For those that wish to build their own house the attraction is clear.
Not only can you build a house to your own design, you can also create value. The average self-build property, once complete, has a total cost to the owner of between 2/3 and 3/4 of the actual open market value.
As you would expect self-build mortgages are charged at a higher rate than a traditional mortgage, to reflect the development risk that the lender is taking.
Why choose PFG for your Self-Build Mortgage?
Unlike a more traditional property development loan, where the borrower plans to sell the property at the end of the project to repay the loan, a self-build mortgage is normally repaid via re-financing through a regular mortgage.
This means self-build mortgage lenders will take a strong interest in your income and personal circumstances. We’ll look into the viability and costs of obtaining a traditional mortgage after the build is complete, and help prepare a case that convinces lenders.
