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Self Build Mortgages

Are you dreaming of constructing your own unique home? Deedle Finance is here to help you navigate the world of self build mortgages and turn your dream into a reality.

With our expertise and access to a wide range of lenders, we'll guide you through the process of securing the best self build mortgage from a lender that suits your needs and aspirations.

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How To Get A Self Build Mortgage

Step 1
Complete The Quick And Easy Online Form
Apply online and provide details such as your name and contact information. Our form takes less than 2 minutes to complete.
Step 2
Receive A Callback
Expect a call from our dedicated team to discuss your requirements and guide you through the self build mortgage application process.
Step 3
Eligibility Check
Undergo a quick eligibility check to determine your suitability for a self build mortgage based on your financial circumstances.
Step 4
Get Your Self Build Mortgage
Rest assured that we’ll search our network of lenders to secure the best self build mortgage rates tailored to your needs and budget.
self-build-mortgages

What Is A Self Build Mortgage?

A self build mortgage is a specialised type of mortgage designed for individuals who wish to construct their own homes rather than buying a pre-built property. Unlike traditional mortgages, self build mortgages provide funding at different stages of the building process, allowing borrowers to access the necessary funds to complete each phase of construction.

This type of mortgage recognisess the unique nature of self build projects and offers financial support that aligns with the various stages, such as land purchase, foundation, walls, roofing and completion. Self build mortgages empower individuals to design and create their dream homes while providing the necessary financing throughout the building journey.

What Is The Process To Secure A Self Build Mortgage?

There a number of stages for a self build mortgage in which you will work together with your chosen mortgage lender:

  1. Initial Planning – A lender can help you evaluate your financial situation and establish a budget for your self build project.
  2. Land Purchase – Your lender can arrange the finance needed to acquire the plot of land where you intend to build your dream home.
  3. Building Stage Finance: You can then secure the necessary funding at each construction stage, such as foundation work, walls and roofing, to ensure a smooth progress.
  4. Completion: Once your home is finished, you could be able to transition from the self build mortgage to a traditional mortgage or a remortgage.

Deedle Finance can match you with the perfect lender for your self build mortgage from our extensive network across the UK.

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What Are The Benefits Of Self Build Mortgages?

There are a number of benefits that come with building your own home and taking out a self build mortgage can help facilitate this. These inlcude:

  • Complete Control: With a self build mortgage, you have the freedom to design and create a home that perfectly matches your vision and lifestyle.
  • Cost Savings: Building your own home can be more cost-effective compared to buying an already built property, allowing you to get more value for your investment.
  • Personalisation: You have the opportunity to personalise every aspect of your home, from layout and finishes to energy-efficient features and sustainability.
  • Increased Property Value: By building a new home, you have the potential to increase its value, offering the possibility of financial gain in the future.

What Types of Self Build Mortgages Are Available?

Arrears Stage Payment Mortgage

With this type of mortgage, funds are released at the end of each construction stage, reimbursing costs already incurred. This option requires the borrower to have access to upfront funds to cover expenses until each stage is completed.

Advance Stage Payment Mortgage

Advance stage payment mortgages release funds at the beginning of each construction stage. This allows borrowers to have the necessary funds upfront to cover the costs of that particular stage.

Self Build Renovation Mortgage

This type of mortgage is suitable for individuals who are renovating or converting an existing property into their dream home. The mortgage funds are released in stages as the renovation progresses.

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Where Can I Get Self Build Mortgages?

Self build mortgages with Deedle are available all across the UK. Locations include Birmingham, Bristol, Cardiff, Edinburgh, London, Manchester, Newcastle, Nottingham, Sussex, Watford and Warwick to name a few.

Why Should I Use Deedle Finance to Find My Self Build Mortgage?

When it comes to your self build mortgage, choosing Deedle Finance ensures you have a dedicated team of experts by your side throughout the entire process. We have extensive knowledge of the self build mortgage market and can provide you with mortgage offers that meet your specific needs and financial circumstances.

Our strong relationships with a wide network of lenders enable us to access the best self build mortgage rates available in the market. With our guidance, you can navigate the complex application process smoothly, saving you time and effort. Trust Deedle Finance to provide you with expert advice, personalised service and the support you need to turn your self build dreams into reality. Apply via our online form today!

