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Mortgage for off-plan property

Posted by tony.s-206267 - Created: 5 years ago
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Posted by tony.s-206267 - 5 years ago

So, if the first stage payment is 25% the borrower starts repaying the bank on that 25%? and if the next stage payment is 15% the borrower starts repaying the bank on 40%? Is that more or less how it works?
Any idea what happens if the builder can't complete the project?Thanks

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Posted by JJ-183649 - 5 years ago

Yes, no problem, but remember you start re-paying (the respective portion/%) as soon as you start calling down the interim payments.Steve