Construction loans
Building your dream home or undergoing a major renovation?
Many people want to build their dream home or undergo a major renovation at their existing property. For these people a construction loan via Finsure Loans is the answer!
A construction loan is similar to a standard home loan, but while you’re building there are some important differences. The funds are released in stages as construction progresses to ensure you’re only paying for completed work.
There are typically five stages of construction – the foundation slab, the frame, the lock up when windows, doors, walls and roofing are installed, the fitting when internal fittings such as electrics and plumbing go in, and finally completion. Your builder will issue an invoice at each stage and Finsure Loans will help you to process payments.
During the construction period, it’s common practice for the borrower to cover the interest accrued on the expected final loan amount, before moving to a more traditional principal and interest repayment structure once the property is complete.
Talk to a specialist at Finsure Loans and let us help make your new build or major renovation a reality.