If you draw down money in stages from your mortgage for a self build are the withdrawls made to your own name or do banks insist that cheques\payments are made to the name\account of the builder?
If you draw down money in stages from your mortgage for a self build are the withdrawls made to your own name or do banks insist that cheques\payments are made to the name\account of the builder?
Withdrawals are in your name - the bank are dealing with you, not the builder. Mostly, you will need an Engineers Cert. confirming that works to a certain value have been completed so every time you draw down funds the site and works value is in excess of the mortgage funds so if you default, the bank can repossess and sell.