Self-building is becoming more and more popular. A self-build mortgage is the same as any other mortgage. The lender will look to lend the money in stages. The first stage may be to purchase the land a deposit will be required. The second once planning permission has been granted is for the building of the property. It is always considering that the time to do the self build is likely to take longer than you planned and the mortgage repayments will still need to made if the property build is going behind schedule.

However this is a good way to get the property you want and you do not have to pay the developers profit on building the property. The lender will require detailed costing and want to see plans before any mortgage is agreed.

The deposit on a self-build mortgage is a little higher than normal or standard mortgages and the interest rate may also be a little higher.

Type Of Mortgages