Typical schedule
| Stage | Typical % | Trigger |
|---|---|---|
| 1. Deposit / mobilisation | 5-10% | Contract signed, site set-up |
| 2. Foundations + slab | 15% | BC inspection passed |
| 3. Plate level | 20% | Wall plate level, joists in |
| 4. Roof watertight | 20% | Roof covered, windows installed |
| 5. First fix | 15% | Plumbing, electrical carcass, insulation |
| 6. Second fix | 15% | Kitchen, sanitaryware, finishes |
| 7. Completion | 5-10% | BC completion certificate, snag list cleared |
Mortgage release: in advance vs in arrears
In-advance products (BuildLoan, Buildstore-brokered): funds drawn at the start of each stage so contractor invoices can be paid immediately. Premium 0.5-1.0% on rate; suits cash-light builds. In-arrears products: funds drawn after each stage is certified complete; cheaper but the homeowner needs bridge cash to fund each stage before reimbursement.
Contingency
10-15% on build cost is the prudent reserve. Lower for tightly-specified contracts on stable ground; higher (15-20%) on architect-tier projects with bespoke detailing or constrained sites. Hold the contingency in cash, not as headroom on the mortgage.
JCT contract triggers
The JCT Minor Works Building Contract or JCT Intermediate Building Contract is standard on KDR. Trigger events to know: interim certificate dates, practical completion certificate, defects rectification period (typically 6-12 months), final certificate. Misalignment between mortgage release and JCT certificate can stall cashflow for 2-4 weeks.