Self-build mortgages are a popular option for those looking to build their dream home from scratch. These mortgages differ from traditional mortgages in that they release the funds in stages as the building progresses, rather than in one lump sum at the beginning of the project.
One of the advantages of self-build mortgages is that they allow you to have more control over your budget and timeline. With a traditional mortgage, you may be limited by the amount of money you can borrow and therefore may need to compromise on certain aspects of your build. However, with a self-build mortgage, you can adjust your plans as needed and ensure that everything stays within your budget.
It's important to note that self build mortgages require more work upfront than traditional mortgages. You will need to have a detailed plan in place before applying for the loan, including architectural drawings and planning permission if required. Additionally, you will need to closely monitor the construction process to ensure that everything is going according to plan and that each stage is completed before funds are released.
Overall, self-build mortgages can be a great option for those looking to create their dream home while also having more control over their budget and timeline. However, it's important to do your research and carefully consider all of your options before deciding if this type of mortgage is right for you.
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Representative Example: Annual Interest rate of 2.44% fixed for 2 Years followed by 3.59% for the remaining term. Representative 3.50% APRC Variable. Based on borrowing of 150,000 over 17 years repayments of £899 per month. Total amount repayable £198,466. Includes Lender Fee of £995 and Broker Fee of £695.
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