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Q&As
Why Is Nobody Lending on our Self Build Project?
We are 72 and 70 years of age and have just built a new house to the very latest building standards. The ground floor is steel framed with timber infill for the most part except for one 7-metre-long wall that is concrete block. The lower ground floor is sprayed, reinforced concrete walls fixed to the 120, 11 metre deep piles with a 900mm thick floor of reinforced concrete. The roof is topped with GRP. There are 24 solar PV panels and we recycle rainwater. We use an air source heat pump for all our hot water needs.
Why will no one lend on our project?
2 Answers
Hi Ian,
Thanks for your question. I have passed this on to our expert team and will aim to get an answer over to you ASAP.
Anamika Talwaria (Build It features editor)
Currently around 15% of UK lenders will lend on self build projects, however they do all have differing criteria. Age, income and the construction type and material components will all be taken into account. Essentially, all mortgages are based on affordability, and your ability to make the repayments and pay back the loan.
Unfortunately the older an applicant is when they take a new mortgage, then the more difficult it becomes to demonstrate affordability. However there are lenders out there who are happy to lend to people aged 85, so potentially, if there is the right level of income coming in, it is entirely possible.
Lenders will also take a view (in conjunction with their surveyors) on the construction type to ensure it meets with their lending criteria and appetite. In my experience most lenders do not have an issue with “modern” steel frame, or PV panels etc. The best advice I can give is to speak with a specialist broker in this area.
Rachel Pyne (Build It finance expert)