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finance your self-build home

FINANCING A SELF BUILD PROJECT

THE IMPORTANCE OF CHOOSING THE CORRECT SELF BUILD MORTGAGE

 

When embarking on a timber frame self build project, establishing your budget and getting your finances together from one of the most critical parts of the process. If you are opting to finance the build through a self build mortgage, then your choice of lender and associated mortgage-type need 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 - therefore it is important to take the correct advice when choosing your lender and self build finance product.

 

Obtaining finance is one of the biggest challenges that self builders will face - with roughly two out of three self builders needing a mortgage to see their project through. We recommend your first point of call when seeking a mortgage for your project should be Buildstore Mortgage Services - the UK's self build and renovation finance experts. Why? The reason is simple - you will not find a wider selection of mortgages and exclusive deals, as flexible or as well-suited, to the specific finance requirements of your project anywhere else.

 

 

HOW DO SELF BUILD MORTGAGES WORK?

 

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

 

PURCHASE OF LAND
PRELIMINARY COSTS AND FOUNDATIONS
TIMBER FRAME KIT ERECTED
WIND AND WATERTIGHT
FIRST FIX AND PLASTERING
SECOND FIX TO COMPLETION

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OAK FRAME HOUSE COST & TAILORED FUNDING OPTIONS

 

To fund your oak frame house costs, you will need a stage payment mortgage which releases funds as your build progresses. There are two types of mortgage, defined by when you get money during the build: Traditional arrears stage payments and Advanced stage payments. BuildStore can help you assess your cash flow to determine which type is right for your needs, and arrange the right solution for your project.

 

 

ADVANCE STAGE PAYMENTS

 

The Accelerator mortgage from BuildStore is ideally suited to timber frame projects. The key difference is that money is released at the beginning, rather than the end of each build stage AND you get the cash to fund the early stages of your build, including land purchase, frame deposit and the erection of your project.

the oak frame design

THE BUILDSTORE DIFFERENCE

  • Borrow up to 95% of your land and build costs
  • Stay in your current home until you have finished your new one
  • Receive your money when you need it to pay for materials and labour
  • Negotiate better deals and keep workmen on site by having the cash to pay your bills
  • Choice of leading lenders, products and competitive interest rates
  • Advance stage payments available
sustainable oak home

BUILDSTORE SELF BUILD FINANCE

 

With BuildStore Mortgage Services, you will have more money, enhanced cashflow and greater flexibility during your project. To find out more about how BuildStore can help you click the button below.

 

For expert advice on financing your timber frame project, simply complete the Buildstore Mortgage Services enquiry form or call 0345 223 4888

 buildstore mortgage services

buildstore mortgage advice

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