Looking to come off self build mge and onto normal lender

[Bitpipe]

Ecology mge 2 year anniversary is in end September so keen to remortgage onto a lower rate once the redemption period has ended.

 

Wondering what the requirements are. We have a 10 year warranty in place and are almost but not quite BR signed off - have some ballustrade required around basement exterior stairwell which won't go in until mid late sept.

 

Any other common issues to be aware of?

 

[ragg987]

I went to a normal mortgage but with the same provider (saving in application and redemption fees). The only document needed was build control sign off. Same requirement for moving from build insurance to standard insurance.

[MikeSharp01]

Right now the interest rate is at the best it is going to be and so getting into a new product now would be sensible. You might even find that it pays to pay for the work to finalise BC, 0.25%  over, say 10 years on, say, £200K is several £K in additional interest. BC is a must as @ragg987 says.

Edited July 12, 2017 by MikeSharp01
Typo

[Bitpipe]

Thanks, BC work is scheduled and budgeted, just cant really get it done any quicker as it's dependent on other works.

 

Only fly is that the BC approval starts the clock on the VAT reclaim and we have one last chunk of front landscaping that is not yet funded - I reckon I can get a contractor to do it VAT free on a supply and fit basis on the proof of new build (just like all the other work) but if I need to buy materials then I'll loose the VAT.

[ragg987]

There is another thread on vat reclaim. I got vat back for post BC materials.