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Self build mortgages are somewhat different to a regular mortgage deal. The key difference being that your loan is released in stages rather than an upfront amount of borrowing, lessening the risk for the lender.
When it comes to self build mortgages, there are two main types to consider: Arrears and Advanced. Arrears is the more traditional option. This is where you borrow money to purchase the plot and then receive cash injections in different instalments to complete the project, once each stage has been signed off. In contrast, Advanced self build mortgages expect a thorough financial planning process for each stage of the project, granting you the money before each stage, rather than after it.
An Arrears self build mortgage is more suited to builders or those with experience or particular skill-sets, demonstrating the knowledge required for such a project. Usually, if you’re going with Arrears, you will have some savings or money set aside to help fund the project. Whereas Advanced self build mortgages are designed for those with less capital and experience, meaning more pressure is on the planning process.
Self build mortgage eligibility is something that is not taken lightly. Like any mortgage there are strict criteria. First and foremost, lenders will be looking at your financial situation, assessing it and determining the risks involved. They’ll also want to complete an on-site evaluation of land or properties involved and determine any other assets you may have, ahead of parting with the money. Additionally, any land must come with planning consent and abide by Detailed Planning Permissions (DPP) or Outline Planning Permissions (OPP). These must have approval well in advance of the construction phase.
One of the main factors to consider about self build mortgages are the valuations. Not only may a surveyor's valuation of the works needed differ from the actual costs but the time taken from a valuation until the funds are released can be of considerable length. Another aspect to consider is the deposit. Most lenders will look for something in the region of 30%, as self build mortgages are seen as a higher risk.
Self build mortgages really are for the opportunists and the once in a life-time dream chasers amongst us. Designed specifically for those with greater ambitions than living in a standard home, self build mortgages provide a platform to put your very own stamp on something. Usually, people don’t have the finances to fund such a large and ambitious project, but with self build mortgages, large and lengthy projects can come to life!
If you often find yourself dreaming about your very own grand design, a self build mortgage could help you to achieve your dream. By releasing cash in different phases, you have the opportunity to plan and build a home that may have originally been out of your budget. If you have a natural passion for design and a skill-set to assist with the build, this could be the ideal project for you.
The process of securing self build mortgage can be overwhelming, not to mention the project itself. It’s important to do your research beforehand, and ready yourself financial scrutiny and a thorough process throughout. Luckily, here at MortgageKey, our industry experts take the time to compare and search through thousands of self build mortgage deals from leading providers, so they can present you with the options they believe are right for you and your property.
There are a range of factors you need to consider when thinking about a self build mortgage deal. One of the main ones is your ability to manage and organise large projects under pressure. Another is the financial assessment you will undergoe - make sure your paperwork and evidence is up to scratch along with your planning. It’s always worthwhile having some money set aside in-case of any unforeseen circumstances or changes which may occur.
Firstly, there is no obligation, or fees, for our friendly advice or quotes. Secondly, you can benefit from our years of experience and lasting relationships with a comprehensive range of lenders. Finally, our expertise and knowledge with help you to familiarise with even the most complex mortgage procedures. Also, our friendly and attentive staff, offer a five-star service from inquest to completion.
Relieving you of the stress and complexities of self build mortgages is high on our agenda. We have the people in place to do the hard work for you. The constant changes in our industry mean we always have our finger on the pulse, keeping you are as up-to-date as possible so that you can make the right decision at the right time. The last thing we want s for you to be unnecessarily out of pocket on such an expensive project.
By keeping a close eye on the market, and through regular activity with our lenders, we are perfectly poised to identify which providers are best suited to your individual circumstances. MortgageKey firmly believe that each case is different but fully understand the importance of making the whole process as watertight and as smooth as possible.
Our mortgage advisors are available Mon-Fri from 9am to 8pm, giving you plenty of opportunity to seek a quick overview of what your mortgage deal could potentially look like.
A dedicated team of mortgage experts will answer your questions, queries and provide quality advice for your personal circumstances and the specific mortgage product suited to you.
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