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In addition to the traditional self build mortgage, where staged payments are released in arrears, SupaFinance® may also offer advanced stage payment mortgages which may be released prior to each step of the build to help fund the project. The scheme may also provide funds in advance to purchase the land and build materials. Self-Builder, our experienced mortgage consultants, have access to the whole of market to help you to find the self build mortgage that suits your requirements, allowing you to get on with the important matter of building, whilst secure in the knowledge that the funds are already arranged.
Typical Stage Releases:
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Self Build
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Renovation/Conversion
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- Land - to purchase or obtain security on
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- Purchase of existing structure
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- Completion of structural overhaul
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- Completion and upgrade of load bearing structure
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- Wind & watertight and roof tiled
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- Interior walls completed (plastered out)
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- Interior walls completed (plastered out)
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- Installation of services, e.g. kitchen, bathroom, electrics, gas
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- Ready to move in (completion)
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- Ready to move in (completion)
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As with standard house mortgages, the maximum sum a lender will be prepared to advance is based on the ability of the clients to repay the mortgage. This is based on income multiples and affordability.
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Features
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Benefits
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- Funds released in stages for:
- Land Purchase/Valuation
- Build Costs
- Finished Home
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- Funds on Land Purchase may be released with Outline Planning Permission
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- Removes cash flow problems
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- Stage Payments can be released in advance
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- Speeds up building project
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- Access to whole of market and exclusive products
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- Ability to pay for build costs in advance of stages
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- Ability to remain in existing home during the self build construction
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Important Points
- Land Funding will be released when outline planning permission has been granted
- Build Cost funding will be released when full detailed planning permission has been agreed
- Interim Valuations may be carried out prior to release of funds at build stages
- Structural work undertaken must have a suitable structural warranty during construction.
- Site Insurance must be in place prior to release of funds
Fees
- Standard Valuation Fee
- Self-Builder minimum service fee of £350.00 payable upon submission of Decision in Principle to Lender who will then confirm their ability to lend subject to them having undertaken a credit and affordability check (should the lender decline your application for reasons outside of our control, e.g. following information received from credit and income checks, this fee will not be refunded. Should the reasons be for other matters, e.g. a change in lending criteria, then we will refund £300.00).
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE
Self-Builder is a trading style of Belmont International Limited which is authorised and regulated by the Financial Services Authority and registered in England No. 1427492 at the same address. Mortgages subject to status and security. Written quotations available on request from Self-builder, Becket House, Vestry Road, Otford, Sevenoaks, Kent TN14 5EL; Telephone: 0845 100 7474; Fax: 01732 740 276; Web: www.Self-builder.com
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