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The Individual Developer mortgage is a loan specifically for financing the construction of buildings, apartments and houses.
The maximum amount of the loan is from 50 to 60% of the rate-able value, this depends on the type of construction, but generally speaking construction mortgage loans are available for terms of up to 25 years (for adjustable rate or mixed mortgage loans).
There is a period during which the client pays just the interest accruing on the loan, without repayment of capital. This period may be 1-2 years.
The Developer Mortgage loan is paid to the client in several amounts during the different phases of the construction, up to the total amount of the loan granted therefore, only paying interest on the amount actually borrowed.
An advantage is that you begin to pay off the capital from when the construction is completed, therefore only paying interest only payment during the development time.
Individual Development Loans are especially designed for those who own or who are going to purchase a plot with a view to building a house on it.
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