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For a self-build property, lenders will usually release the mortgage in tranches , to fund each stage of construction, from buying the land through to final decoration. In most cases, lenders will release the funds on after each construction stage is completed, which is why it’s so important to make sure your finances are in good shape and that you get the right self-build mortgage for your circumstances from the outset.
At Franklyn we’ll help make sure you’re ready to apply for a mortgage – generally lenders will expect you to have a minimum deposit of 15%* or above, together with detailed plans and relevant planning permission – before searching the market to find the most suitable self-build mortgage for you.
So if you’re looking at financing a self-build project, your first step should be to sit down with a member of the Franklyn mortgage team.
* Source: Build Loan
Your home may be repossessed if you do not keep up repayments on your mortgage.
Franklyn Financial Management Ltd is an Appointed Representative of and represents only St. James’s Place Wealth Management plc (which is authorised and regulated by the Financial Conduct Authority) for the purpose of advising solely on the Group’s wealth management products and services, more details of which are set out on the Group’s website www.sjp.co.uk/about-st-james-place/our-business/our-products-and-services.
Franklyn Financial Management Limited is registered in England and Wales, Number 06280392.
Registered Office: St. James’s House, 4-5 John Bradshaw Court, Alexandria Way, Congleton, Cheshire, CW12 1LB, England.
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