What is the criteria for acquiring a self build mortgage?

One Answer

1. Lucy Aplin says:

   7th January 2020 at 12:29 pm

   Hi,

   We have a recent article that covers all the important information you will need to know about self build mortgages: https://www.self-build.co.uk/get-best-self-build-mortgage/

   This is a relevant snippet from the feature (although it should all be of use for you) –

   “Self Build mortgage application forms now include detailed questions about lifestyle as well as earnings, and look to see how each applicant disposes of their cash on a weekly, monthly and annual basis.

   So, from a personal perspective, lenders ideally want applicants with appropriate incomes in relation to the sums being sought; excellent credit scores reflecting no known previous credit complications; along with well-managed weekly and monthly outgoings demonstrating strong skills in cash management.

   Some lenders may have an issue with age, where proposed mortgage terms might stretch beyond intended retirement, but others understand that after the house is built the lending profile is likely to switch to something more appropriate.

   For those who are self-employed, lenders need to see multiple years of earnings via submitted tax returns and, where appropriate, limited company filed accounts.”

   Hope the article is of help!

   – Lucy (Build It Digital Editorial Assistant)

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