Can I get a mortgage for a self-build home?
More people are asking can I get a mortgage for a self-build home, as Grand Designs may be inspiring home owners. Though most people will attempt more modest homes than those seen on the popular television show, getting a mortgage is still key.
Self-build mortgages are not common in the UK, where only around 10% of new homes are self-built. This is a small part of the housing market, compared to Germany or France, where it has been estimated at around 60%.
If you are trying to build your dream home, call Deal Direct and ask can I get a mortgage?
At Deal Direct we can offer advice and we have access to the whole of mortgage market, including more unusual products. The availability of self-build mortgages products has increased, but there are still very few compared to standard residential mortgages.
Self-build projects are most commonly realised by buying a piece of suitable land and employing an architect to design your dream home.
The new housing minister has been reported to be keen that self-built homes are supported. At a recent conference, organised by the Council of Mortgage Lenders, he is reported to have encouraged lenders to offer suitable products.
The government is also making available an investment fund of £30million, for the promotion of self-build. Sites located in areas such as North East Derbyshire have recently received approval for available funding.
If you want to build your own home but are wondering can I get a mortgage, call Deal Direct.
Speak to a Deal Direct adviser today.
