Part Buy Part Rent Mortgage - flat not built yey

michaell127

Hi,

I am just about to begin application for a part buy part rent scheme mortgage. My property is not yet finished being bulit and may not be until Nov this year. Can the mortgage company make me start paying it back even though the property is not yet built?

How does this tie into a scheme that's supposed to help those onto the property ladder when they may make me pay rent AND mortgage repayments for 6 months!

cheers

Thrugelmir

michaell127 wrote: »

Can the mortgage company make me start paying it back even though the property is not yet built?

The simple answer is no. As the purchase of the property will not be completed until you able to take vacant possession and move in.

whatyadoinsucka

just a warning were are you living in the UK, what is the local econmy like, will the development get finished and the homes filled.
You don't want to have to live on a building site until the next boom economy

only invest what you can afford to lose. lots of building/construction companies have gone under in recent years