need to know
Help to Build to make self building more mainstream
For some house hunters, self building can seem more like a distant dream than a reality. However, the imminent introduction of the Help to Build scheme looks likely to change that, making this route to a high-quality home more accessible by providing government-backed loans and reducing the deposit needed on self build mortgages.
While details on how the scheme will work are currently limited, the government has confirmed that it will provide an initial £150 million in dedicated funding to turn self building into a realistic option for everyone in the UK. Set to run over four years, Help to Build is likely to operate in a similar way to the Help to Buy scheme, allowing potential self builders to secure a finance for the plot and works with a deposit as low as 5%, topped up with a government-backed equity loan. Buyers could also use the scheme to purchase custom build new homes with the same low-deposit offering.