Comparison of Self Build Mortgage Types
There are three types of self build mortgages available in the current marketplace. These are defined by when the funds are released to you, during the build process (either in arrears or advance) and the level of funding provided at each stage.
BuildStore's Accelerator Mortgage Scheme is the only mortgage that works on an advance stage payment basis. It also offers up to 95% on your land and build costs - which is around 20% higher than many other providers. Exclusively available from BuildStore.
BuildStore's Traditional Mortgage Scheme offers up to 85% on both land and build costs - which is around 10% higher than most lenders - with stage payments in arrears. Exclusively available from BuildStore.
Standard Traditional Mortgage offered by all self build and mortgage providers, this mortgage will typically provide up to 75% of your land and build costs, with stage payments in arrears.
The right mortgage for you will depend on your individual circumstances. The expert advisers at BuildStore Mortgage Services can access all three mortgage types, and will find the right finance for you based on your financial needs, and the requirements of your project. The chart below shows the effect on the funding for a traditional brick and block construction, when using each of the above mortgage types.
Land
Foundations
Wall Plate
Wind & Watertight
First Fix
Completion
£171,000
£ 7,605
£ 13,653
£ 16,953
£ 12,851
£ 11,688
BuildStore Accelerator Mortgage Scheme KEYFEATURES
- Borrow up to 95% of the cost of your plot
- Borrow up to 95% of the cost of your build
- Receive your money in agreed stage payments subject to valuation
- Stay in your current home as you build
- Choice of leading lenders, products and competitive rates
BuildStore Traditional Mortgage Scheme
KEY FEATURES
- Borrow up to 85% of the cost of your plot
- Borrow up to 85% of the cost of your build
- Receive your money in agreed stage payments subject to valuation
- Stay in your current home as you build
- Choice of leading lenders, products and competitive rates
Standard Traditional Mortgage
KEY FEATURES
- Borrow up to 75% of the cost of your plot
- Borrow up to 75% of the cost of your build
- Receive your money in agreed stage payments subject to valuation
- Choice of leading lenders, products and competitive rates
