If you are thinking of building your own property and more and more people are, you may need a self build mortgage.
Self build mortgages are usually a six stage payment strategy for lenders, although they do vary from lender to lender
Here is a brief description of what a self build mortgage comprises of.
How do self build mortgages work?
The first payment will usually be for the land or plot, this can be from 50% to 85% of the value of the land ( the value is based on what the lender thinks the land is worth).
Many self builders have quite a lot of savings before they start the build usually from a sale of their previous property.
Most lenders release the finance payment at the end of the stage not the beginning.
Before considering any type of mortgage you should sspeak to a financial adviser.
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