Finance options

Managing a budget is one of the most important parts of any home building project. As with the rest of the self build journey, Graven Hill aims to make financing the process as simple as possible. Here’s what you need to know about funding a self or custom build project at Graven Hill.

What is a self build mortgage?

Although some people can finance their project through savings or equity in a current property, many self builders will need to secure a loan. However, standard mortgages aren’t suitable for a bespoke home scheme. Instead, you’ll need a specialist product.

Self build mortgages release funds in stages as your project progresses, as opposed to one lump sum. This makes good project management and strict timings key. Few high street banks deal with this kind of finance, so it’s important to speak to a specialist in order to understand your funding and budget options at an early stage.

Ensuring a project is affordable

Viability is a key aspect of the mortgage market. Any lender must apply affordability tests before it offers one of its products – whether on a self build project or the purchase of an existing property. As such, self builders should thoroughly review all elements of their proposed build before visiting a mortgage lender.

“We don’t force our buyers to go to a certain financial institution, but we do want to signpost options for finance,” explains Karen Curtin from Graven Hill. “You can choose a specialist product available through Buildstore, but you can also use your own mortgage provider.”

Keeping customisation accessible

When it comes to custom building, affordability need not be a barrier. Not only can all of Graven Hill’s Custom Build New Homes be funded with a standard mortgage, but they are also covered by the government’s Help to Buy scheme.

This means purchasers can apply for an equity loan covering up to 20% of the cost of their property. They will thin only need a 5% deposit and 75% mortgage to make up the rest of the finance for their project.

“With access to Help to Buy available for our custom build buyers, their position on the property ladder shouldn’t stop them from securing their dream home,” says Karen.