From an extension to a full new build home, one thing you need to address before you start, is how you’ll finance your project. Compared to buying an existing property, self-build financing can appear complex and expensive.
There are a number of options, however, and ACJ can help you select the appropriate one for your situation.
Self-build mortgages work by the lender releasing the loan in stages as your home is completed, up to a certain Loan to Value (LTV) of the total overall cost. Common stages are plot purchase, foundations, wall plate, weathertight, first fix and completion.
Typically, stage payments for the traditional type of self-build mortgage are released in arrears of work being completed, but there are some specialist self-build mortgage brokers which have options to allow payments to be made before stages are commenced, removing the need for expensive bridging finance. Contact ACJ to discuss whether this is the right option for you.
The Highland Self-Build Loan Fund
The Scottish Government have a program which provides a revolving fund to help self-builders. The Highland Self-build Loan Fund allows individuals and families to borrow up to £150,000, to help them reach build completion. The loan is then repaid when the applicant is able to access a traditional mortgage.
ACJ can advise on how to access this fund and guide you through the application process, alleviating financial concerns and the associated stress, leaving you free to focus on creating your new home.
Call ACJ now on 01343 559327 to find out how the Highland Self-Build Loan Fund can help you.
Renewable technologies incentives
If you’re considering installing renewable technologies, such as solar panels or ground source heating, then the team at Cormack Homes keep up to date with all the latest government incentives for renewable energy installations and can help you calculate your return on investment.
Other grants and loans
We are aware of a number of other grants that may apply to new-home builders, depending on their circumstances. We’ll help you source these if they apply to you.