With regard to the 100% finance option, the only conditions that we apply are: that should you raise a loan to put down the 35% deposit (typically remortgage, second charge mortgage or secured loan) and that the minimum term of the loan is 5 years for an interest only loan and 10 years for a repayment loan.
This is effectively to prevent the monthly payments that we make on your behalf from being too high on an individual basis. (We advise clients to ensure there are no penalties for paying off the loan in full before the minimum term of the loan has passed).
We advise clients to speak to their own providers about raising the 35% as well as using our own mortgage brokers, who will source the market on their behalf to find the best rate. There is no charge or obligation for clients to use this service. However should we be successful in sourcing the finance on a client’s behalf but they then decide to cancel, we will retain the reservation deposit of £1500.
If neither yourself nor our brokers, are able to raise the 35% within 45 days, we will fully refund the reservation deposit.
Once finance in raised (typically within 45 days) we then require written proof of the monthly payments being made to your finance provider and we set up a standing order to your account for the equivalent amount 5 days before that payment is made to your provider. Your separate finance contract with ourselves guarantees that we will continue to make these payments for the duration of the build.
We do not set a limit on the interest rate but naturally we reserve the right to refuse the terms should such a rate be extortionate. In most cases this does not apply and in such instances we would fully refund any reservation fee put down.
Please do feel free to let us know if you have any further queries.