Amicable Mortgage Services Southampton Hampshire

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Self Build Mortgage

Self Build Mortgage

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Self Build Loan Features

Previously this type of mortgage was generally only offered by the traditional banks, however now

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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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THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME.

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY OTHER DEBT SECURED ON IT.

There may be a fee for broker advice, the precise amount of the fee will depend upon your circumstances. If a fee is charged it will be 2% of the loan amount payable on completion of the mortgage, subject to minimum £595. For example a £100,000 advance X 2% = £2000.
The
Financial Services Authority does not regulate some aspects of commercial finance, personal finances, buy to let and overseas mortgages.

 
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Free Phone 0800 781 0414
Amicable Mortgage Services Ltd, 32 Twyford Avenue, Southampton, Hampshire, SO15 5NP, which is authorised and regulated by the Financial Services Authority.
Registered office 5 New Broadway, Hampton Hill, Hampton, Middlesex, TW12 1JG, registered in England No4470987
©2008