The traditional image of a self builder is of someone who has sold their current home to fund the new build and who ends up living in a caravan or on a muddy building site while working on their new home. This is no longer the case.
With some lenders, the self build mortgage can be run alongside a client's own mortgage during the build, allowing the client to remain in their own home while building the new one.
The higher lending percentages and positive cash flow provided by BuildLoan mortgages make staying in their own home more achievable.
Because your client will be running two mortgages at the same time, the lender will treat the current mortgage as a commitment and reduce the maximum amount your client can borrow for their self build. The amount deducted by each lender is detailed in the lender's product profile.
To discuss your self build, renovation or home improvement client requirements with our experienced broker desk, or to arrange a decision in principle call 0845 223 4447.
|
