Build Self Property

Building your own place can offer many benefits over a traditional house purchase, including the fact that a self-build property can typically be worth 25%-30% more than the cost of the land and build costs on completion.

Traditional build’ is most often used to describe a dwelling where the internal load bearing leaf of the walling is of masonry construction, tied with special wire ties to an outer leaf of either block or brick. VAT can be reclaimed on goods and materials bought from a VAT registered supplier which are incorporated into the building or the site.
Self-builders can make their build self property unique and can custom build their home to their own specific needs. Also, a growing number of lenders are willing to lend to people who want to build their own homes, including Norwich & Peterborough, Nationwide, Woolwich and Halifax, and some of the more localized building societies.

There are three basic choices of paying interest, namely Variable rate, where the rate can go up or down, fixed rate, where the rate is fixed for a pre-determined period, and capped, where the monthly payments have a maximum for a guaranteed period.

Some lenders offer stepped discounts, where the level of the discount decreases after a set period. After the discount period the interest rate will usually revert to the lender's SVR. You may get around 2 percent discount for a year, followed by a 1 per cent discount in year two. Find out how much the average lender will offer you.