Do I need to sell my existing house before my self build is complete?
This depends on how you fund your build and how much cash you have in savings. If you choose an arrears stage payment mortgage, you’ll need a minimum deposit of 15% of the plot price, as well as money to pay for the early stages of the build. If you don’t have sufficient savings, you may decide to sell your current house to release the equity before starting your new project.
If you don’t want to sell your current house and move into temporary accommodation before your new build is complete, the BuildStore Accelerator mortgage may be right for you. The higher lending percentages and advance stage payments during your build will ensure that cashflow is not an issue, so you can continue living in your current house until you’re ready to move.