Rachel Pyne BuildStore
What to consider when applying for a self build mortgage
Applying for a mortgage is more complicated than ever, with new affordability rules to understand as well as a variety of changing criteria to keep up with.
With a self build or renovation project this can become even more challenging, as there is so much more to consider when arranging your finance. For instance, where do you intend to live whilst your new house is being built and how will the cost of these arrangements Applying for a mortgage is more complicated than ever, with new affordability rules to understand as well as a variety of changing criteria to keep up with.
With a self build or renovation project this can become even more challenging, as there is so much more to consider when arranging your finance. For instance, where do you intend to live whilst your new house is being built and how will the cost of these arrangements (ie mortgage or rent payments) affect the amount you are able borrow to construct the new property?
Most lenders now take these costs into account when assessing your project profile and what level of funding you can afford to service. This will be the case even if the costs are only short term – so it makes sense to find out early on exactly what your borrowing options are, as different lenders will apply different rules.