Building your own home is not for the faint-hearted. Having a specialist and experienced lender on your team is invaluable.
If you are planning to embark on a self-build project, there are usually two routes you can take. The first option is the DIY route where you do most of the work yourself. The second option is employing those who can do all the work on your behalf.
Either way, you will not be able to get a standard mortgage from a bank so you will need to apply for specialist finance. That is where BFS comes in… we offer self-build mortgages to make the dream happen.
A self-build mortgage is a loan taken out on a property which you are building and planning to occupy yourself. The main difference between a self-build mortgage and a regular mortgage is that the funds are released to you in stages as your project progresses – monitored by our Quantity Surveyor. These stages might include buying the land to buying a kitchen – and anything in between.
We can finance:
- A from-scratch build on previously undeveloped land
- A complete home rebuild, following demolition and a full architectural redesign
- The construction of a property within the grounds of your existing property (e.g. building an additional house in a large garden)
How much does a self-build mortgage cost?
Self-build funding will typically be more expensive than a mortgage but you will borrow funds for 18 months to complete the construction and add considerable equity to your home, rather than up to 25 years on a standard mortgage.
BFS price each case on its own merits and are totally transparent about pricing - we do not hide fees in the small print or provide short-term ‘teaser’ rates. The best way to find out how much a self-build mortgage is to contact our experienced team.
- No upfront fees
- No product fees
- No exit fees
- No expiry fees
- No redemption fees
- No hidden costs
Please note that for new build projects, it is essential to have a structural warranty in place in order to secure funding. You can learn more about structural warranties here.
Find out more about other uses of our development finance loans