What is the best way to finance my self build project?

I’m looking to complete a self build that will cost £185,000 to construct. I own the land, which is valued at £135,000, and I have £63,000 in savings. I’m planning to remain in my current home until the build is complete and will then sell this and remortgage the new dwelling onto a low-interest deal. I have a mortgage on my current property. What would be the safest option – financially – to make sure I don’t run short of funds at different stages of the build, and to ensure I can afford the monthly payments over the expected works durations of 12-15 months?

Without knowing your full financial details it is difficult to say precisely, but it would seem the best option is for you to arrange a self build mortgage. So I’d suggest you discuss your options with a specialist advisor. e offer you get will be based on affordability, income, age etc. But assuming you qualify, this would enable you to have a mortgage that you can draw down in stages as the works progress, as and when you need the funds

You are also able to retain your existing mortgage whilst having a self build product, so this should work for you. But your existing mortgage payments would also need to be taken into account for the affordability of your new one. Once the build is complete you can switch the rate to one of the normal lender residential rates.