When seeking a mortgage for a self build, you need professional advice to guide you through every step of building your dream property. Unlike a standard draw down of funds to buy a pre-built property, the payout of money when you are building a home from the ground up is done in a ‘staggered’ manner. This means that you only get the amount necessary for each stage on a piecemeal basis (ie. when Stage 1 is complete, you then receive enough to carry out Stage 2 etc.)
Typically, a house is fully completed in about 3-5 stages. For convenience sake, our advisors can arrange for monies to be disbursed in more stages allowing you to spread out the cost into more manageable portions. This reduces the amount of interest payments, as monthly repayments are only made on any staged payment authorised by the bank. Given the complex nature of organising this type of loan, having the right support and advice is vital to prevent any costly slip-ups during what is a long process.
In terms of arranging finance, our advisors can arrange a pay out for up to 90% of the purchase price of the site and will fully fund the building costs with the total amount loaned out not exceeding 92% of the property’s value when fully completed. Organising the building of your ideal home can be an exciting and enjoyable time in your life. Ensuring it is a positive experience requires advice from experts with vast experience in the field. Thankfully, you are only one step away from top quality hassle-free service.
And getting in touch is just as easy!
Either low-call 1890 746 759 to speak with a qualified mortgage advisor about getting help financing a self build. You can also fill out a quick application form online or, if you are pressed for time, leave a little message for us to get back to you.