Self Build

development

Self build finance is a term used to generally describe someone who is looking to build their own home. In the current market climate this has been come increasingly difficult. Unfortunately the self build mortgage market is a deceitful one as it would appear that there are many products available. However this is not the case! There are less than 10 products on the market which are actually available for those looking to build a house from scratch. “self build” as a term for mortgages is very broad and simply means a lender will sign prior to building sign off. This is normally once the building is 85% - 90% finished which doesn’t help with building the thing! Further more the application process is not straight forward, it is the smaller building societies that offer these products and they essentially want to know how you brush your teeth in the morning. If there is any adverse credit then you may as well forget a self build mortgage.

We have options that will enable you to build you house whether you intend to remain in the property or sell. You will generally have a maximum term of 12 months, however this can be extended on request.

Lenders will want to know the current land value or purchase price. Whether planning has been approved, the suggested build cost and the end value (often referred to as the GDV Gross Development Value).