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Self Build Mortgages

What is a self-build mortgage?

Self-Build mortgages are for those people who intend to build their own house or have a house built for them to a design of their choice.

The project normally starts with the purchase of a plot for which the house is to be built upon.  A self build mortgage is then obtained based on the future value of the property. It is possible to also obtain finance on the land, but this more expensive and more difficult to obtain.

Typically, a builder and archtitect is retained throughout the build to ensure lender and building regualtions compliance with payments from the mortgage providers being stage released in line with the build.

At the end of the build it is common for client to remortgage to cheaper lenders, therefore reducing their outgoings.

There are also specialist lenders out there such as Ecology Building Society who fund builds and conversaions that are green and energy saving.

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