More people than ever dream of planning and building a truly unique home but what often prevents them from doing so is their ability to finance the build.
This is where a self-build mortgage can help, to ensure you have adequate funding in place to drive your home-building project through the various stages of planning to completion.
At Key Solutions we have worked with a wide range of clients looking to turn their dreams into reality by helping to ensure they have the correct financing in place.
How does a self-build mortgage work?
Providing the funding for you to build your own property, self-build mortgages are similar to standard residential mortgages with a few key differences.
The main difference is the release of money, whereby the money borrowed is paid in stages as the project progresses. This reduces your risks and ensures that money is being spent as planned.
As with a residential mortgage, you’ll need to have an upfront deposit at the ready; this is generally 15% of the cost of the land/property and building costs.
Not only does this type of mortgage allow you to construct your dream home but you could potentially save thousands in stamp duty. On a self-build home you only pay stamp duty on the cost of the plot of land (where the amount exceeds £125,000) and not on the cost of the building work or the value of the completed property.
Let us make it easier for you to construct your dream home
If you are looking to build your own home and need to secure funding in the form of a self-build mortgage get in touch with our friendly team of mortgage experts to help you through the process. Call us on 0800 138 5856 or get in touch using the form here.
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