Self build mortgage

 

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Self build mortgage

Mortgage for those who wish to build their own home, renovate or convert their existing home. Funds are normally released in stages as work progresses following a satisfactory progress report from an architect.



Self build mortgage

Similar Matches

Shared Appreciation Mortgage (SAM)

Shared Appreciation Mortgage (SAM)

A mortgage with a low rate of interest, offset by giving the lender some portion of the appreciation in the value of the underlying property.


Closed end mortgage

Closed end mortgage

Mortgage against which no additional debt may be issued.


Mortgage protection

Mortgage protection

Term assurance to cover the repayment of a mortgage in the event of the death of the mortgagor during the period of the loan.In the case of a repayment mortgage the capital sum outstanding is gradually reduced over the term of the loan (albeit slowly during the initial years when the majority of the repayments are paying the interest) so that decreasing term assurance would be incorporated in the policy. For an endowment mortgage where the sum assured and the death benefit are at least equal to the amount of the loan throughout the term of the loan, level term assurance would be apt.


Balloon mortgage

Balloon mortgage

A mortgage in which monthly installments are not large enough to repay the loan by the end of the term. As a result, the final payment due is the lump sum of the remaining principal.


Second Mortgage

Second Mortgage

A mortgage which ranks after a first mortgage in priority. Properties may have two, three, or more Mortgages, deeds of trust, or land contracts, as liens at the same time. Legal priority would determine whether they are called a first, second, third, etc. lien.


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