Self-Build Mortgage Tool
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Assess Self-Build Mortgage options other than Development Finance or Bridging.
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Get an idea of what the client can borrow on the initial loan to get moving and what they need in savings.
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As a guide, interest rates on Self-Build Mortgages are about 1.5% more than standard residential mortgages.
Interest rates on land without planning permission are commercial land interest rates so start at 4% above residential mortgage rates.
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This tool will also let you know if the client is in a position to proceed or be referred.
Planning Permission & How Much Can They Borrow
What, if any, planning permission is there?
Without planning permission, the maximum mortgage available will be limited to 50% of the value of the land and the land will need a minimum value of £100,000. Interest rates will be commercial land rates so have a premium of approximately 4% above a residential mortgage rate. You need at least outline planning permission for a Self-Build mortgage but there may be other mortgage options available. See below.
Given the above, how would the client like to proceed?
With outline planning permission, the maximum initial mortgage would be 80% of the value of the land.
Will 80% of the value of the land plus any applicable savings raise enough funds to complete the first stage of the build? i.e. to clear the site, access all services/utilities, and complete the foundations and footings?
That's great news, enter further details below and submit the form and we will be in touch.
If this is not sufficient is there any equity in other property assets that we can look to raise additional funds on to help achieve their aims?
That's great news, enter further details below and submit the form and we will be in touch.
It appears as though at present they do not have sufficient savings to progress with a Self-Build project but do play around with this tool to look at what they need to make this happen and when they have sufficient savings and are ready to proceed please do get back in touch.
If you are not sure, it will be worthwhile re-assessing their estimated budget with their savings before re-visiting this self-build mortgage tool. Look at alternatives using this tool to assess options in different scenarios and then when appropriate, contact us. When you are ready to progress, let us know.
With full planning permission the maximum initial mortgage will be up to 85% of the value of the land.
Will 85% of the value of the land plus any applicable savings allow them to raise enough funds to complete the first stage of the build? i.e. to clear the site, access all services/utilities, and complete the foundations and footings?
That's great news, enter further details below and submit the form and we will be in touch.
If this is not sufficient is there any equity in other property assets that we can look to raise additional funds on to help achieve their aims?
It appears as though at present there are not sufficient savings to progress with a Self-Build project but do play around with this tool to look at what is needed to make this happen and when there are sufficient savings and are ready to proceed please do get back in touch.
That's great news, enter further details below and submit the form and we will be in touch.
If you are not sure, it will be worthwhile re-assessing their estimated budget with their savings before re-visiting this self-build mortgage tool. Look at alternatives using this tool to assess options in different scenarios and then when appropriate, contact us. When you are ready to progress, let us know.
It appears as though at present there are not sufficient savings to progress with a Self-Build project but do play around with this tool to look at what is needed to make this happen and when there are sufficient savings and are ready to proceed please do get back in touch.
It appears as though at present the applicant is not ready to progress with a Self-Build project but do play around with this tool to look at what is needed to make this happen and when they are ready to proceed please do get back in touch.
That's great news, enter further details below and submit the form and we will be in touch.
That's great news, enter further details below and submit the form and we will be in touch.
Contact Details
Please only submit this form if the client is in a genuine position to proceed at the moment. Otherwise, use the tool to inform the client about rate (approx 1.5% above standard resi-rates) and LTVs involved and come back to us when the client is in a position to progress.
Which service do you require?
YOUR HOME OR YOUR PROPERTY MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE OR ANY DEBT SECURED ON IT.
This interaction is with Exclusive Connections Limted t/a Brilliant Solutions which is an Appointed Representative of Brilliant Money which is authorised and regulated by the Financial Conduct Authority (‘FCA’) and is entered on the FCA Register under reference 611227. Not all mortgages are regulated by the FCA, your adviser will explain to you your rights under UK mortgage regulation and legislation.
You may also contact us to ask if you are uncertain about any of the above and require further information.
Brilliant Money is a trading style of Brilliant Mortgages Ltd which is registered in England and Wales, No. 06140621 with a registered address at 3 Murray Street, Llanelli, SA15 1AQ.