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Custom Build Mortgages
Custom build in the UK is a growing concept with many people now choosing not to purchase a traditional property and instead look to use a developer to build the property style of their choice, they build their own property or they purchase a custom pre-fabricated factory build which can be self-assembled.
In light of planning laws being relaxed and more national lenders accepting non- standard construction, we are able to assist numerous customers who are taking this route and whom are seeking a mortgage on a custom build property.
There are predictions that custom build is the future and provides a far cheaper, more cost effective method to own your own home. It is also a welcome strategy to alleviate the housing crisis with more and more people building their own home. What is custom build?
There is no widely agreed definition of what constitutes a custom build and the terminology is used generically for many different types of construction.
The traditional definition is that custom build homes are properties which are self-built but are facilitated by a developer. The developer provides the opportunity for buyers to decide on a unique property style and size, which serves the personal needs of an own and preferences. The developer acts effectively as both the builder and the project manager and puts into place, a buyer’s personal requirements, which historically would only be achieved by the homeowner themselves, putting on their hard hats and building the property themselves.
For the working customer, with a busy lifestyle and family and other commitments, the use of developers, has become a first choice option to self-create your own property. This method of building alleviates some of the pitfalls of self-build, for example having to buy land, servicing the plot with essential utilities, obtaining the necessary planning permissions and building consents, in an area were inexperience can prove costly.
There are however, a growing number of companies now offering pre-fabricated homes built in the factory and assembled on site. The growing demand for these products and properties has caused a number of lenders, traditionally unassociated with non-standard construction, to offer specialist mortgage products on these homes.
The housing crisis and custom build
There is no doubt that the UK still lags behind other countries with the volume of custom-built homes. This historically has been compounded by the number of national lenders who remain reluctant to enter this space. Planning constraints and the unavailability of competitively priced mortgages has caused many customers to invest in more traditionally built property. All however, could be about to change.
The Future
The requirements for a self - build mortgage are often similar to a self-built mortgage. A self-build being by a developer and self- built being buy the individual themselves. Both types of mortgage allow mortgage funds to be drawn down all at one stage as a single amount or they can be released in stages as the build progresses. Interest is only paid on the amount you have drawn down. The challenge with staged release drawdown is always the difficulties involved in valuation, when there is a unique design. We work with a range of flexible lenders with experience in self and custom build mortgages and both they and we understand the issues.
There is no doubt that custom-build is becoming an important and growing segment of the market and we are seeing more and more lenders, offering competitive deals often at prices available on their standard range of mortgage product. Each lender has specific qualifying criteria and often it can be down to the relationships with the lender, to obtain the best mortgage deal.
There are three stages to our award winning process:
| 1 | Indicative Rate |
| Typically clients using the service, tell us they want to discuss their current situation and take us through any difficulties they may have. We can quickly give an indication as to the feasibility of what they are looking to do, undertake detailed research on the potential rates, confirm we can safely assist and importantly, express how we operate. | |
| 2 | Approval in Principle |
| This stage involves completing a 45 minute Mortgage Fact Find questionnaire over the phone to fully assess needs and requirements. Once complete, we undertake research across a comprehensive panel of lenders to recommend the right mortgage. A detailed illustration is provided which we will take you through. If you are happy with the illustration we will then request documents from you to support the application. On receipt of the documents we will obtain formal approval in principle from the lender. | |
| 3 | Full Application |
| We will process your full mortgage application and liaise directly with the lender on your behalf. We organise the valuation and deal with any issues that may arise during the mortgage application. | |
We still appreciate however, we are not right for everyone and typically we best assist clients
- With non-standard/non-traditional requirements;
- That are time pressed and need the most competitive and quick results; or
- That just need an independent guiding hand through the minefield of products to obtain them the most competitive deal and to assist them through all the complexities within the mortgage process.
We pride ourselves on delivering advice which is accurate, tailored to your situation and fully compliant with Financial Conduct Authority (FCA) guidelines and best practice.
For help and assistance, call us today on 0207 710 0400 to speak to one of our Mortgage Advisers.
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YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE
Think carefully about securing other debts against your home. Your home or property may be repossessed if you do not keep up repayments on your mortgage or any other debts secured on it.
Commercial Mortgages and some forms of Part Commercial & Buy to Let mortgages are not regulated.
In assessing your requirements, we do not use credit scoring and we can provide an accurate estimate of the amount of borrowing and the viability of your requirements, without effecting your credit score.
We avoid credit searches at the initial stages given that numerous credit searches will impact your ability to access cheap credit. It is clear that too many credit applications in a short period of time will impact your score and whilst it is important to shop around, formal applications for a mortgage can trigger rejections, as it gives the impression you may be desperate for credit. It is essential when making enquiries for any financial product, that the Company does not credit score you, until such time as you have agreed to make a formal application.
We can indicate your chances of approval prior to any application being made and where necessary, can obtain decisions in principle from lenders who do not use credit scoring.
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