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If you already own the land then this puts you a simpler position as you can immediately drawdown from the value of the land. If you do not and require lending for the land and the build then you typically require a minimum of 15% deposit of the land value and the build cost . The lender would lend up to up to 75% of the final value.
A self build is assessed similar to a normal mortgage, which will be based on your personal incomes , liabilities and personal circumstances.
Arrange a call with our advisors who talk you through the process and work out the affordability .
A very simplified summary of the process is :
These are very basic considerations, our advisors will be able to assist you with the detailed points to consider.
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.