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If you are thinking about building your own home, renovating, converting or doing a major project on your existing property, and require finance to support your new venture then call to speak to our friendly specialist consultants for detailed advice on this type of mortgage.
The main difference between a self build mortgage and a house purchase mortgage is that with a self build mortgage, money is released in stages as the build progresses, as opposed to a single amount.

All lenders differ, however some lenders do lend money for the purchase of the land, typically 75% of the purchase price or value, whichever is lower. The money for the build is then released in a series of stages after this. The stages can be fixed or flexible depending on the lender but usually there are five.

During your build, typically 75% of the cost of the value of the house can be borrowed as the project progresses, depending on the chosen lender.

There are two ways in which the money can be released during the build – at the end of each stage (arrears stage payments) or at the start of each stage (advance stage payments.)
In the arrears stage payment method, the money for that stage is released post completion of that stage and a valuer has visited the site.

This can cause some self builders to have cash flow difficulties, making the advance stage payment method a more attractive option to many.

So, whether your project is big or small, call our helpful advisers and let us explore your financial options with you.

Your home may be repossessed if you do not keep up repayments  on your mortgage.

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