We at Carpenter Oak are supporters of and exhibit at the National Self Build and Renovation Centre in Swindon, which is a great resource for anyone planning or researching a self build or renovation project.
Even us seasoned professionals learn something new every time we go there and that includes whenever we catch up with the staff at BuildStore about self build finance.
Of course they aren’t the only provider out there, but in our experience as individuals who love self build, we’d recommend a visit to the NSBRC or check out the following as part of your ongoing research…
Self Build Finance
If you dream of building your own Carpenter Oak home and need help funding this, it’s important to get expert mortgage advice early on, to have a clear understanding of your budget and borrowing options.
BuildStore Mortgage Services are the UK’s self build mortgage experts. Their specialist mortgage advisers will recommend and tailor a borrowing solution to suit your financial circumstances, build and payment schedule.
Self Build Mortgages
As your self build home will be built and paid for in stages, rather than borrowing funds using a traditional mortgage, a self build mortgage which releases funds in stages throughout the build rather than a single amount, is more suitable.
There are two types of self build mortgage. They are defined by how funds are released during the build, where your stage payments are either subject to an increase in the value of works completed or guaranteed based on your costs.
A valuation based stage payment mortgage releases funds after each stage of works are complete, where a valuation has taken place showing an uplift in value. This borrowing option may not suit your build payment terms if you’ve chosen a timber frame construction.
The BuildStore Cost Based Stage Payment Mortgage provides guaranteed payments based on your build costs either before or after each build stage, depending on your build payment schedule.
Cost Based Stage Payments
Your build payment schedule can influence your choice of mortgage, and often dictate the need for guaranteed cost based stage payments. Especially if you’ve chosen a timber frame construction for your new home, as it’s likely that your supplier will need payment in full before the structure is delivered onsite.
The BuildStore cost based stage payment mortgage is ideally suited to timber frame builds, as your stage payments can be released before each build stage and are guaranteed based on your costs, so you’ll have the cash you need to meet your supplier’s payment terms.
The BuildStore Difference
– Specialist knowledge and expertise
– Competitive interest rates
– Exclusive products and lenders
– Interest only during the build
– Guaranteed cost based stage payments available
– Ability to stay in your current home until your new one is complete
– Tailored cashflow to suit your build and payment schedule
For expert advice on financing your oak frame project, simply complete the enquiry form or call 0345 223 4888.
Your home may be repossessed if you do not keep up repayments on your mortgage. BuildStore Mortgage Services Ltd do not charge a fee for self build and custom build mortgages. For other mortgage types a fee of £395 is charged, which is payable on offer.
© 2018 BuildStore Mortgage Services Ltd. All rights reserved.
BuildStore Mortgage Services Limited is an appointed representative of Mortgage Advice Bureau Limited and Mortgage Advice Bureau (Derby) Limited which are authorised and regulated by the Financial Conduct Authority.
BuildStore Mortgage Services Limited. Registered Office: 8 Houstoun Interchange Business Park, Livingston, EH54 5DW. Registered in Scotland Number: SC448916