When you are planning to build your own home, there are lots of things that you will need to organise and think about before you start -from finding the right architect like this Monmouth architect hillsandcompany.co.uk/ to making sure that you have the plot of land that is suitable to build your new home on. However, before you can do any of this you need to make sure that you have the money to do the project.
What most people do when they are looking to finance a project like this, is to get a self build mortgage. Not all lenders will provide these, so it is worth looking at where you can get them from and what the options are for you.
A self build mortgage does not quite work in the same way as a mortgage that you would take out to buy a house. The main difference is the fact that they are not paid in one lump sum, as they are when you purchase a house, but they are paid in separate chunks during the process of the construction. For example, when you reach a certain point in the project, you will then be eligible for the next lump sum. This is done to protect the lender, but it also helps you to keep within your budget.
You may also find that there is more paperwork to be done when you are taking out a self build mortgage. This is because they tend to be more complex, and there are more variables when you are building your own home. You need to provide things to the lender, such as the planning permission and the plans for your new home.