Self Build Mortgages

Self build mortgage UK is about picking the financing package that's best for your particular project from one of our many lenders. 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.

Typical stage payments will include land, foundations, wall plate or erection of the timber frame, watertight/roof on, plastered and completion. The advanced flexible self-build mortgage can be used for both traditional and timber frame builds, as well as for renovation and conversion projects.

With a fixed rate Self build mortgage UK, you are guaranteed to pay a certain level of monthly payments for an agreed period. A capped mortgage is a combination of fixed and variable mortgage. There is a maximum rate over which you will not be charged for a certain period.
If the SVR falls below the cap, your payable rate follows it down.

On the other hand, the variable rate mortgage means the interest rate may change. In general, the standard variable rate (SVR) charged by the mortgage lender will mirror the Bank of England Base rate, so you should monitor that rate to suggest what your mortgage rate may be.

Last but not the least, how much a lender will advance you (the money) will depend upon your ability to repay. The usual calculation will be worked out on multiples of the incomes of the people who will be repaying the loan.