If you’re looking to build your own home then a self-build mortgage is for you. The main difference between a self-build mortgage and a standard residential mortgage is that the money is given in stages as main parts of the build are completed. Also, building your home using a self-build mortgage can save you thousands in stamp duty, with only the plot of land accruing stamp duty once it costs in excess of £125,000. With this type of mortgage, expect to pay a large deposit, as most lenders will only lend up to 75% of the plot value and 60% of the build cost.
Rates on self-build mortgages tend to be higher than standard mortgages and there is some variation in the types available.
Applying for a self-build mortgage can be a long process. As well as undergoing affordability checks, you will be expected to provide detailed plans of the property, cost projections and planning permission.
Your property may be repossessed if you do not keep up repayments on your mortgage.
This firm usually charges a fee for mortgage advice. The amount of the fee will depend upon your circumstances and will be discussed and agreed with you at the earliest opportunity.
At Aston & Co we have the experience and the know-how to help you find the best self-build
mortgage deal to suit you and your budget. Our friendly and professional advisors are on hand to guide and support you in your choices. Contact us today to discuss your needs and pave the way to your happy-ever-after.