Self Build Mortgages

Many self build homes are started each year, not all of which are by those with building experience. Indeed, many owners of self build homes may not even have lifted so much as a bucket!

This is because not all self-builds are, in fact, do-it-yourself builds. Indeed, some lenders may be extremely wary if you plan to self-build with no actual experience. Whilst you may be inexperienced in terms of building expertise, what you can bring to the project is your management skills. And money, of course.

So what is the main attraction to self-build? Potential profit. It is not unknown for the finished property to be worth significantly more than it has cost you in terms of plot price and build. Suffice to say, that such a project is not for the faint hearted, and you will have to do your research and planning (including detailed budgeting) thoroughly for before you approach a mortgage lender for a mortgage.

To guide you, there are two types of self-build mortgage available. These are Stage Payment Mortgages, whereby you can draw down the pre-agreed amount after completion of each of the build stages and Accelerator Mortgages that, whilst also stage payments, provide you with funds in advance of the build stage commencement.

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If you prefer, you can take the opportunity right now whilst you are online, to enquire about a mortgage.

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