Just a question if we decide to build whilst renting how does that work with the loan situation any tips. Its way off yet just wanting somw advice
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28-12-2014 13:17 #1
Building a home whilst renting
28-12-2014 13:30 #2
We were renting whilst we built recently. We had to list our rent as an expense on the loan application but that form allowed us to list expenses during and post build so it was clear it wasn't going to be a continued expense. Is that what you meant sorry?
28-12-2014 13:54 #3
Wanting to know if the loan repayments for the loan start once house is completed or when building starts. So do we have to pay for the loan whilst renting as well.
28-12-2014 13:56 #4
I see - you have to start paying for the build once it starts, but only what you've drawn down on. The builders have a schedule of what % of the build is paid at which stage (foundations, frame etc), you'll draw down on those and make interest only payments on that amount, plus full amount for your land if you have a loan for that.
28-12-2014 14:03 #5Senior Member
- Join Date
- Oct 2013
What Bezzy said. There are some finance companies that will hold the interest payable on the progress payments, then that amount is added to your principle loan, I have no idea what % the interest is at though and may be an expensive option.
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