More and more people are choosing to opt for the choice of building their own home instead
of going down the conventional route of purchasing a renovation project or even a newly
built property. As with the majority of home or property purchases many people require some
degree of financial aid to assist them when having to pay for their property. Most self-build
projects, similar to the ready built counterpart, require a mortgage to fund the building and
development. Due to the complex differences between the two options, when undertaking a
self-build, a self-build specific mortgage is needed.
Self build property mortgages work in a similar way to normal property mortgages; where the chosen
lender provides their clients with the money they require to buy their property, or in the case
of self-builds, to build the property. The main difference between the two types of mortgages
is generally with how the monetary delivery is completed. With normal mortgages the buyers
will immediately receive the money needed to purchase their home, but with self-build
projects the money is delivered periodically. Instead of a lump sum an amount of money will
be delivered with each completed stage of the building process.
Where to Get a Self Build Property Mortgage – mortgage broker truro
The team at the Mortgage Advice Centre are experts in dealing with the acquisition of self-
build mortgages for all types of property and client. There are a large number of lenders and self build mortgage brokers
across the UK who offer self-build mortgages for people looking to build commercial
properties and residential buildings to different scales. While there are not as many mortgage
opportunities for self-builds as there are for ready-made properties there is still a flexible
market with plenty of competition. For help navigating the market and finding the most
reliable lender at the best rate the Mortgage Advice Centre can help.
How to Qualify For a Self Build Propterty Mortgages
The lending of money to self-builders is considered to be of a higher risk compared to normal
lending. Due to this it can be harder to qualify for a self-build mortgage; extra preparation is
needed in advance to be appealing to self-build lenders. Commonly a much higher deposit is
required up front as well as the participation in regular property checks before any money is
released. Self-build homes will normally cost in general considerably more, in the early
stages, for the person who wants to undertake the project. The Mortgage Advice Centre is
available to aid potential self-builders in organising what they need to secure their loan.
Benefits of a Self Build Property Mortgage
There are a lot of benefits of self-build mortgages that coincide with the overall advantages
that building your own home can bring. Many home owners and prospective home owners
dream of building their own perfect home and the use of self-build mortgages, has in many
cases, made this a reality. With the funds being released in stages for self-mortgages it makes
it easier to balance spending and ensure the project is seen through to completion on budget.
Building your own home or property also eliminates other expenditure like stamp tax that
will make the process of owning a home much more affordable.
For any questions on self-build mortgages and building your own home you can seek expert
and professional help from a mortgage broker truro
at the Mortgage Advice Centre.