Self Build

An increasing number of people in the UK are choosing to build their own homes. A range of banks and building societies offer mortgages to self-builders. Building your own home can be both a rewarding and challenging experience.

Some of the main reasons people choose to self build are:

To create your own unique home.
To get more for your money - for most self builders this is the prime motivation as the finished property is usually valued at more than the land and building costs involved.
To build in a location of your choice
To have a greater input into the design and materials used - both the exterior and interior can be designed to suit requirements. Room sizes can be increased, dimensions altered or layouts varied.
To build a house to suit your lifestyle - with a growing family a self builder may include extra bathrooms, a study or even a basement playroom whereas a self builder whose family has left home may decide to have larger public rooms and fewer bedrooms.
More risks are involved in building your own home but self-build mortgages can help with the financial complications of managing such a project.

The main difference between a self-build mortgage and a house purchase mortgage is that with a self-build mortgage, money is released in stages as the build progresses rather than as a single amount.

There are two types of mortgage which could be used. The first option is a traditional arrears-based mortgage released in staged payments on completion of each stage.

The second option is an advance payment scheme which releases funds in advance of each stage of construction and removes the need for bridging loans.

The stages can be fixed or flexible but there are usually five and these depend on the type of building work.

Not many mortgage companies will offer an advanced payment, this is due to the risk involved.
You need to plan your budget carefully so that you know how much the project is going to cost in total.

The mortgage lender will ask for this and you need to make sure that you have covered all your costs such as land costs, professional fees, building work, materials, etc.

Make sure you know what you can take on yourself and employ an architect, surveyor, planning consultant and project manager if necessary.

You are probably going to borrow a large sum which you have to pay back whatever happens to the building. You need to make sure that you hire a good builder in order to reduce the risk.

Arranging the finance for such a project is an important part of the process and we can help arrange the best mortgage for your individual circumstances.

Whether you need substantial funding at the outset or funds to be available as and when the build progresses we can arrange the finance to suit your requirements.

Please use the mortgage wizard to see the latest deals available.

Contact us now on 0800 10 77 889 or fill out our online enquiry form

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Tel: 0800 10 77 889 Email: email@emortgagesolutions.co.uk

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The guidance and/or advice contained within this web site is subject to the UK regulatory regime and is therefore primarily targeted at consumers based in the UK.