Every family is unique, meaning that each family’s needs are equally unique. For those with enough disposable income to build a truly customized home, they can ensure that their house meets all of those needs for years to come. If you’re planning on building your own home, you’ll need to skip the conventional mortgage. Instead, apply for a specialist self-build mortgage.
Why Do Homeowners Choose to Build?
- Gives you the ability to influence key design features. If you want that open-concept kitchen, it’s yours!
- Allows you to create a home that reflects your values. Is sustainability important to you? What about efficiency and cleanliness? These are elements you get to include from the start.
- Save on costs. Perhaps the most attractive benefit is the potential to save big money. In a self-build, you remove the developer from the equation. Furthermore, the more savvy homeowners often do some of the work themselves. This saves a good chunk of cash in the long run.
How Does a Self-Build Mortgage Work?
The average self-build takes place over a period of 8 months to a year. The main difference between the conventional mortgage and this specialized one is that the funds are not given to you in one lump sum. This benefits both the lender and you. The risk to the lender is greatly reduced and you won’t be spending all that money at once before the project is complete. These stages are generally when foundations have been set, walls finished, roof complete, and so on. The lender will send out a surveyor at each of these phases to ensure you are ready for the next installment.
Where To Begin Your Self-Build Mortgage
To start, you will need to complete a mortgage application in the same way as a conventional mortgage. Potential lenders will assess this and a detailed portfolio of all the builds you have done in the past along with a new home warranty. In addition, you will need to ensure you can obtain planning permission. Once this is complete, build your team. Call upon the expertise of architects, quantity surveyors or project managers to ensure standards and deadlines are being met.
Ensure that the best self-build mortgage broker in the business is also on your team. Call the experts today at (403) 341-7800 to get started!