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Self Build Mortgage Advice

If you are considering building your own home, getting your finances together is one of the first hurdles that you need to consider. Once this is in place, everything else can be made possible. Speak to a self build mortgage broker today and start building the home of your dreams.

Before any plans are drawn out or bricks are laid, you’ll likely need some help financing your project. Regular mortgages don’t cover self builds, instead you’ll need a specialist type of loan known as a self build mortgage. The main difference is that with a self build mortgage, the funding is released over a staged process to coincide with the progress of the build. Self build mortgages present you with the opportunity to build your dream home, but there is a lot to think about and plan.

Speaking to a specialist self build mortgage broker is the best place to start. They’ll take you through the entire process and ensure you have the right plans, processes and finances in place to bring your vision to life.

In order to build a property by yourself, you need to secure the land and the planning permissions to build on that land. We can help you find and secure a mortgage to finance the land and advise you throughout the process.

Funding can be arranged for up to 95% of the land purchase for a self build project just with outline planning permission. This makes the options of buying at auction a possibility and reduces the requirements for funding large deposits.

What are self build mortgages?

Self build mortgages are sometimes also referred to as stage payment mortgages. These are designed perfectly to meet the needs of home builders throughout the whole process, from the acquisition of the land right through to completion.

With this type of mortgage, funds are released in staged increments, either in advance or sometimes in arrears depending on the lender. While the stages may vary between lenders, it’s common for these stages to include an initial payout for the land purchase, and additional installments when other milestones are reached during the build.

A specialist self build mortgage broker will be able to help you find the right provider who offers a payment schedule that suits your requirements.

If you were to approach the lenders directly yourself, they can only discuss their own products which will restrict your decision making. Even though self builds are a nich mortgage type, there is still plenty of choice and finding the best deal for your needs requires specialist help.

self build mortgage broker

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Why Choose Us?

Whole of Market Access

There are different types and providers of Self Build Mortgages, so only looking at deals from one lender means you’re unlikely to end up with the perfect fit. Our specialist advisors have access to the whole of the market, including products not available from high street lenders.

We Are On Your Side

We work for you, not the lenders and will act exclusively in your best interests. Our specialist self build mortgage brokers are whole of market, impartial and independent. So you can be sure that the product we recommend will be the best available option for your circumstances.

We Do The Hard Work For You

We leave no stone unturned in our whole of market research to help you fund your self build project. This includes handling the process end to end; including all the paperwork, and where appropriate, we even help with providing solicitors and conveyancing.

We Consider Your Specific Circumstances

We take the time to carefully assess your circumstances. This helps us to find the right self build mortgage product to fund your dream home. We can guide you through all of Your Mortgage Options in a way that is simple for you to understand.

Self Build Mortgage FAQs

Self build mortgages are available from a variety of lenders and can typically cover up to 95% of the land purchase and project costs. Contact Us Today to discuss all of Your Mortgage Options.

There are two main types of staged funding for self build mortgages: Cost Based and Valuation Based. To discuss which type is right for your project, get in touch with a specialist self build mortgage broker today.

Bridging loans are a short term loan designed to secure a property in the interim until a more permanent solution is in place. Whereas a self build mortgage is a form of finance taken over a time frame of up to 30 years, so much better suited to longer terms.

There are various construction types to choose from when exploring self build options.

These can include but are not limited to:

  • Brick and Block
  • Timber Frames – both Open and Closed Panel
  • Insulated Concrete Framework (ICF) or Permanently Insulated Framwork (PCF) as it is also referred to as.
  • We can also help you explore funding projects for:
  • Steel Framed Construction
  • Structural Insulated Panels (SIPS),
  • Straw Bale Construction
  • Cob Construction – the traditional material for English cob was clay based soil mixed with water and straw, sometimes with sand and / or crushed flint added.

With a cost based mortgage there are guaranteed stage payments based on your project costs, either before or after each stage of works is carried out. Relax safe in the knowledge you’ll have the cashflow that you need, exactly when it’s needed.

With cost based mortgages you may borrow up to 95% of your plot and build costs with guaranteed stage payments in arrears or advance. This provides you with a mortgage tailored to suit your payment schedule and interest only payments available during the build. This means you only pay interest on the money you draw down from. Get in touch today to access to a range of exclusive mortgages and lenders, with specialist self build advice.

With a cost based mortgage, you can stay in your current home until your new one is complete to avoid unnecessary upheaval during the build. So you avoid delays onsite with the money to pay for your bills on time.

This option will also provide you access to the best deals on materials as a cash buyer and mean you can avoid delays caused by the valuer visiting site before mortgage funds are released. With this type of funding you retain control of your budget and can have peace of mind throughout your self build project.

With a valuation based mortgage, funds are released upfront to purchase your plot, and then incrementally after each stage of works are reach completion. You can borrow up to 85% of your project costs, however releases are dependent on an uplift in value of the project throughout each stage of the build.

The key features of a valuation based mortgage are that you can borrow up to 85% of your plot and build costs, providing stage payments in arrears and subject to valuation. You may also benefit from interest only payments available during the build and only pay interest on funds as they’re drawn down.

In order to explore all of Your Mortgage Options when it comes to funding a self build project, get in touch to speak to one of our advisors today.

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