Self Build Mortgages

Self Build Mortgages 2020-02-03T12:20:06+00:00
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Self Build Mortgage

A Self Build mortgage finances your own build, and it works slightly different than if you are buying a home.

Your home, exactly how and where, you want it.

The Self Build Process

The self build process involves a few stages from acquiring a site, obtaining a planning permission to the building of your home. Building your own home from scratch may take considerably longer, but it may be more cost effective and rewarding.

Think about dealing with architects, builders, planning permissions, surveyors, councils, etc. Self Builds are not for everyone, but at least you can rely on Mortgage123 to be with you every step of the way when it comes to financing the process.

Generally, mortgage lenders will advance up to 70% of the cost of buying the site and 100% of the building cost. It is best to not seek a mortgage loan exceeding the 3.5 times gross yearly income limit.

Your Site can be your deposit – if site is gifted or already owned, you may borrow up to 100% of the Build Costs.

Provisional Approval-in-Principle without full planning and costings based on incomes, etc.

Final Approval-in-Principle requires all documents showing for First Time Buyers plus Final Grant of Planning Permission. Full Costings or Fixed Price Contract, details of Supervising Engineer, Gift Letter if site is gifted.

Include Estimates for All Costs: Landscaping, Drives, Kerbing, Gardens

Up to 6 draw down Stage Payments: Site Acquisition, Foundation, Floor, Roof, Habitable, Certificate of Compliance.

The choice is entirely yours, but you might want to consider some certain factors.

Direct Labour

With direct labour, you are fully in charge which can be both good and bad depending on your experience. Under the supervision of your appointed architect, you will manage contracts with workers throughout the various elements of the build from foundations to finishing touches. Do you know how to arrange for your drainage and sewage, plastering, roofing, etc.? If this sounds like a daunting task, you might prefer to employ a professional builder to carry out the build for you. Managing a self build is not an easy undertaking and may require a lot of time and dedication on your part.


If you found the direct labour option above too hard, then a building contract might be for you. A professional construction company will take over the building project under the supervision of your architect. Furthermore, your architect might recommend a builder. You can go a step further and hire a project manager. This will ensure a smooth process and even pay for itself in the long run.