Would you like to be the king of your own castle? Well, you could be by building your own property.
More and more people are becoming interested in self-build mortgages. This type of mortgage allows you to borrow money to purchase land on which you will then build your own home.
Benefits of Self-build Mortgages.
There are several benefits to choosing a self-build mortgage. Perhaps the most obvious benefit is that you get to design and build your dream home exactly the way you want it. You won’t have to make any compromises or settle for anything less than your perfect home.
Another great benefit of self-build mortgages is that they can save you money in the long run. When you purchase a home that’s already been built, you are essentially paying for someone else’s labour and materials. With a self-build mortgage, you are only paying for the land and materials – meaning you could potentially save a lot of money.
Challenges with Self-build Mortgages
Of course, some challenges come with self-build mortgages. One of the biggest challenges is finding the right plot of land. It can be difficult to find land that meets all your criteria, especially if you have a specific location in mind. Another challenge is managing the construction process. It can be stressful and time-consuming to manage builders and make sure the construction is going according to plan.
But despite these challenges, self build mortgages are becoming increasingly popular. If you’re considering taking out a self-build mortgage, there are a few things you need to know.
First of all, you’ll need to find a suitable plot of land. This can be tricky, but it’s important to find land that meets all your criteria. Once you’ve found the perfect plot, you’ll need to apply for planning permission. This can be a lengthy and complicated process, so it’s important to be prepared.
Once you have planning permission, you can start the process of applying for a self-build mortgage. The application process is similar to that of a standard mortgage, but there are a few key differences. For example, most self-build lenders will require you to provide a detailed construction schedule and budget. This is to ensure that they understand your plans and are confident that you will be able to repay the loan.
How can IMS help you with your self-build mortgage application?
With Legal and General, we can access a number of bespoke mortgage options that are unavailable to the average customer. We have been listed as one of only 20 mortgage brokers in the United Kingdom on an exclusive new build panel with IMS. This panel allows us to borrow at better rates of interest and from a wider range of lenders than we could before
We can help you get a mortgage for purchasing a piece of property and paying for the construction. These loans are generally available in stages.
Get in contact with a member of our team today.