SELF BUILD MORTGAGES EXPLAINED
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There are three main types of self build mortgage: advance stage payment; arrears stage payment (value -based); and arrears stage payment (cost-based). With all of these, money is released in phases to allow you to pay your bills at key milestones. These are typically: buying the plot; foundations; wall plate/frame erection; weathertight; first fix; second fix/completion. The amount paid per stage is a percentage of either your actual costs or the value of the works completed so far.