Self Build

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Self Build

Achieve the dream of building your own house!
Specialist, reliable & clear advice on your most important project.
The Perfect Mortgage for your dream home.
Talk to an expert today!

"Initial consultations are fee free and could be invaluable"

  • Someone once told me when I was training that “No one cares how much you know, unless they know how much you care.” That sums up Heritage for me. They have a wealth of experience and expertise, but the most important thing is that they genuinely care about you and your family. They always go that extra mile and treat you like they would want to be treated themselves. Mrs K – Solicitor
  • If you want to be sure you're getting the right advice, and need your mortgage arranged quickly and efficiently by experts, then I couldn't recommend Heritage highly enough.  The explanations are simple and they take all the hassle out of the process. On many occasions I've had reason to be extremely thankful for their advice.   Dr S – General Practitioner
  • What I love most about Heritage is their approach to protecting your mortgage and family. They talk everything through with you, make sure you understand and then present you with the best options. They never put pressure on you to do anything. Once you have their recommendations, it makes your decisions straightforward. You are treated as an old friend by a team with your best interests at heart. Mrs S - Teacher

What is a self build mortgage?

Reliable self build mortgage advice can be difficult to come by in the current mortgage market, as many lenders withdrew from this type of lending in the wake of the banking crisis and credit crunch. However, there are still lenders out there providing mortgages for those who want to build their own homes, and here’s what you need to know.

How is a Self Build Mortgage Different?

Self build mortgages differ from conventional house purchase mortgages in that the mortgage funds aren’t released as a single sum, but rather in stages as construction of your house proceeds. Lenders typically allow you to borrow up to 75% of the land purchase price, plus 75% of the projected property value. Two main types of self build mortgages exist – arrears and advance stage mortgages. Both types release funds at key stages of construction, for example completion of foundations, completed up to first-floor level, once the property is watertight, etc. Most lenders will require a surveyor’s report at each stage confirming completion to the appropriate level, so be sure to account for this when budgeting for your build.

How Do I get A Self Build Mortgage?  Application Process

The self build mortgage application process can be quite in-depth and time consuming. It’s advisable to talk to us as early in the process as possible. Lenders will need to see your property plans and confirmation of planning permission before proceeding, as well as detailed cost projections for the build project. When budgeting, remember to consider your living costs while the property is being built – whether that’s paying an existing mortgage or rent, or temporary accommodation on the build site. Lenders will also take this into account when assessing your mortgage application.

Lenders may allow self build mortgages to run on an interest-only basis until the final release is completed, at which stage it will revert to a repayment mortgage. You may also be able to switch mortgage product for a better rate after the final stage release. For personalised mortgage advice on the perfect self build mortgage for you, contact our team now! We have years of experience in self build mortgages, and will help make sure you get the right deal.

Think carefully before securing other debts against your home. Your home may be repossessed if you do not keep up repayments on your mortgage

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The information on this website is for use of residents of the United Kingdom only. No representations are made as to whether the information is applicable or available in any other country which may have access to it.

Heritage Financial Planning is a trade name of Milecross Financial Solutions Limited which is an appointed representative of Openwork Limited which is authorised and regulated by the Financial Conduct Authority.

Milecross Financial Solutions Limited, 42 Milecross Road, Newtownards, Down, Northern Ireland, BT23 4SR, Company No. Ni601587. Financial Advice & Mortgages throughout Northern Ireland including Newry, Armagh, Banbridge, Portadown, Lisburn, Belfast, Bangor, Dungannon, Craigavon, Lurgan, Cookstown, Omagh and Ulster.