Self Build Mortgages

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Many people cannot find the home they are looking for on the open market, so they opt for self build. To build the home of their dreams they still need a mortgage. The fact that you will be building your own home, buying a plot of land, building materials and employing labour means that you get a house at cost price hopefully in the perfect location for you. It could be that you have found the right property and it is in need of complete renovation, a mortgage is still needed to develop the property into your dream home.

For a self build you will need to find a plot of land that preferably has planning permission already. Some plots come with the actual design of the build in place, while others have only an outline, meaning it has been agreed and permission has been granted for the plot to be built on but no plans have been drawn.

If you are not going to be around regularly to oversee the build from beginning to completion you may be wise to employ a project manager to ensure that things go smoothly and things get done in time and in the right order. You will have to finance the build and there are now many lenders willing to lend you money for a self build. Usually a lender will release money to you in stages, as the build progresses, at key stages the lender will make money available to you. By releasing money to you in this way the lender is trying to ensure that cash flow is never a problem, however you should always check that you have planned properly. Always be sure of costs of materials, as the instalments need to cover each stage of the build and any extra money may not be available. Building instalments are usually paid in arrears.
For a self build to be run successfully you will probably need a surveyor and an architect.

Although lenders will lend you money for a self build you will still have to find a percentage of both the land’s value and the building cost yourself. The amount a lender will lend you on both build and land value varies greatly from lender to lender anything from 25% to 80%.

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