New build with BuildStore Accelerator
George Hadley first looked into building his own home ten years ago, and ever since then has been looking for the perfect opportunity. Although he knew it was a big undertaking, it was something he had always wanted to do, so the family could have a real home to live in, not just an investment, and something that was cheaper and more suited to them than they would be able to get elsewhere.
In 2009, whilst the recession was in full swing, George and Jo realised that because the property market was pretty flat and prices were falling, it could be a great opportunity to find some land for their self build. And they were right.
They came across a corner plot in Newhall, near Harlow, a new award-winning neighbourhood development, which had some fantastic landscaped areas, well-designed communal spaces, fantastic contemporary architecture, and real sense of community.
They were keen to move quickly, before anyone else snapped up the plot, but they didn't want to have to sell or move house with a young family and work commitments. The couple spoke to BuildStore Mortgage Services about funding their build, who advised them about the Accelerator mortgage, which releases funds for land purchase and building costs in advance of each build stage. This allowed the Hadley's to stay in their own home, whilst funding their self build project.
BuildStore arranged their mortgage with the Bath Building Society, and the Hadley's were able to borrow 95% of the cost of their plot, and 95% of their build costs, which was released in stages, coinciding with the construction stages of the house.
George says: "We were lucky to get such a prestigious plot, and we are sure that had it been pre-credit crunch, we wouldn't have been able to afford it, or it would have been snapped up by someone else. Even though we were lucky with the plot, we weren't sure about the finance, until we spoke to BuildStore. We didn't want to sell our house in a depressed market, and were not keen on living on site either, so the Accelerator mortgage through the Bath Building Society was ideal for us.
"We knew how much money we were getting at each stage, so the stage payments worked really well, in terms of being able to manage the budget, purchase materials and pay the tradesmen."
The Hadley's chose a timber frame structure from Dan-Wood, who managed most the construction work, including the roof, all the windows, doors and first-fix electrics and plumbing. George continued to work full-time throughout the project, but managed it as much as possible, and organised a lot of the early phases, such as the groundworks and connection of utilities on the site, and also ordered and purchased a lot of the fixtures and finishes, including the kitchen.
The family are really thrilled with their new home, and although they have no plans to move anytime soon, George wouldn't rule out another self build project in the future: "I learned so much on this project, and although at times it was quite stressful, it was definitely worth it, and I think if I did it again, it would be much easier."
BuildStore helped these people create their dream homes – contact us now to find out how we can help you.
