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Naturally, these work differently to a regular house purchase as, in the early stages, there’s no property to provide security for the mortgage.

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.

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