What Is A Self Build Mortgage?
A self build mortgage is a home loan taken out on a property that you are building yourself.
The primary difference between self build mortgages and standard residential mortgages is that the funds are given to you in stages, rather than as a lump sum. The reason for this is to reduce the lender's risk and ensure that the money is spent as planned.
The exact time that funds are released will depend on the lender, but, as a general rule, you'll get the first portion when you buy the land and more when the foundations are laid. A further payment will follow when the property is built to eaves level.
When the roof is watertight and the interior walls are plastered, the final payments will be made, with the last instalment arriving on completion.
Start your Self Build Mortgage Enquiry
