Self Build Mortgages
Self Build Mortgages are a specialist niche of the Mortgage Market and thankfully the advisers at Carnegie Mortgage and Protection have some of the UK’s leading experts and over a decade’s experience in providing advice in this area.
About Self Build Mortgages
Self Build Mortgages are similar to normal mortgages in that the lender will provide funds secured against the project, the loan will be repaid over a typical term, monthly repayments are made as with a standard mortgage.
The key difference is a self build mortgage is released in stages.
You can typically borrow up to 85% towards the purchase of land and 85% towards your build costs. This can cover self builds, renovations, conversion, knock down rebuilds, extensions and home improvements.
Different lenders will release funds in different ways and its imperative to make sure you can access your mortgage funds as and when you need them in your build. CASH FLOW IS KING.
Self Build Mortgage lending is complicated with lots of lenders having different criteria. Having arranged finance for over 1,000 builds we can guide you through the process, avoid the pitfalls and make the process as easy and stress-free for you as possible.
Our advisers can access the whole of the self build mortgage market and provide impartial expert advice to make sure you get the right funding for your project.
Frequently Asked Questions
Yes! At least outline planning if you are buying land
Yes! This will depend on your affordability
Yes! Most lenders allow this depending on your circumstances