Arrange The Take Out Loan Early
With the mortgage markets on the rise overall, any construction project that requires a construction take out mortgage should strongly consider getting it in place as soon as possible to protect from future rate movements.
In the past, self build borrowers would take their time looking for a take out mortgage to pay out for their construction loan, many times not getting it arranged until just before it is required.
But with mortgage rates likely to increase again this year, it only makes sense to get the long term mortgage commitment in place sooner than later so that the interest rate can get locked in and protect future cash flows.