How to secure the best self build mortgage
Looking for the right funding to enable your bespoke home building project?Mark Stevenson sets out what you need to know and how to ensure a successful application
So, you’ve found a plot and can already picture yourself sipping coffee in your designer kitchen – but when you pop into your high street bank to ask about funding, you’re met with blank stares and polite rejections. High street banks aren’t exactly falling over themselves to offer self build mortgages, but this doesn’t have to mean the end of your bespoke home dream. This article explains why big banks aren’t quite so friendly, where to look instead, and how you can make yourself look like a five-star borrower to secure funding for your scheme.
What is a self build mortgage?
A self build mortgage is a loan specifically designed to fund the construction of your own home. Unlike traditional products, which provide a lump sum of money to buy a property, this specialist finance releases funds in stages throughout the duration of the building project. For example, you might get a chunk of the mortgage for purchasing the land, another for achieving the weather tight house shell and so on.