Getting a Mortgage to Build a House
One of the most important things that you need to think about when you are building a home of your own is where you will get the money from to undertake such a big project! It is actually possible to get a mortgage for this, and mortgages that are lent for self build projects are a specific thing as they differ from the mortgage that you get when you buy a house that is already built.
Self build mortgages can be a little more complex than a regular mortgage, and this is because building a house is more complex than buying one that has already been built! Because the risk to the lender is higher, there are likely to be different terms and conditions as well as more paperwork involved when you go to apply for a self build mortgage.
Mortgages for a self build project will be paid out differently too – so rather than get the amount as one whole lump sum, the money will be paid out in stages as each stage of the project is completed, such as when the foundations are complete, or when the roof is on.
It is really important that you do a lot of research into what you are expecting the whole build to cost before you begin, to make sure that you are not going to get into financial difficulties. Search online for suppliers like timber frame companies near me merlintimberframe.co.uk/ as well as builders and tradespeople in your area that you can then get quotes from.
