ASK THE EXPERT
on predefined construction milestones, such as foundation completion, wall construction, roof installation and insallation of internal fittings. n independent surveyor typically assesses progress before each fund release.
CAN I APPLY FOR A SELF-BUILD MORTGAGE IF I OWN LAND OR PROPERTY I PLAN TO DEMOLISH AND REBUILD? You can apply for a self-build mortgage if you already own land or a property you plan to demolish and rebuild. Owning the land can make it easier to secure a self-build mortgage, as it reduces the overall borrowing required and may allow for a higher borrowing limit.
WHAT ARE THE TYPICAL INTEREST RATES & FEES ASSOCIATED WITH SELF-BUILD MORTGAGES? Interest rates for self-build mortgages are generally higher than those for traditional mortgages, usually ranging between 6% to 8%. Additionally, there may be arrangement fees, valuation fees, and other associated costs.
HOW DO I DETERMINE THE AMOUNT I CAN BORROW FOR A SELF-BUILD MORTGAGE? The amount you can borrow for a self-build mortgage depends on your income, credit history, and the estimated construction project cost. Lenders typically offer up to 70% of the total project cost, including land purchase, construction, and finance costs.
WHAT DOCUMENTATION & PLANNING PERMISSIONS ARE REQUIRED FOR A SELF-BUILD MORTGAGE APPLICATION? To apply for a self-build mortgage, you will need detailed plans for your project, planning permission, Building Regulations approval, and a realistic cost breakdown. Lenders may also require proof of income, credit history, and other financial documentation such as bank statements, tax returns and proof of identification.
CAN I SWITCH TO A TRADITIONAL MORTGAGE ONCE MY BUILD IS COMPLETE? You can switch to a traditional mortgage once your self-build project is complete, and the property is deemed habitable by an independent assessor. This is known
as remortgaging, and can help you secure a lower interest rate and better terms than your self-build mortgage.
BEFORE APPLYING FOR A SELF-BUILD MORTGAGE, WHAT SHOULD I CONSIDER TO ENSURE A SMOOTH CONSTRUCTION PROCESS AND FINANCIAL MANAGEMENT? Before applying for a self-build mortgage, consider your ability to manage the construction process, your builders’ reliability, the project’s oerall cost, and your financial stability. It is essential to have a well-thought- out plan, a realistic budget, and a contingency fund to manage unexpected expenses during construction. Research and compare mortgage options, collaborate with a ualified architect, and ensure you have the necessary planning permissions. Maintaining communication with your lender throughout the process is crucial, and seeking professional advice from a specialist mortgage broker when needed.
Paul Welch is founder and CEO of
largemortgageloans.com
Your Vision. Our Expertise.
Modern living requires a modern interior door and screening system that transforms any space. AluSpace is a revolutionary aluminium steel-look system that’s perfect for dividing and maximising spaces of any shape and size while providing an effective acoustic barrier.
• Available in several confi gurations, including as a fi xed screen, hinged single or double doors, sliding doors, or pivot doors
• Ultra-slim sightlines • Tailored to meet any design style • Accessories include a choice of classic, modern and industrial handles
Discuss your project with us today:
0191 565 2200 |
sales@twrgroup.co.uk www.twrgroup.co.uk
14
www.sbhonline.co.uk SBH07_TWR_HP1.indd 1
11/07/2023 10:31 jul/aug 2023
Page 1 |
Page 2 |
Page 3 |
Page 4 |
Page 5 |
Page 6 |
Page 7 |
Page 8 |
Page 9 |
Page 10 |
Page 11 |
Page 12 |
Page 13 |
Page 14 |
Page 15 |
Page 16 |
Page 17 |
Page 18 |
Page 19 |
Page 20 |
Page 21 |
Page 22 |
Page 23 |
Page 24 |
Page 25 |
Page 26 |
Page 27 |
Page 28 |
Page 29 |
Page 30 |
Page 31 |
Page 32 |
Page 33 |
Page 34 |
Page 35 |
Page 36 |
Page 37 |
Page 38 |
Page 39 |
Page 40 |
Page 41 |
Page 42 |
Page 43 |
Page 44 |
Page 45 |
Page 46 |
Page 47 |
Page 48 |
Page 49 |
Page 50 |
Page 51 |
Page 52 |
Page 53 |
Page 54 |
Page 55 |
Page 56 |
Page 57 |
Page 58 |
Page 59 |
Page 60 |
Page 61 |
Page 62 |
Page 63 |
Page 64 |
Page 65 |
Page 66 |
Page 67 |
Page 68 |
Page 69 |
Page 70 |
Page 71 |
Page 72 |
Page 73 |
Page 74 |
Page 75 |
Page 76
