Borrowing With Advanced Staged Payments
Keep your cash until later in the project.
With Advanced Staged Mortgages, payments are made at the beginning of a stage. This improves cash flow and makes funds available when you need them. They are usually a bit more expensive and charge an additional fee, as there is more risk for the lender.
If you only have a small amount of cash available and don't want to sell your existing house to release equity before their new one is complete, or, if you want to keep the cash you have available until later in the project to maintain a good contingency fund, then an advance stage payment mortgage is ideal.
An advance stage payment mortgage is also particularly suited to those clients wishing to build a timber frame, because this type of construction is more expensive in the early stages than a brick and block build. This is due to the fact that the whole system must be paid for up front.
