Home buyers who want to build a property for themselves or for investment purposes, can find it a challenge to compare flexible loans that will offer them the best deal as there are many variables. A loan for building a home is called a self build mortgage, and there are several different types of self build mortgages available in the market place.
Differences between a Self Build Mortgage and a Traditional Mortgage
To compare flexible loans for a self build, the differences between a self build mortgage and a traditional mortgage first needs to be understood. The main difference is that self build mortgage money is released in stages as the building progresses, rather than as a single amount. The success of the loan application is not entirely dependent on financial circumstances, as with a traditional mortgage, but also on the quality and credibility of the presentation. Mortgage lenders will want to ensure the project is properly planned and produced by suitably qualified professionals. They will use the plans to assess the value of your plot of land and the end-value of your self build scheme. A thorough cost analysis needs to be made along with an itemized...
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