project, these funds can be released in either arears or advanced throughout the build. Advice from a qualified mortgage adviser who specialises on self build & custom build mortgages is essential to determine the most appropriate method for you.
Given the current economic context, with mortgage rates starting to steady following a turbulent past two years, it could be an opportune time to explore self-build mortgage options – you might be surprised at what’s available. The potential for a bespoke home and the chance to potentially save money compared to a traditional home can make for an attractive proposition for those looking to create their dream home in this period of market uncertainty.
NAVIGATING CHALLENGES
However, potential self-builders must be prepared to navigate the wide range of varying challenges that come with the self-build project option – from securing a plot, obtaining planning permission, and managing construction costs as the build progresses. The government and industry are making efforts to address the housing shortage by fixing the planning system and increasing the number of quality homes are steps in the right direction, but they also highlight the complexities involved in bringing new homes to fruition.
CONCLUSION
In a market characterised by a shortage of properties and shifting economic indicators, building your own home presents a viable alternative to traditional homebuying paths. With thoughtful planning, appropriate financing through self-build mortgages, and a keen eye on the evolving housing landscape, your grand design could be more than a dream—it could be your future home.
Embarking on a self-build project is not without its challenges, but for those willing to navigate the complexities, it offers a unique opportunity to create a personalised living space that meets their needs and preferences, potentially at a lower overall cost. As the UK housing market continues to evolve, self-building stands out as a beacon for those seeking not just a house, but a home they’ve truly made their own.
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For further information please contact Peter Hunt on: 0121 503 0961
www.moneywatchfinance.com
Peter is one of the panel experts for the Grand Designs live TV show and has been recognised in the Times Vouched For guide to the UK’s top rated financial advisers every year since 2019
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THE MIDLANDS PROPERT Y GUIDE MONE YWATCH F INANCE
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