The plan, number of draws, plus the amount of for each mark could be something you would need to discuss with your lender in addition to builder.
Since you don’t have equity for a property mortgage, this has been more difficult so you’re able to secure than simply a traditional mortgage. The requirements are a lot large.
- Higher credit rating of at least 680
- Stable money
- Lowest loans-to-money proportion
- 20% advance payment
Their lender’s top priority is you can make your repayments and you may repay the borrowed funds along with people attract. Read more