If you’re looking to build your own property, we’re experts in helping our clients to access Self-Build Mortgages.
What is a Self-Build Mortgage?
If you’re building your own home, whether you’re an experienced developer or this is your first time, the primary thing you need to think about is how you are going to finance it.
As you might expect, Self-Build Mortgages work differently to standard mortgages as you don’t get all the loan up front. Rather, the money is released to you in stages to fund the purchase of the land through to construction. These stages will depend on the type of build but typically work through the following stages: buying of the land, laying the foundations, wall plate level, wind and water tight, first fix and plastering, second fix and then through to completion.
So, before you start, speak to a mortgage broker like Your Mortgage Expert to understand what is required for a Self-Build mortgage, your budget and how a Self-Build Mortgage works.
How Your Mortgage Expert can help
At Your Mortgage Expert, we understand how Self-Build Mortgages work.
We know which banks lend on Self-Build mortgages, how they work and which one might be most appropriate for you.
We can talk you through the whole process so understand at what stages you will receive your money and what you should evidence prior to that stage.
We will also help you understand your budget. So, for example, you’ll probably need to put down at least a 15% deposit and you’ll need to think about funding alternative accommodation during the build.
We don’t charge for initial consultation, so contact us for a no obligation conversation.
About Your Mortgage Expert
At Your Mortgage Expert we offer independent mortgage advice and provide a personal and knowledgeable service. You can trust us to be on your side and to find the most appropriate deal for you. We are based in Salisbury but can help you no matter where you live in the UK.
A MORTGAGE IS A LOAN SECURED AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE OR ANY OTHER DEBT SECURED ON IT.