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Q&As
Can I Get a Self Build Mortgage to Finance my Extension?
We finished paying off our mortgage a few years ago and are now living in the house mortgage-free. It’s a 2-bed semi-detached property and we would like to extend into the garden and also do a loft conversion. We have some savings to finance the project, but I wondered if there is some kind of self build/extensions mortgage or loan product we can take out to fund the rest?
One Answer
The short answer to this is yes! You can get a stage payment mortgage which will facilitate both an extension and loft conversion. The amount you can borrow will be subject to affordability and the lenders usual rules/terms for mortgages. The amount that the lender agrees to lend will be paid in stages as the work progresses, but as the property is owned outright the first payment can be based on the current value of the property, effectively providing funds to be start the work off, rather than waiting until work has been done.