Finding The Best Self Builds Mortgage Deal For Your Circumstances
Many of us dream of building our own home, and self build mortgages can turn these dreams into reality. Despite this, many lenders will not offer you a mortgage on this basis, so it’s important to know where to look for these crucial funds. Our expert team have helped clients from all over the UK achieve their vision by finding the most suitable mortgage deal for them. If you need help kicking off your homebuilding project, we’re here to make the impossible possible.
What is a self build mortgage?
A self build mortgage is a secured loan that enables you to fund the design and build of your own home. The money is typically released in stages throughout the construction process. In the UK, only 7% of homes are self built. The advantages of self build mortgages are that they enable you to create a home exactly to your tastes and requirements. It can also often be cheaper than purchasing a fully renovated house. If you’re looking to apply for a self build mortgage, our team of advisors are here to help. We’ll explain how everything works and support your through every stage of the process.
Is it difficult to get a self build mortgages?
Not all mainstream lenders offer self build mortgages, and the process can take longer. Whilst building your own home is an exciting prospect, many lenders will see such a project as too risky to lend on. If they do offer you a mortgage, it will tend to have stricter terms. Not only will lenders want to see all the usual financial documentation and ensure you meet their affordability criteria, but they will also want to see detailed plans and cost projections for the project. This aside, it’s not exactly difficult to get a self build mortgage; it just needs to be well thought through. Our team of expert mortgage lenders can help make sure you get everything right to first time round, and set yourself up for mortgage success. Talk to us today!
Maximise your chance of approval with specialist advice from an expert in Mortgage for Self Builds
Can I get a self build mortgage if I already own the land?
Yes! Self build mortgages release funds in stages, and the first of these is generally for the purchase of the land. Skipping this stage isn’t a problem; in fact, it may make your application more attractive, reducing the overall cost of the project and therefore the loan amount.
Do I need planning permission to get a self build mortgage?
It’s likely you will need at least outline planning permission before mortgages lenders will consider your application. This is because the loan amount is generally based on the projected value of the property once complete, and without planning, this cannot be estimated. More than that, there is always the risk that you may not be approved for planning permission in the end. Though it can be a lengthy process, it’s always worth being as detailed as possible in your application, and getting planning permission is highly important. If you’re concerned about navigating the self build mortgage process, our team will be happy to explain how the process works, and all the different requirements.
Self build mortgages FAQs.
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Specialist guidance on your self build mortgage.
When the Bank Says No is a team of expert mortgage advisors specialising in lending for self build projects. We streamline the process of applying for self build finance, so you can get on with your project. Though self build mortgages can be more detailed, they don’t have to be complicated. We’re here to take the stress out of the process, and make fuelling your homebuilding ambitions easier than ever before.
Streamlining self build mortgages.
Planning a self build project is stressful enough; add finance applications to the mix and it can be a nightmare just getting started! Luckily, our friendly team of mortgage advisors are here to make the process as smooth as possible, speeding up your journey to build day 1. If you’ve got big plans, we’ve got big ambitions to make them happen. Useful information, helpful hints, transparent advice. Ready to get started? We’re ready to talk things through.