Mortgages for self-builds are for those who plan on turning their dreams into a reality. There are many bespoke mortgages for self-build lenders who are able to lend on these types of projects, all with varying criteria set out to help you no matter the project. Cash flow whilst building your own home is paramount; the main difference between mortgages for self-builds over a traditional mortgage is that the money is released in stages as the build moves forward, rather than as a single amount. Mortgages for self-build lenders will release funds for you to buy land, subject to the plot having a minimum of outline planning or permitted development rights.
In the past a deposit of around 20% of the whole project, including both the purchase of the land as well as the build costs, was required, however, there are mortgages for self-build lenders that can fund projects with a deposit as low as 5% of the overall cost. Typically, the stages of funds being released can vary slightly from project to project depending on the lender and the construction mechanism you are using.
Whether you’re looking for a mortgage for self-build for a first-time buyer, or you have experience with self-build mortgages, Weystone Financial can offer you advice on your mortgage options.
Your Home (or property) may be repossessed if you do not keep up repayments on your mortgage or any other debts secured on it.