Get Free Quotes on Self Build Mortgages
A self build mortgage is a home loan you take out to buy land and finance building your own house. Funds are typically released in instalments to be allocated to different stages in a build including the first stage… buying the land! Keep in mind it’s important to know if your money will be released at the end of a payment period or the beginning so you can remain on top of your project.
Whereas some specialist brokers have lent 95% of the value of the land in the past, currently lenders are more in the ballpark of 75% of the cost of the land or around 60% of build costs. Some lenders refuse to lend if your are doing the building work yourself rather than having it designed and built for you.
The Mortgage Advice Center has access to the whole of the UK mortgage market ensuring you find a self build mortgage to suit your needs and budget. By choosing to build your own property you will already be saving thousands by not paying stamp duty. There is no stamp duty charged on building work or on the property once it’s completed and you only pay stamp duty on a plot of land if it is over £125,000. There are so many details to keep on top of when building your own home, let us take care of the financial ones. Our self build mortgage quotes are free with no obligation.
Contact us for Mortgage Advice On on 01872250190