current state and also a projected final value. 

 

2. Within a few days, Ecology then tell you what your updated maximum drawdown/retention release is. 

 

3. At any point after that, you fill out a form where you can request anything up to your max drawdown. 1 or 2 days later it's in your bank account. 

 

You can drawdown more than once for each valuation, you don't have to take the max amount.. Take as much as you need, when you want, up to the max amount based on the latest valuation. 

 

[aims]

16 hours ago, gc86 said:

I just took my second drawdown with Ecology. Easy... 

 

1. At any point during your build you can instruct a valuation. (small fee to pay). Ecology will get a surveyor to value the site in its current state and also a projected final value. 

 

2. Within a few days, Ecology then tell you what your updated maximum drawdown/retention release is. 

 

3. At any point after that, you fill out a form where you can request anything up to your max drawdown. 1 or 2 days later it's in your bank account. 

 

You can drawdown more than once for each valuation, you don't have to take the max amount.. Take as much as you need, when you want, up to the max amount based on the latest valuation. 

 

Good to know! I hope my Lender has a similar process to Ecology because that sounds ideal, especially the flexibility of not having to drawdown to full stage amount in one go