• Property extensions As with self-builds, funds are released in stages, supporting projects where costs are spread over time and work increases the property’s value or size.


HOW CAN A MORTGAGE PROVIDER HELP WITH MANAGING POTENTIAL UNEXPECTED COSTS? Specialist mortgage providers like BuildStore help you prepare for the unexpected by: • Building contingency into your budget – typically  of total costs.


• Structuring funds to allow fl exibility if costs change.


• Reassessing at key stages to ensure the project remains affordable.


• Offering access to advanced stage payments reduces the need for costly short-term borrowing if issues arise.


Mortgage providers such as BuildStore support you all the way through the project, providing support when needed. ur experience means we can fl ag risks early, from fl uctuating material prices to weather related delays.


HOW WILL SELF-BUILDERS BE SUPPORTED THROUGHOUT THE DURATION OF THEIR PROJECT? With providers like BuildStore, support doesn’t stop once your mortgage is approved: • Dedicated case managers handle all lender communications.


• Build cost assessments ensure your


funds match your schedule.


• Stage payment coordination keeps money fl owing on time.


• Customer service teams make sure ongoing advice is available if your plans change mid-project.


We understand that no two projects are the same, so our role is to be proactive and responsive from the fi rst brick to the fi nal signoff.


WHAT HAPPENS WHEN THE PROJECT IS FINISHED?


When your build is complete and signed off, your self-build mortgage can be switched to a standard residential mortgage product, often at a lower interest rate.


At this stage, the property is valued as


a fi nished home, and your loantovalue ratio may improve, opening up access to more competitive rates. Your lender or adviser will help you transition smoothly to the most suitable long-term product.


To listen to the full podcast and hear more of what Tom has to say about self-build fi nance, visit insights.netmagmedia.co.uk


9


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