Mortgages for Self Build or Renovation Projects
Building your own home has become increasingly popular in recent years. The already high and ever increasing property prices make it hard for individuals to move up the property ladder.
Self build projects are a potential way of bringing the property of 'your dreams' into your price range. Self build or self managed build projects and renovations obviously do not carry the cost of the significant profit that is usually gained by the developer and this is what makes them so attractive.
However there is a lot of hard work involved and there are many potential pit-falls in the self build process.
One of the first major hurdles is arranging suitable finance - Turney & Associates Ltd. can help you with this.
- Why not call us on 01223 329666 to discuss your requirements and request a quotation.
Getting a Self Build Mortgage
A self build mortgage is effectively a home loan you take out to finance building your own property.
Cash flow is always a difficult aspect of any self build project. It would not be cost effective to borrow a lump sum that covered the complete project from day 1. Rather you require loan money to be available in installments with an initial amount to cover the purchase of the land. The size and frequency of the installments has to match the predicted spend profile for the project.
How much you can borrow will depend on the mortgage provider, although as rough rule most lenders will lend no more than 75% of the cost of the land, or around 60% of build costs.
However the exact amount you can borrow will depend on your circumstances - we do have lenders who will listen!
- Why not call us on 01223 329666 to discuss your requirements and request a quotation.
