| Property | Four-bedroom contemporary new build |
|---|---|
| Location | Near Guildford, Surrey |
| Client | Married couple, one employed, one self-employed architect |
| Product | Self-build mortgages |
The challenge
The couple owned the plot outright and had planning permission, but standard mortgages would not fund a house that did not yet exist. They needed money released as the build progressed, without running out of cash between stages.
What we did
We arranged a self-build mortgage that releases funds in advance of each stage, rather than in arrears. We used the plot's value as equity and gave the lender the build cost schedule, warranty details and architect's certificates. We planned a contingency so overruns would not stall the project.
The outcome
The build was fully funded in stages and the loan was later moved to a standard residential mortgage on completion.
Self-build mortgagesStage-release mortgages to buy land and build or substantially renovate your own home.
Learn moreImportant: Your home may be repossessed if you do not keep up repayments on your mortgage. There may be a fee for mortgage advice: up to 1% of the loan, typically £500.