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Q.
How large a mortgage can I get
A.
The limiting factor is often the multiple that building societies apply based on you and your partners salary. Some use self certification mortgages, where they rely upon you to say how much you earn without proof, but in these cases a lower percentage is then often available initially, but after the build is complete with the then higher market value of the property a lower value of this covers more than the costs in total to you, however it does sometimes mean that additional loans are required short term.
There are a number of specialist mortgage lenders and brokers that have special products aimed at self builders, and these often pay in stages that line up with what you need to spend and provide a very high percentage of the total build cost and land price. Typically they promote 95% of both the land and build costs. Companies that provide loans to builders and developers often promote 100% funding.
These days it is not necessary if you own your own home, to move out of your existing home and live in rented accommodation caravan or similar, and we expect there to be a steady increase of companies entering this area so to see enough competition to keep the terms favorable.
We have work books and information, that explains the subject to you and both allows you to work out the questions to ask and to compare offers that you get.
Within the development of the affordable homes project in 2005, we expect to see a number of other schemes identified that will allow people to become involved in builds that on the face of it, you would not currently expect them to be able to afford.
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Self Build Homes Club is an international club
and trading title of Self
Build Homes Club llc. Local services
to serve members are commissioned for the club by New
Atlantis International Services Corporation.
All major commissioned companies involved, have New Atlantis trust status.