1. How much can I borrow?
That depends. We’ll consider how much you earn, your financial history and your existing financial commitments.
2. I'm interested what's next?
Get in touch and we’ll book you in for a meeting with one of our specialist mortgage consultants, who will:
- Assess affordability for both the Self Build Home Loan and a normal residential mortgage (which you may need when the build is completed)
- Give you some documentation and talk you through it
- Discuss the costs, valuations and fees likely to arise from the build
- Explain the features and benefits of our Self Build Home Loan
- Go through the application process and what happens at the end of the build
- Consider how much you’re able to put towards the build (also known as your ‘stake’) on top of the loan.
3. I'm ready to apply what next?
We’ll make a second appointment. On top of what you discussed in your first meeting, your mortgage consultant may:
- review your application and submit it for credit assessment;
- agree with you when during the build you’ll need funds released and how much you’ll get for each stage (when the foundations are complete, when the walls are constructed);
- arrange a valuation of the build from the plans, including the value of the current site.
4. How do I protect my build?
Your home is probably your single biggest financial commitment, so it makes sense to prepare for the unexpected. It makes good sense therefore to protect your investment – should the unforeseen happen. You should make sure you are properly insured for the duration of your project. Prices can vary so it is best to shop around with Insurance Providers for the best deal.
5. What happens to my self build loan as the build nears completion?
You’ll either have to convert the Self Build Home Loan to a residential repayment mortgage or repay the Self Build Home Loan.
Our mortgage consultants will be happy to give you advice on the best option for you.