James Cotton Pay Quotations

GMAC allows you to choose the level of rental cover required - its standard is 125 per cent of the mortgage interest, but if you pay a higher arrangement fee, you can get that down to just 100 per cent.

The lender will take the commitment to pay interest to the developer into account, even if you don't have to pay that interest immediately. They might not allow you to have a loan that would cause you to stretch your income too far, as you will still have to pay the full amount on the property in the future.