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Q&As
When can I get a standard residential mortgage for my self build?
Hi,
I am a builder and I'm currently building my own home. The roof is done and the windows will be installed in the first week of May. After that, floor screed will be going in, as well as the boiler, electrics and I will fit a very basic kitchen and bathroom.
Due to rising costs, I have not got as far as I wanted with the funds I had. My parents are lending me enough to get the build to a stage where we can live in it (still far from finished).
My question is: at what stage can I get a standard residential mortgage? I have sent emails to mortgage brokers, asking this same question, but none of them are replying. Please help!
One Answer
Hi Horizon224,
I can provide you with some general information, but please note that mortgage requirements and processes may vary depending on your location and the specific lender. It’s always recommended to consult with a specialist mortgage advisor for accurate and up-to-date information. However, I can give you a general idea of when you may be able to obtain a standard residential mortgage during the home building process.
Typically, residential mortgages are granted for completed properties. Lenders want to ensure that the property is habitable, meets certain safety standards, and has a minimum level of functionality. This is because the property itself serves as collateral for the loan, and lenders want to minimise their risk.
The vast majority of lenders will require sight of your Local Authority Completion Certificate and the completion documents from whoever has inspected and signed off your build (ie your structural warranty provider or professional consultant) before they will approve a mortgage for you.
Self build mortgages can be arranged, and used for partially completed properties if you require funds to finish off. Obviously these will be subject to certain criteria and policy, as well as affordability rules, and again I would suggest you contact a specialist in this area.
Rachel Pyne (Build It’s finance expert and Client Services Director at BuildStore)