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Number of stage payments for New Build

  • 14-03-2015 1:40pm
    #1
    thebackbar
    Registered Users, Registered Users 2 Posts: 469 ✭✭


    Hello,

    I've received my mortgage offer from the bank, it states that i should draw the mortgage down over six stages the last one being for a 10k retention once my engineer has confirmed with my solicitor that the build is complete, so effectively ive been reduced to five stages. My initial conversations with the bank stated that there was flexibility with the number of stage payments.

    Just wondering

    * how many stage payments did you have ?
    * has anyone increased the number of stage payments ? was there much hassle in doing so ?

    Regards


Comments

  • #2
    bee06
    Registered Users, Registered Users 2 Posts: 4,514 ✭✭✭bee06


    We had 6 stage payments and paid the builder over 7 payments because the last stage payment from the bank was 10% which we split into two payments of 5% to the builder.

    What have you agreed with your builder in terms of payments? I would have thought they'd be used to payment over 6 stages since that's the way the banks usually do it.


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