# Stage Payment Mortgage



## guzzler (16 Oct 2005)

Starting building new home in March. Going the "piece-work" route. 
 With savings and SSIA's coming in the first few months we believe we can get started without a mortgage in place. Also have a lot of equity in current house making getting a mortgage easy.
Looking for a mortgage that we can draw down on when we require.

What institutions can we go to and how does it work


----------



## LDFerguson (17 Oct 2005)

Just about all lenders offer "stage payment" loans for self-build houses.  Rates are the same as normal house mortgages so check the Best Buys area on Askaboutmoney.  

You'd be advised to get approval for your loan before you start work, so that you know there won't be problems when youve 25% of a house built.  

It's vitally important that you get a supervising architect or engineer to supervise all stages of construction from day one.  A lender is going to look for confirmation from such an individual that s/he supervised the construction from the very start, before offering a loan secured on this property.  

Liam D Ferguson
www.ferga.com


----------

