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Over recent years building your own home has become very popular. More and more people are choosing the self-build option in a bid to avoid the generic boxes being built by the mainstream housebuilders. By commissioning a self-build project, people have realised that they can have the space they want, in the location they want, configured to meet their specific needs.
To help people achieve their dream, self-build mortgages are now prospering. Unlike a traditional mortgage, a self-build mortgage enables funds to be released at key stages of the build rather than in one lump sum.
Typically, there are two types of self-build mortgage:
This is where the money is released after each stage of the build is completed. This type of mortgage is more suited to those that have a large sum of cash that they can plough into the project.
This is where the money is released prior to each stage of the build commencing. This type of mortgage means that they funds are available when they are required, eliminating the need for short term borrowing to cover any funding gaps.
For those individuals who own the land they are building on, they can usually access up to 100% of the build costs. For those that don’t own the land, a 15% deposit is required and the remaining 85% of the costs can be borrowed.
There are lots of self-build mortgage options available, your local mortgage adviser will be able to steer you in the right direction.
A mortgage is a loan secured against your home. Your home may be repossessed if you do not keep up repayments on your mortgage.
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