A new initiative from the Government has been announced – Help to Build.
Similar to the Help to Buy equity loan, this particular proposal is an equity loan from the government of up to 20% to assist individuals building their own dream home.
There are, of course eligibility rules including, you must fully own the land/property, you must be over 18 and have a right to live in England and you will be using the newly built home as your main residence.
Your mortgage provider must also be registered with Help to Build in order to obtain the loan. You only receive the Help to Build funding after you have completed your build, as it is used to repay such proportion of your standard self build mortgage, based on the estimate cost to buy the land and build your home.
There is a lot to consider when fulfilling a dream to build your own home. Starting with finding the perfect plot, obtaining planning permission for the build, instructing an architect, planning consultant, trades, as well as making sure you have attended to all the necessary Building Control requirements and new build warranties.
Specialist advice from a range of professions is key, and mortgage brokers can help advise on the intricate details and keys terms of the Help to Build funding. There are key terms, costs and fees associated with any loan, and this self build equity loan comes with its own risks.
Legal advice before you proceed with such project is vital to ensure that all legal aspects are dealt with and any stamp duty land tax or other tax issues are considered before buying.
Our property team have extensive experience dealing with land purchases, self builds and all aspects of refinancing to guide you through and help you fulfil your grand designs dream.