Self-build mortgages: Funding your home
When setting out to build your own home, one of the first actions is to evaluate how you will pay for it. It’s important to understand that instead of a single payment, self-build mortgages release funds in stages during the build process.
Before applying for funding, it is advisable to access expert advice so that you have a clear understanding of your budget and borrowing options.
When it comes to the finance for your new timber frame home, we recommend speaking to BuildStore Mortgage Services, which is the UK’s leading self-build mortgage organisation. The team offers different options to meet the specific financial requirements of timber frame projects.
It’s a good idea to have an initial chat with their specialist mortgage advisers in the early stages of your project, to get a clear understanding of your overall budget and borrowing options.
Mortgages for self-builders work differently than those for a standard house purchase because the money is released in stages, rather than one payment when the house is built. BuildStore’s expert advisers can recommend and tailor a borrowing solution to suit your individual financial circumstances, build and payment schedule.
With BuildStore, you can borrow to fund the initial purchase of your plot and your building works in stages. Their unique cost based stage payment mortgage was designed specifically with timber frame payment schedules in mind – where full payment of your frame is required before delivery onsite.
There are other options when it comes to paying for your home, including a re-mortgage or bridging loan. BuildStore’s expert advisers can find the most cost-effective option for self-build mortgages. For more information call 0345 223 4888 or visit their website.
With a range of innovative products and cladding solutions, timber systems deliver warm, cosy and beautiful buildings, allowing you to realise your dream home, however simple or elaborate your plans. For more information about how timber frame can be used in your project, get in touch to discuss.