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Self Build Mortgages

We have the self build mortgage for you whether you are building your own house, renovating or simply looking for a better rate on your existing house while you plan your project.

We don’t just do self build and renovation finance. BuildStore also offers a whole of market mortgage service for people looking to buy a home, remortgage their current house or buy or remortgage a house to let.

Most industry experts agree that using a mortgage broker is the only way to ensure you are getting the best possible deals on your mortgage.  Simply sticking with an existing lender is no longer the best option if you want to take advantage of the special rates and deals being offered in the market.

Our advisors are all fully trained and qualified to give advice on all types of mortgages from across the entire mortgage market so a call today could stop you from paying too much for your mortgage either now or in the future. Accelerator Self Build Mortgage

Self Build mortgages

More risks are involved in building your own home but self-build mortgages can help with the financial complications of managing such a project. The main difference between a self-build mortgage and a house purchase mortgage is that with a self-build mortgage, money is released in stages as the build progresses rather than as a single amount.

There are two types of mortgage which could be used. The first option is a traditional arrears-based mortgage released in staged payments on completion of each stage. The second option is an advance payment scheme which releases funds in advance of each stage of construction and removes the need for bridging loans. The stages can be fixed or flexible but there are usually five and these depend on the type of building work. Not many mortgage companies will offer an advanced payment, this is due to the risk involved.

If you want to stay in your current home while the new one is built, you will need to find out what the lender's attitude will be to any outstanding mortgage on your existing property. You also, need to ensure that you have enough income to cover both mortgages.

About 20,000 people build their own homes in the UK each year and this number is rising. Over 30 banks and building societies offer mortgages to self-builders. You may be able to get between 25% and 80% of the value of the building plot and between 65% and 95% of the costs of the building. To get the best Self Build Mortgages please click Buildstore Self Build Mortgages