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If you want a property that is as individual as you then maybe Self-Build is the choice for you. This option allows you to design and build a property to your own specifications.

This route isn’t as straightforward as purchasing a property on the open market. First you will need to find a suitable plot of land, then obtain planning permission to build your dream home on it. To do this you will need plans of the property you propose building, which means that usually you will first need to appoint an architect to design it for you.

Self-Build mortgages are a niche area of the market and not all lenders offer them. Some will allow you to borrow money to purchase the plot of land and some will require you to already own the land before they will lend to you.

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The process is normally based on a staged release of funds. The lender will inspect and sign off the building work at each stage before they release the funds to complete the next stage. The typical stages are Land Purchase, Footings/Foundations, Wall Plate Level, Roofed In, Internal/Final Completion.

There is a lot to consider if you decide to build your own property. For instance, where will you live while work is underway? If you decide to live in rented accommodation during the build then you will potentially have to pay both rent and mortgage payments until the property is complete.

You will have to employ several different parties to complete your project. At a minimum you will need:

1. An architect to design your property and provide the plans to submit for planning permission
2. A builder to carry out the construction work
3. A project manager to oversee and coordinate the build. This could be your architect, your builder, a professional project manager, or maybe even yourself if you feel up to it!

You will normally be required to submit a fully costed plan of the project to the lender as part of your application. This will include estimated time-frames and costs for each stage of the build. The lender will need to approve the construction methods you plan to use as not all types of property will potentially be acceptable.

If you are considering building your own property, please get in touch with us today to arrange a free consultation and maybe start the ball rolling towards your own Grand Design!

Click here for free Self Build Mortgage Advice