Do I Stay With A Self Build Mortgage When I Have Completed My Build?

Once the build is complete, it is possible to stay with a self build mortgage, but it will depend on your long-term plans and financial situation. There are some other options you could consider:

  1. Repayment Options: With a self build mortgage, you may have been on an interest-only or stage payment plan during the construction phase. Once the build is complete, you may need to switch to a repayment mortgage, where you start repaying the principal amount along with the interest.
  2. Mortgage Review: After completing the build, it’s a good idea to review your mortgage to ensure it still meets your needs. This could involve renegotiating the interest rate, extending the term or exploring other mortgage options that may offer more favorable terms.
  3. Remortgaging: Depending on your financial goals, you may consider remortgaging your property after completion. Remortgaging involves switching to a different mortgage product or lender, potentially allowing you to secure better interest rates or release equity.
  4. Future Plans: Consider your long-term plans for the property. If you intend to sell or rent it out, you may explore buy-to-let mortgages or other financing options more suitable for investment properties.

If you are looking to change your mortage, contact Deedle Finance today, who can match you with the perfect lender based on your specific situation. They can help you navigate the transition from the construction phase to the long-term financing of your self build property and explore the best options available to you.

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How Should I Manage My Finances During My Self Build Project?

Managing your finances during a self build project is crucial to ensure its success. In addition to gaining a self build mortgage as a financing option, there are some other key considerations to make when managing your finances:

  • Budgeting and Estimating Costs: Develop a comprehensive budget that includes all aspects of the project, such as land purchase, materials, labour and contingency funds. Get accurate estimates from builders, architects and suppliers to avoid cost overruns.
  • Cash Flow Management: Proper cash flow management is essential to keep the project on track. Ensure you have sufficient funds available at each stage of the build to cover expenses and manage any unforeseen costs.
  • Monitoring Expenses: Regularly track and monitor your expenses to stay within budget. Keep detailed records of all financial transactions and maintain open communication with suppliers and contractors to manage costs effectively.
  • Contingency Planning: Build a contingency fund to account for unexpected expenses or delays. Having a buffer in place can help mitigate financial risks and ensure the project can continue smoothly even if challenges arise.

Frequently Asked Questions About Self Build Mortgages

Can I Apply For A Self Build Mortgage If I Have No Previous Experience In Construction?

Yes, you can still apply for a self build mortgage even if you have no prior experience in construction. Lenders consider factors such as the feasibility of the project, your financial situation and your ability to manage the project effectively.

What Are The Minimum Deposit Requirements For A Self Build Mortgage?

The minimum deposit requirements for a self build mortgage typically range from 20% to 25% of the total project cost. However, some lenders may offer options with lower deposit requirements, such as 10% or even 5%, depending on the individual circumstances.

Can I Use A Self Build Mortgage To Renovate An Existing Property?

Yes, self build mortgages can be used for renovating or converting an existing property into your dream home. Renovation mortgages release funds at different stages of the renovation process, allowing you to access the necessary financing for each phase.

How Long Does The Self Build Mortgage Application Process Take?

The self build mortgage application process can vary depending on the lender and the complexity of your project. On average, it can take between four to eight weeks to complete the application and receive an offer. However, more intricate projects may require additional time.

Can I Use A Self Build Mortgage To Purchase Land For My Project?

Yes, self build mortgages can be used to finance the purchase of land for your self build project. Lenders will assess the suitability of the land, including factors such as planning permissions, access to utilities and its overall value in relation to the project.

Deedle Finance is the trading name of Tudor Lodge Digital Ltd which trades under company number: 10437769.

Deedle Finance does not provide advice on regulated mortgage contracts or credit agreements, these are carried out by one of our independent FCA regulated associates. 

THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENT ON A MORTGAGE OR ANY OTHER DEBT SECURED ON IT.

IF YOU ARE THINKING OF CONSOLIDATING EXISTING BORROWING YOU SHOULD BE AWARE THAT YOU MAY BE EXTENDING THE TERMS OF THE DEBT AND INCREASING THE TOTAL AMOUNT YOU REPAY.

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