Getting a Self Build Mortgage

When you are planning to build your own home there is a lot to organise and think about – from finding an architect like this residential architects London RBD Design who can work with you, to finding the right plot of land and obtaining the planning permission. But the most important thing of all is making sure that you can finance your building project.

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One of the most common ways to do this is to get a self build mortgage from a bank. These are a little different to normal mortgages. Firstly, they are not paid out all in one go, but instead throughout certain phases of the build, as this reduces the risk to the bank if anything were to go wrong with the build project, and it also helps you to stay on budget.

Because they are more complex, and the process of building a house is not as simple as buying one, they also require more paperwork to be done beforehand, to protect both the lender and the borrower from biting off more than they can chew!

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When you go to apply for a mortgage to build your own house, you will also have to provide the lender with things like your drawings that the architect has done for the home, the planning permission to actually build there and also evidence that you have insurance for the site and that you comply with building regulations.