- October 20, 2006 at 8:40 am #52378
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. 😕
- October 20, 2006 at 9:55 am #66920
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.
- October 20, 2006 at 12:15 pm #66928
You are not liable of paying any king of charge (cancellation fee) if you decide not to subrogate the developer´s mortgage. Choose the most convinient for you.
- October 20, 2006 at 12:16 pm #66929
kind not king 😉
Have a good weekend!! under the spanish plain rain.
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