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Self Build Mortgages

Anyone who’s considered building their very own ‘grand design’ knows that financing the project can be one of the biggest challenges ahead. At esbs we like to make it our job to help turn the dream into a reality with our dedicated Self Build Mortgage.

We are also able to support with a re-mortgage for a project that has already started to help keep progress on track.

Additionally we will consider mortgages to cover land purchase (with planning permission), buying a property to renovate as well as barn conversions, meaning you can get on with the most important bit, getting that project off the ground.

We can even consider a self build project where planning permission has been granted and is subject to an agricultural tie clause, or a Section 106 occupancy clause.

With a self build mortgage, money is released in installments so it’s good to know you will have a specialist adviser supporting you throughout.

We can consider lending up to 50% of the value of the land and up to 75% of the value as the works progress.

And to help with cash flow and budgeting, it may be possible for this to be interest only until the property is completed and you move in.

We know that no two projects are alike so we take every application on its own merits and make sure that every single one of our customers is treated as an individual.

To qualify for a self build mortgage, we do ask that:

  • The property is detached
  • It must be for your residential use so can not be built for commercial purposes, including to be let out
  • In the main, it must be built using standard construction materials but please feel free to chat this through
  • The property will have a suitable warranty or be architect or professional consultant supervised (See list of acceptable warranties and architect qualifications below)

Acceptable Professional Consultants are:

  1. fellow or member of the Royal Institution of Chartered Surveyors (FRICS or MRICS)
  2. fellow or member of the Institution of Structural Engineers (F.I.Struct.E or M.I.Struct.E)
  3. fellow or member of the Chartered Institute of Building (FCIOB or MCIOB)
  4. fellow or member of the Architecture and Surveying Institute (FASI or MASI)
  5. fellow or member of the Chartered Association of Building Engineers (FCABE or MCABE)
  6. member of the Chartered Institute of Architectural Technologists (formally British Institute of Architectural Technologists) (MCIAT)
  7. architect registered with the Architects Registration Board (ARB). An architect must be registered with the Architects Registration Board, even if also a member of another institution, for example the Royal Institute of British Architects (RIBA), or
  8. fellow or member of the Institution of Civil Engineers (FICE or MICE).

The buildings insurance certificate will need a minimum of ten years.

Acceptable Guarantee schemes are:

  • Building Life Plan
  • Build-Zone
  • LABC
  • NHBC
  • Premier Guarantee

If none of the above are available then we could still consider an application, provided the maximum LTV is no more than 33%, and the property is subject to a satisfactory building survey provided by the Society’s panel valuer.

Click on the product below to find out more

PRODUCT DISCOUNTED
FOR
STANDARD
VARIABLE
RATE (SVR)
INITIAL RATE
PAYABLE
APRC EARLY
REPAYMENT
CHARGE PERIOD
MAX
LTV
BOOKING/ ARRANGEMENT FEE
Self-build Mortgage SVR less 0.25% for 5 years 5 years 5.24% 4.99%
(Collar 2.5%)
5.4% 2 years 50% on land and up to 75% at stage release £125 – Upfront Booking Fee £999 Arrangement Fee

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE

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