Self Build Confidence

Build self home equates build self confidence because the construction matches your aspirations, needs and dreams. However, you need to be careful at every stage right from finding a plot to build home.

With the progress that has been made in self build lending, and with the flexibility of the Accelerator Mortgage in particular, there is now no need to sell first and then buy and build. More self builders are therefore staying put and using sensibly structured finance to let them complete their new home before realising the capital from the sale of their existing property. This helps build self confidence.

It is not easy to find a plot since there are not many good plots available, especially since planning departments have to promote derelict locations and developers, as is their wont, snap them up quickly. Keep in mind that land takes up to 35 per cent of the total cost. You need to get outline planning permission - most lenders require it before offering a mortgage. Detailed permission can wait until later, although again lenders will want it before releasing funds.

Build self confidence has much to do with arranging the funding. Few lenders offer self-build products. Norwich and Peterborough building society is the best known for those building from scratch, while the Ecology lends on wrecks needing total renovation.

You prepare your budget! Many will have equity in their existing property and this will therefore come into the equation at some stage, whether at the very beginning before the plot has been bought, or even after the new home has been completed. Most self builders will need assistance with their finance either in the form of a mortgage over a period of years or in the short term for the duration of the build. You write the checks directly to the subcontractors and suppliers so you know exactly what everything costs.

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