FINANCE & INSURANCE
attached. If not, contact a local mortgage broker. A good broker will be able to source you the most suitable self-build mortgage for your project.
When considering funding, most lenders will charge fees as well as an interest rate so it’s important to work out the total cost of taking out the mortgage before committing to it. There are a host of fees, from application, product, and valuation to insurance and advice fees to consider.
GETTING ADVICE FROM FELLOW SELF-BUILDERS It’s always helpful to speak to others who
have already been through the process to get their advice. We’ve supported hundreds of self-build projects, so we spoke to a few of our customers to find out their hints and tips, which will also help with your financing. Hire a project manager: We’ve all seen and heard of self-build projects where the self-builder is the project manager. Sometimes this can work, but more often than not professionals need to be involved. Employing a project manager means you have peace of mind that the project
is getting a level of focus that you might not be able to provide. Most self-builders have a day job and if small matters are not addressed quickly, they can cause delays and delays often mean increased costs. A good project manager will also save you money as they will ensure the project stays on plan and cost. Have a contingency: As the old saying goes, look after the pennies, and the pounds will look after themselves. Extra costs do creep in, so you should always have a contingency, but spend that money wisely. It’s easy to be tempted by an all singing, all dancing tap or a copper bath – but is that money wisely spent? Most lenders will require you to have a contingency between 10 and 15 per cent built into your project costings. Work with an architect on the planning: The planning stage can be the hardest. There are plenty of rules and regulations regarding planning permission, but having outline or full planning permission should be your first goal. Having a local architect working on your project can be beneficial, as they understand what planning officers want for local builds.
David Lownds is head of business development & marketing at Hanley Economic Building Society
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www.sbhonline.co.uk
july/august 2019
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