What are your grand designs?

Are you a budding Frank Lloyd Wright with ambitions to design and build a home to your exact specifications?

If you’re choosing to build the property of your dreams and you have the knowledge and skills required, you could opt for the DIY route and take on as much of the work as you can. Or you could choose to employ professionals to do some, or all of it for you.

Self-build mortgages

Whichever route you choose you’ll need to think about financing the project – unless of course you have enough cash to fund such a project. You won’t be able to apply for a residential mortgage, which means you’ll need to look specifically at specialist self-build mortgages.

With a self-build mortgage you won’t receive all of the funds in one lump sum as you would with a residential mortgage. Instead, these types of mortgages tend to pay out funds during different stages in the process. For instance, once you’ve bought the land, or when the foundations are laid, or when the roof and windows have been installed.

The timing of the release of funds will differ depending on the materials you’re using to build your home, or if you’re renovating a property rather than building from scratch.

Self-build advantages

Every year 13,000 people from all walks of life take the plunge and build their dream home and it’s not surprising when you consider the benefits. You can choose where to splash out and where to save. You can design your living space around the needs of your family, so if you love cooking you could make the kitchen the heart of the home. You could also make sure your home has a low carbon footprint by installing solar panels and using eco-friendly building materials.

If you find a plot priced under the £125,000 threshold you could also save thousands on stamp duty as it is only payable on the purchase of the land.

If you have a grand design, or you’re looking for advice on non-standard mortgages, please get in touch. We can help find the right mortgage whatever your property ambitions.

HM Revenue and Customs practice and the law relating to taxation are complex and subject to individual circumstances and changes which cannot be foreseen.

Your home may be repossessed if you do not keep up repayments on your mortgage.

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