There’s no one size fits all solution when it comes to funding a self build. With a number of borrowing options available, the right one for you depends on your individual financial circumstances and project requirements.
The most successful self build projects are those that have been planned well from the start and this means knowing your budget and understanding your borrowing options early on. Rachel Pyne from BuildStore explains more.
Other borrowing options
A self build project doesn’t always equal a self build mortgage. There are other borrowing options available which might be more suited to you and choosing the right one can ensure that the journey to your new home is as smooth as possible.
If you have enough equity in your current home or own it outright, you could remortgage or secure a bridging loan to pay for the plot, fund your build costs or both. Then when your new home is finished, you can sell your old one to pay off the loan.
This way you can stay in your current home during the build and avoid the upheaval of moving, living onsite or renting during the build.
When it comes to funding your self build, it’s important to speak with an expert mortgage adviser who can look at your financial circumstances and project requirements to recommend and tailor a borrowing solution to suit you and your new home.
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