Self Build Mortgages
The main difference between a self build mortgage and a house purchase mortgage is that with a self build mortgage, money is released in stages as the build progresses rather than as a single amount. Some lenders will lend you money to purchase land, typically 75% of the purchase price or value, whichever is lowest.
There are two methods by which the money can be released during the build – at the end of each stage or at the start of each stage (known as arrears stage payments and advance stage payments respectively).In the arrears stage payment method, the money for that stage is released after the stage has been completed and a Surveyor has visited the site and confirmed completion of the stage.
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