Does anyone have any experience in obtaining a builders mortgage, i.e. How difficult is it? is it cheaper? I have been told that I will not incur charges if I decide to go down this route instead of a bank. 😕
It can be cheaper, but depends on the terms of the mortgage, interest rates, redemption costs etc, etc. If the mortgage on offer is suitable for you the savings would be that you have reduced or no opening commisions which can be as much as 1-1.5% of the mortgage value. However there are some good deals available from the banks currently so shop around and make a balanced decission on whether to take over the builders mortgage.