Build your own home

When it comes to a home building project there are so many more considerations. For example buying and paying for your land, cashflow, build costs, construction type, planning permission, affordability and where you’ll live during the build can all impact on your finances .Let our experts guide you through the process.

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Build your own home

Mortgages for self-builds differ from residential mortgages as, with a self-build mortgage, the money is released in stages as the build progresses, rather than as a single amount and interest is only to be paid on the amount drawn down.

All lenders have different self-build criteria, so it’s important to speak to an expert who can look at your project individually and find the right finance, both for your project and your personal circumstances.

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

Step 01

Speak to an adviser

We can help you work out your budget and how much you can borrow for your build. They will also tell you the required documents for a self build mortgage.

Step 02

Plan your build

Make sure you have ownership of your site, planning permission costings for your build.

Step 03

Apply for your mortgage

Visit your adviser with all of your details and documents and apply for your self build mortgage.

Step 04

Your mortgage is approved

Once your mortgage is approved you can start your building. It is important to ensure you have all the relevant protection in place at this stage to protect yourself and your home as its being built.

Step 05

Fund each stage of your build

As your build progresses your mortgage will draw down in “stages” to pay for each stage as you go.

Step 06

Complete your home

When you home is completed and your Building Control approval is received your mortgage’s final stage can be drawn down. Make a date in your diary for when your mortgage is due for review!

HOW MANY PEOPLE ARE APPLYING?

Applicant 1

Yearly Income

You could borrow

Change amount to borrow

Amount to borrow

Input amount to borrow value

What will my monthly mortgage payments be?

 

Mortgage Term

Input mortgage term

Interest Rate

Input interest rate

Your monthly payment will be

Assuming interest rates stay the same

The total amount you will pay over the term is

0 capital and 0 interest.

Mortgage debt over time

 

These results are for a repayment mortgage and are only intended as a guide. The amount you can borrow may be more or less than this. Please make sure you obtain accurate figures from your lender before committing to any mortgage.

It looks like you could borrow between:

£120,000 - 150,000

This means with the minimum required deposit of 10% you may be able to buy a house up to £0.00.


Next Steps

By answering a few more questions, we can check exactly how much you can borrow (and also check your eligibility for a mortgage) with top mortgage lenders.

These results are for a repayment mortgage and are only intended as a guide based on income multiples, not taking into account your specific circumstances. The amount you can borrow may be more or less than this. Please make sure you obtain accurate figures from a member of our team before committing to any mortgage

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

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