Many people dream of building their own home to their own specifications. The credit crunch may not have changed this but it has made it more difficult to obtain self-build finance.
The need for specialist expertise in this area is more crucial than ever. Savills Private Finance (SPF) has a specialist high-end self-build division which can help. Headed by Calum Kerr, it focuses on arranging finance in this complex area of the mortgage market, covering residential self build and renovation; self build/renovation to let; and residential development finance.
SPF understands the unique problems facing those contemplating a self-build or renovation project. We have been working with potential new lenders over the past few months to widen our product offering in this area.
Case study
The easiest way of demonstrating how we can help is by using an example. One couple wanted to buy a £1.2m plot of land; the estimated end value once the build was completed was £3m, requiring a loan of £1.9m. They didn't know where to start so appreciated our specialist knowledge in this area.
The client and his partner had a joint income of £450,000 and existing property value of £1m, with £250,000 mortgage, as well as £600,000 in savings set aside for the project.
We managed to arrange a loan at Bank Base Rate plus 2 per cent with no redemption penalties. What's more, the lender issued a mortgage offer after just three working days. Not only did the clients get a value-for-money product but something they would have found difficult or even impossible to arrange on their own was made much easier by using a specialist.
Our unique offering
SPF can offer your applicants unique products, featuring exclusive rates and crteria, higher loan-to-values, bespoke stage releases, and dedicated knowledge and expertise within the self-build and renovation marketplace.
Further information, please contact: Calum Kerr, SPF Self Build, +44 (0) 7812 965 530