After a loan has been approved
by the society, its Solicitors are instructed to
prepare the mortgage. You will have to go to the
Solicitor's Office to sign the documents and pay
the mortgage costs.
The documents will be lodged with the Deeds Registry and in due course
the mortgage (and the Transport if you do not already own the land)
will be advertised in the Official Gazette. You will be notified
by the Society when the mortgage is to be passed in the Transport
Court , and there you will pay over any money due by you to the vendor
of the property. The Society will at the same time pay over the loan.
If you are building a new house or
improving or extending an existing one, the Society
will pay the loan by installments as the work progresses,
and not the whole amount of the loan at the Transport
Court.
You may, of course, repay the loan
at anytime on giving three months notice, and you
can repay part if you want to, thereby saving interest.
Most borrowers do this as the years go by and their
increased income makes this more easily achievable.
If you need additional information
about Home-Building or Home-Purchase Loan, the staff
of the Building Society would be happy to provide
same.
Then you start to save with the Building
Society or obtain a Mortgage Loan from us you become
a member of the Society. We exist to serve you courteously
and efficiently at all times.
