What is a custom-build project?
Typically, with a custom-build project a builder has land and approved plans for a small number of houses. Clients collaborate with the builder from the outset and can decide on the finish and interior layout of the house, but will have limited influence on the overall size and design.
Which lenders offer self-build mortgages?
A number of traditional high-street banks and building societies offer self-build mortgages, plus there are also specialist self-build lenders who offer a choice of products.
What other people and costs are involved?
Each self-build project will vary, and planning is key. As well as the cost of purchasing the land and obtaining the required planning permission there are several other costs to consider: An architect to produce the relevant drawings and specifications Project management costs if you are not planning to do this yourself Applicable survey or […]
Do I need planning permission for a self-build?
Before building a house, you will need planning permission from the local planning authority. Often, plots are sold with planning permission in place, but this is not always the case. Even if a plot already has planning permission, you may wish to alter it to get exactly what you want. This is where a planning […]
Why is a self-build mortgage different to a normal residential mortgage?
Unlike traditional mortgages, self-build financing follows a stage-by-stage approach. Essentially, you borrow what you need as you need it through the project, from purchasing the land to paying for contractors to build. When the build is complete, you switch your lending to a more traditional mortgage.
What is a self-build project?
Self-build projects are defined as those where someone directly organises the design and construction of their own home. It can also refer to large extension or renovation work that cannot be financed by standard mortgage products. These projects can be delivered in a range of ways, from someone choosing to design and build the house […]