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Nationwide self build
denise38
Posts: 422 Forumite
I am currently beginning the second year of my 5 year fixed rate with Nationwide. Last year we had no idea that a plot of land would become available. To be honest we had given up hope. Now we have been able to buy a plot and are selling our house. Profits from the house are going to but the plot ONLY. I am kinda tied into remortgaging with Nationwide as I have a £3000 redemption fee if I don't also quite substantial part of the mortgage can be ported over and we het the benfit of the good rate.
However I am really confused asd to when and how we will get our staged payments.
I have been led to believe that we will at damp course level get 75% of the cost of the land up to half the total cost of our mortgage. So for ease if the land cost £10000 we would £75000 and 50% of the mortgage we require £100000 would give us a sum then of £50000.
Is this right has anyone done this.
To be honest branch hasn't dealt with a self build so even thay are referring to training booklet.
I desparately need help so that I know that my understanding is correct otherwise we will not be able to do it .
Other way they had was 12.5 % at damp course.
25% at frame .
37.5 at next stage then 25% at completion.
However I am really confused asd to when and how we will get our staged payments.
I have been led to believe that we will at damp course level get 75% of the cost of the land up to half the total cost of our mortgage. So for ease if the land cost £10000 we would £75000 and 50% of the mortgage we require £100000 would give us a sum then of £50000.
Is this right has anyone done this.
To be honest branch hasn't dealt with a self build so even thay are referring to training booklet.
I desparately need help so that I know that my understanding is correct otherwise we will not be able to do it .
Other way they had was 12.5 % at damp course.
25% at frame .
37.5 at next stage then 25% at completion.
I have never met a calorie yet I didn't like!!
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