Self build mortgages

Looking for funding for your self build project? Each month we round up the best deals from leading lenders – and update you on what you need to know about securing the right finance

Advanced Stage Payment Mortgages

Created by Buildstore, these products pay out prior to the start of each phase of works – offering cashflow benefits for those requiring guaranteed capital.

Arrears Stage Payment Mortgages

These products pay out in stages following completion of pre-agreed phases of the works, so are best suited to those with significant capital (eg savings or the cash from the sale of your current home).

With this type of mortgage, you fund each phase yourself. The lender will then reimburse you to a percentage of the value of the project at that stage. The trigger points for these draw downs can vary, but a typical pattern might be: foundations; wall plate; wind & watertight; first fix; completion. The exact value of each stage of works will be determined by the lender’s surveyor.

Buildstore exclusives can lend on plots with only outline rather than detailed planning consent (which is not always the case with other products).

For advice on funding your self build project, speak to the experts at Buildstore on 0345 099 2234 or visit www.buildstore.co.uk Darlington BS Furness BS Hanley Economic BS Mansfield BS Melton Mowbray BS Buckinghamshire BS Chorley BS Darlington BS Dudley BS Furness BS Hanley Economic BS Ipswich BS Loughborough BS Mansfield BS Newcastle BS Nottingham BS Penrith BS Stafford Railway BS Tipton & Coseley BS 0345 223 4647 0345 223 4647 0345 223 4647 0345 223 4647 0345 223 4647 0345 223 4647 0345 223 4647 0345 223 4647 0345 223 4647 0345 223 4647 0345 223 4647 0345 223 4647 0345 223 4647 0345 223 4647 0345 223 4647 0345 223 4647 0345 223 4647 0345 223 4647 0345 223 4647 0345 223 4647

What to consider when applying for a self build mortgage

Applying for a mortgage is more complicated than ever, with new affordability rules to understand as well as a variety of changing criteria to keep up with.

With a self build or renovation project this can become even more challenging, as there is so much more to consider when arranging your finance. For instance, where do you intend to live whilst your new house is being built and how will the cost of these arrangements 95% 80% 80% 85% 85% 85% 85% 85% 80% 50% 80% 85% 80% 80% 80% 80% 80% 85% 85% 85% 80% 80% 80% 60% 80% 75% 85% 80% 80% 75% 80% 80% 80% 80% 80% 80% 80% 75% 75% 75% 4.69% 5.09% 5.20% 5.04% 5.75% 5.24% 4.84% 4.39% 4.99% 5.49% 4.74% 4.74% 3.99% 4.39% 5.15% 4.99% 4.39% 5.75% 4.50% 4.24% DPP & Building Regs DPP & Building Regs DPP & Building Regs DPP & Building Regs DPP & Building Regs DPP & Building Regs Foundations Foundations Foundations Foundations Foundations Foundations Foundations Foundations Foundations Foundations Foundations Foundations Foundations Foundations (ie mortgage or rent payments) affect the amount you are able borrow to construct the new property?

Most lenders now take these costs into account when assessing your project profile and what level of funding you can afford to service. This will be the case even if the costs are only short term – so it makes sense to find out early on exactly what your borrowing options are, as different lenders will apply different rules.