When you're looking to build a new home in Cambridgeshire, you may be wondering what additional costs you'll need to consider. A construction loan covers the costs associated with building your new home, and your lender pays your contractor directly. However, it's important to note that while your lender may approve a certain amount for you, your contractor will only receive money for the work that is done. It's important to understand that you won't receive any “leftover funds” from the loan.
Fortunately, you only pay (and pay interest on) the money that your lender pays the contractor. This means that you won't have to worry about any additional costs or fees associated with hiring a builder in Cambridgeshire.