Until now I’ve mostly been funding the build from savings, the result of having sold my previous house in 2014. I did draw down the minimum mortgage allowed by the Ecology Building Society – \u00a330,000 – in order to “activate” the mortgage when the build started, but the plan has always been to spend (most of) my savings first, to cut down on the mortgage interest.<\/p>\n
With a few large bills on the horizon and my savings running out fast I thought it was time to test the process for drawing down additional mortgage funds. I can borrow most of what I need against the value of the land, which means I don’t need to worry about getting frequent updated valuations as the building work progresses – I’ll only need to do that once, when I’ve borrowed 90% of the value of the land (by which time the house will be worth enough to cover the remainder of the borrowing).<\/p>\n
I knew the process wouldn’t be too difficult but I was pleasantly surprised at just how smoothly it went. The steps were:<\/p>\n
The most impressive part was that it only took an hour between emailing the form and having a substantial sum of money arrive in my bank account.<\/p>\n","protected":false},"excerpt":{"rendered":"
Until now I’ve mostly been funding the build from savings, the result of having sold my previous house in 2014. I did draw down the minimum mortgage allowed by the Ecology Building Society – \u00a330,000 – in order to “activate” … Continue reading