A self-build mortgage is the ideal solution for those wishing to build their own dream home.
A self-build mortgage differs from a normal mortgage. The money is released in stages as the build progresses. The lender will have interim valuations completed to assess the current value of the property.
In more recent years, another aspect of self-build mortgages is that the lender takes an active interest in the build in its finest aspects to insure that the project runs to budget. This interest usually takes the form of physical and financial inspections at various pre-arranged stages of the build.
This ‘partnership’ between the owner and the lender means that the two almost work hand-in-hand with regard to the mortgage and the financial aspects of the build.
Funds may be advanced to pay for the land even if the land only has outline planning permission, but detailed planning permission is required before any building work commences.
Different lenders specialise in different products and have different lending criteria. By having a wide panel of lenders, Mortgage Services Cookstown Limited can provide a far wider range of self-build mortgage options to people than if we only worked with one particular lender or an individual bank.
