help to build mortgages
If you’re a mortgage adviser, looking for the best help to build mortgage for your client’s self or custom build project, look no further than BuildLoan.
As a mortgage adviser, your job is to recommend the best product and lender for your client’s individual requirements. And when it comes to help to build mortgages, there’s no better option that BuildLoan.
Help to Build provides the self or custom builder with a mortgage of up to 95% of their land and build costs – meaning they only need to find 5% of their project costs themselves.
The Help to Build Equity Loan of up to 20% of their approved land and build costs (increased to 40% in London) reduces the mortgage balance and monthly payments. The equity loan is interest-free for the first 5 years, making the monthly payments much more affordable.
BuildLoan has designed the UK’s first ever Help to Build mortgages in association with Darlington Building Society. There are two products currently available with several more launching over the coming months from our panel of lenders.
Your client can apply for a mortgage of up to 95% of their land and build costs – released in stages as the build progresses – this makes building their own home a realistic option for many more people.
- Higher lending percentages on land and build costs
- Advance stage payments
- Cost based mortgages
- Interest only during the build
- Cashflow individually tailored for their project to ensure sufficient cash
- Possible to stay in their existing home while building their new one
- Ongoing expert support and guidance
Once they’ve completed their home and the warranty certificate has been issued, a government equity loan of up to 20% of their previously approved costs (up to 40% for projects in London) is paid to the lender to reduce the mortgage balance and monthly payments and this is interest free for the first five years, making the overall cost much more affordable.