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Financing and budgeting for your project

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The importance of choosing the correct self-build mortgage

When embarking on your oak frame self-build project, establishing your budget and getting your finances together is one of the most critical parts of the process. If you are opting for this route, then your choice of lender and associated mortgage-type needs to be considered carefully. There are a wide range of mortgage products depending on your own particular circumstances and requirements which dictate how the funds are released.

Obtaining finance is one of the biggest challenges you will face but there is no need to be daunted by this process as there is a lot of support and guidance available to you. We recommend your first point of call should be Buildstore Mortgage Services, the UK’s self-build and renovation finance experts. Buildstore will be able to provide a wide selection of mortgage options that are flexible to the specific finance requirements of your oak frame self-build.

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How do self-build mortgages work?

The main difference between a self-build mortgage and a standard house purchase mortgage is that finance is released in multiple stages. Depending on your particular plan, the typical 6 stages during a timber frame self-build project are:

  • Purchase of land
  • Preliminary costs and foundations
  • Timber frame kit erected
  • Wind and watertight
  • First fix and plastering
  • Second fix to completion

There are two styles of self-build mortgage, each offering the release of funds at different times. The first is based on traditional arrears stage payments, and the second is based on advanced stage payments. Your current financial situation will determine which of these styles will suit you best.

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Advance stage payments

Buildstore’s Accelerator mortgage is ideally suited to timber frame projects as your money will be released at the beginning, rather than the end of each build stage. This means you will have access to the funds for the early stages of your build, including your land purchase, frame deposit and the erection of your project.

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Time is money

There is a direct relationship between the time you devote to your project and its final cost. Few self-builders do much of the manual work: they rely instead on builders and tradespeople, however considerable savings can be made if you can do some or all of the project management.

If you do need to employ a specialist to oversee the build, budget based on Gross External area.

The cost of the frame depends on the complexity of the design and structural completeness. In general, we would expect this to be between 10-25 per cent of the total build cost.

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Here to help you

We understand that embarking on a self-build is a large decision and that you may need to gather more information. To help with your decision we attend various regional exhibitions and hold open days at client’s homes as well as our own ‘Woodhouse’ showhome where we can answer your questions and review your drawings. Alternatively, please don’t hesitate to give us a call or email us to have your questions answered.

If you already have plans or an oak framed house design that you would like quoted for, please post your drawings to our offices or email them to: enquiries@oakwrights.co.uk. Our estimating department will then interpret the design, produce a 3D model and provide a free quotation.

Here to help you

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