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Self Build Mortgage


Self Build Mortgage

More and more people are choosing the option of building their home rather than buying new or second hand using a self-build mortgage. The benefits of building your own home are that you can have it built to your exact specifications and are likely to save money.

Steps to a Self Built Home

1. Find a plot of land

Land in the UK is scarce, so finding a plot of land suitable for your house is often the most challenging part. Sometimes a bit of creative thought, such as approaching people who have land that might sell part of it to you and other word of mouth tactics such as speaking to estate agents and builders can be the best approach. Failing that, there are auction houses and databases such as www.plotsearch.co.uk, that sell and list plots of land for sale throughout the UK. Please ensure that any plot you are looking at has planning permission before you buy and is a big enough plot for your needs.

2. Design Your House

You’ll need an architect, structural surveyor and quantity surveyor to help with the design of your house, which is split into two distinct phases. First is the design of the structural watertight shell of your home and submission of the drawings for the necessary planning permission and building regulation approvals. The secondary phase is the interior of the house including kitchens, bathrooms and lighting.

3. Organising Your Self Build Mortgage

Once you’ve got your design, approval and a full build plan and costs, you can start to think about getting your financing in place. Prior to applying for the self build mortgage, you should speak to us. We can get you a mortgage decision in principle and discuss the financing process with you. There are many different ways in which you can finance the build. It’s best to speak to us about them, but essentially the lender will lend you a percentage of the initial land aquisition costs, then release staged funds in advance or in arrears. Once you are approved and you have the necessary warranty and insurance in place, you can move onto the next step – the build.

4. The Build

Depending on what type of house you are going to build and how adventurous you are, you will either project manage the build yourself, working with architects, surveyors and the various trades, or you will appoint a project manager to co-ordinate the whole project. We would clearly advise you to take the latter option, so all you have to worry about is organising the move in when the house is finished!

If you are thinking about building your own home, call us today to get a self build mortgage quote and financing plan.

No fee for Life Assurance, Critical Illness, Income Protection, Accident Sickness & Unemployment, Home Insurance, and Private Medical Insurance. We will be paid by commission from the company.

A fee of £495.00 £995.00 payable on completion. We will also be paid by commission from the lender. A fee of £250.00 will be payable if you decide not to proceed after the lender has made an official offer.

The Mortgage Factory is a trading name of Mortgage Factory UK Ltd , which is an appointed representative of Intrinsic Mortgage Planning Limited and Intrinsic Financial Planning Limited who are authorised and regulated by the Financial Conduct Authority (see the FCA register at www.fca.gov.uk/register/, references 440718 and 440703). Your home may be repossessed if you do not keep up repayments on your mortgage.

Think carefully before securing other debts against your home. Your home may be repossessed if you do not keep up repayments on your mortgage.