Business
Mortgage Business
Loan Buy
To Let
Self
Build Loan Features
Previously
this type of mortgage was generally only offered by
the traditional banks, however now
certain
lenders have developed and tailored new more flexible
products to meet the growing demand for this type of
mortgage, with more people taking this project on due
to the large demand in UK housing and the potential
large profit but with all business ventures it carries
high risk and profit can never be guaranteed.
For
a build yourself mortgage traditionally lenders would
lend in arrears in staged payments. These loan payments
are released reached each time a certain amount of the
building work is completed and successfully signed off
with generally a low loan to value. This meant the borrower
would have to put down a large deposit. Now it possible
to obtain no early repayment charges on completion,
higher loan to values up to a maximum of 95% and stage
payments being released in advance obviously depending
on a borrowers individual circumstances.
The
95% higher loan to value can be on the land purchase
and 95% of the building costs. This enables the borrower
greater cash flow ability over the project. Also this
type of mortgage can be set up and run whilst the borrower
still has their old property mortgage in place.
On
mortgage application the plot of land to be purchased
will need outline planning permission, a break down
of building costing, architechural drawings and a property
legal pack. This loan can be available to the employed
and self employed on a self certification bases if required.
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