Self-Build Mortgage
A self-build mortgage works differently to a standard residential mortgage - funding is released in stages as your project progresses. Protek works with Mayflower Mortgages to offer a fully tailored, whole-of-market mortgage solution for self-builders.
HOW IT WORKS
How a self-build mortgage works
A self-build mortgage is designed to help people fund the construction, renovation or conversion of their own home. Unlike a standard mortgage, funds are released in stages as the build progresses - rather than as a single lump sum at the start.
The amount released at each stage differs as each phase of construction requires different levels of funding. When applying, borrowers must provide detailed plans and costings to demonstrate a realistic budget and that the project is feasible.
THE 7 LENDING STAGES
Self-Build Mortgage - 7 Key Lending Stages
Funds are released at each of these stages as your build progresses. The exact amount at each stage depends on your specific project and lender requirements.
Plus a minimum of outline planning permission - this is the first release to help you secure your plot.
Foundation stage - once foundations are laid and approved, the second tranche is released.
Before the roof trusses are placed - the structure is at wall plate level.
The roof is on and the building is weatherproof - a key milestone for fund release.
Internal first-fix works are complete - plumbing, electrics and joinery first fix.
Second-fix works complete - the property is plastered with kitchens and bathrooms installed.
The build is finished and the property is habitable - final funds released on completion.
OUR MORTGAGE PARTNER
Fully tailored funding solution
Interest rates on self-build mortgages are typically higher than on regular residential mortgages, due to the increased risk to lenders. That’s why having an independent adviser search the whole market on your behalf is so important.
Protek works with Mayflower Mortgages, a fully independent mortgage broker who searches the entire market to secure you the best possible deal, whether you are a first-time self-builder or an experienced developer.
Protek works with Mayflower Mortgages, a fully independent mortgage broker who searches the entire market to secure you the best possible deal, whether you’re a first-time self-builder or an experienced developer.
WHY USE AN INDEPENDENT ADVISER
Access to lenders not available direct, including specialist self-build lenders
Variable salary, bonus, self-employed income and limited company directors all considered
From initial enquiry through to final drawdown - your adviser is with you every step of the way
Access to higher LTV products for those with a limited cash deposit or tight build budget
CASE STUDIES
Real self-builders, real solutions
Every self-build is different. Here are two examples of how our adviser team at Mayflower found solutions where standard lenders couldn’t help.
CASE STUDY
High Loan-to-Value Self-Build Mortgage
As a first-time self-builder, the client’s income was strong but they were working to a strict budget with limited cash available for both the plot purchase and the build itself. It was imperative that a lender could work to a higher loan-to-value to fit within the budget.
Our specialist adviser quickly sourced a product that met the client’s needs, resulting in the client successfully completing their build on budget.
CASE STUDY
Variable and Self-Employed Income
A couple wanted finance to purchase land and build a new home. The husband’s income comprised salary, overtime and bonuses, while the wife had only one year’s business accounts. Most lenders would not accept this combination.
Our adviser found a lender who could take the variable income more favourably and accept one year’s self-employed accounts - enabling the clients to obtain the mortgage required and complete their build.
GET IN TOUCH
Speak to a self-build mortgage adviser
For expert advice on how self-build mortgages work, how to get one, and access to the latest rates, get in touch with our team. We’ll connect you with a specialist adviser at Mayflower Mortgages who will help you find the right solution for your project.
MORTGAGE ADVICE PROVIDED BY
Mayflower Mortgages and Finance Limited
Mayflower Mortgages and Finance Ltd is authorised and regulated by the Financial Conduct Authority under firm reference number 944601. You can check this on the Financial Services Register at www.fca.org.uk/register. ICO registration ZA764498, which you can check at www.ico.org.uk.
Registered in England and Wales, registration number 12651855. Registered office: 1 Barnfield Crescent, Exeter, England, EX1 1QT.
Your home may be repossessed if you do not keep up repayments on your mortgage.
MAKE AN ENQUIRY
Fill in the form below or call us on 0333 456 8030 and we’ll put you in touch with a specialist self-build mortgage adviser.
Our advisers can help with:
- First-time self-builders
- Renovation and conversion mortgages
- Complex or variable income
- High loan-to-value requirements
- Stage payment and arrears mortgages
FREE RESOURCES
Download our free guides
Our guides explain your options in plain English - no jargon, no obligation.
FREE PDF GUIDE
Self-Build Mortgage & Homebuilding Finance Leaflet
An overview of self-build mortgage options, the 7 lending stages, and how Mayflower Mortgages can help you find the right funding solution for your project.
Download Free GuideFREE PDF GUIDE
Self-Build Site Insurance Guide
Don’t forget - alongside your mortgage you’ll also need site insurance and a structural warranty. This guide explains what you need and when to put it in place.
Download Free GuideReady to explore your self-build mortgage options?
Speak to an independent whole-of-market mortgage adviser - tailored advice for self-builders, renovators and converters.
Call 0333 456 8030 Make an Enquiry
✓ Independent Advice ✓ Whole-of-Market ✓ Specialist Self-Build Lenders
