Think carefully before securing other debts against your home.
Your home may be repossessed if you do not keep up repayments on your mortgage.
Mortgage Glossary
- Mortgage Glossary Choices:
- 100% mortgage
- Arrears
- Buy to let
- County Court Judgements
- Defaults
- First time buyer
- Flexible mortgages
- Individual Voluntary Arrangements
- Keyworker mortgages
- Let to buy
- Non status
- No deposit mortgage
- No proof of income
- Self build
- Self certification
- Self employed mortgage
- Underpayment
Self build
If you bought a plot of land, materials at wholesale rates and employed labour directly, you would be buying a house at cost price.
You would be paying what a house developer has to pay, without marketing costs and a profit margin.
To finance such a project, there are a host of self build mortgages around. A Self build mortgage will lend you between 25% and 80% of the land's value, in addition to between 65% and 95% of the building costs.
If you decide to selfbuild, you should be aware of your limitations. Don't try and do anything that you are not absolutely sure you can do. There is too much money at stake.
You should call in a surveyor, a planning consultant and an architect. You should also get a solicitor to draw up contracts between yourself and your builders. Should you not be about everyday to oversee the building work, you'll need to employ a project manager. There will be additional fees payable for these services.