Self-Build Mortgages
What is a Self-Build Mortgage?
Self-Build mortgages or Self-Build financing, is when a loan is taken out for development funding so you can undertake or complete a ground up/new build home, that even includes large extensions and refurbishments.
Different from a standard residential mortgage, because funds can be received in stages, either in arrears (as parts of the build are finished), in advance (before each stage of work begins) or in one lump sum as per a regular mortgage. The aim behind this is to reduce the lender’s risk and ensure that the money is spent as planned. Exactly when funds are released depends on the lender and the deal previously agreed.
Our team of external brokers specialise in providing self-build funding for our clients. Loans are typically up to 65% of the end value of the project subject to evidence of exit funding or sale of your current home. For the latest rates and information about Self-Build Mortgages, contact one of our team today and they can provide all you need.
Useful Information
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