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The Ideal Home Improvement
Mortgage is a guaranteed advanced stage payment mortgage,
therefore money will be released to you in advance of each
build stage.
Your project will be divided into key stages according to
what work needs to be carried out on the property. The table
below provides an indication of the typical stages involved,
however as each project is unique stage payments will be tailored
to suit your individual requirements.
|
| Initial
release of funds |
Purchase
of property |
| Stage 1 |
Stabilisation works
– includes demolition and injection of DPC plus
any roofing works necessary. |
| Stage 2 |
Services first
fix. |
| Stage 3 |
Practical completion
of all rooms (rooms completed and replastered). |
| Stage 4 |
Internal finishes
– including installation of kitchen, bathrooms,
doors, facings and decoration. |
Before you
begin your project BuildStore will help you to prepare a cashflow
forecast for you which best suits your financial circumstances.
This forecast will illustrate the amount to be released at
the start of each build stage.
What certification will I need at each stage?
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As the Ideal Home Improvement mortgage is
a guaranteed advance stage payment mortgage interim
valuations are not necessary after each build stage,
however, your funds can only be released to you providing
you have the correct documentation. |
The certification you will need to provide in order to receive
your stage payments are as follows:
| Stage |
Certification
required for release of funds at that stage |
| Stage 1 |
Copy of the appropriate
local authority approval for the project if any required.
If no approvals are necessary we must receive confirmation
of this from the customer in writing. |
| Stage 2 |
Interim certificate
from suitable professional confirming that stabilisation
has been completed to a satisfactory level. |
| Stage 3 |
Interim certificate
from a suitable professional confirming that services
to first fix have been completed to a satisfactory level. |
| Stage 4 |
Interim certificates
from suitable professional confirming that practical
completion of all rooms has been completed to a satisfactory
level. |
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