Self Build Mortgages

Melgiraffe33

Hi,

My husband and I are looking to build a house next year. I know that with self build mortgages you only get the cash in three installments, the first one being wall plate level. I have a good wage but my husband is a farmer with little income. Our home is 2000sqft and quite modest but perfect for us. We have little in savings and I honestly dont know how people build with a self build mortgage - is it common to get a bridging loan until the mortgage cash comes through? Any advice / info would be appreciated,

many thanks

Melgiraffe33

also if you own the site outright can you get any money upfront to start the build?

Chris_Bates

Hi Mel,

I'm not 100% certain if this applies in your area, but certainly in England, Wales & Scotland you can access a different type of self build mortgage that may be more suitable for you.

It works on the same basis (staged payments according to the phase of the project), but you get the cash in advance rather than in arrears.

I don't think I can post the product name under the forum rules, but if you search online for 'advance stage payment mortgage' you should find some providers!

Hope this helps; best of luck with your project!

Chris

erincc

The only banks here that do self build mortgages are Danske and Ulster.
Danske don't work on stage payments rather as and when you need funds.
And yes you can get funds to start the build.