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Bridging Loan to Build a House: Calculating Self-Build Mortgages

Bridging Loan to Build a House: Calculating Self-Build Mortgages
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Almas Uddin
Almas Uddin

Founder and Mortgage Advisor

Almas Uddin13 Jul 2020

The purpose of self-build mortgages is to help individuals or developers to manage and develop their own property build. Let's take a look at how self-build mortgages work, and what sort of costs they entail.

Due to the bespoke nature of a self-build mortgage, and the uniqueness of every property, it can be tricky to indicate the precise costs of this borrowing accurately. However, Revolution Finance Brokers are here to help, and our online mortgage calculators provide an idea of what this type of lending might look like.

Self-build mortgage calculators are useful to show what level of borrowing you can expect to secure, and an approximate monthly repayment cost.

To use this calculator, you will need essential information, including:

  1. The cost price of the land/budget for the building project.
  2. How much deposit you have available.
  3. What sort of mortgage term you wish to secure.
  4. Whether you would like to see comparisons at different interest rates.

Using Self-Build Mortgage Calculators to Estimate Borrowing

Given how different every self-build project will be, a mortgage calculator is intended to provide useful guidance about your potential mortgage options.

Multiple variables will impact the amount of borrowing you may be offered, as well as the cost of that borrowing.

Important factors are:

  1. How large the plot of land is, and the anticipated build cost.
  2. The size and design of the property you wish to construct.
  3. What materials will be used in the build.
  4. How much you are budgeting for fitting out and decorating.
  5. Whether there are additional costs involved for groundworks and landscaping.
  6. Whether you intend to manage your project yourself or commission a contractor.

As you can see, there is a lot to consider when thinking about building your own home! That is no reason to be put-off, and many self-build owners embrace the freedom of individual design and being able to create their dream home from the ground up.

To make the self-build mortgage application streamlined and simple, give Revolution Brokers a call on 0330 030 3040 and our friendly team will help get the ball rolling.

Reliability of Self-Build Mortgage Calculators

When using a calculator, it is always wise to bear in mind that these are based on educated estimates, and the information you provide. Should any aspect of your project change - such as the budget for the build - your potential borrowing is also likely to change.

As an indicative tool, our mortgage calculators are a fast and user-friendly way to get a good idea as to what the lending landscape can offer, and help work on initial budgeting and plans.

For a precise quotation, support with the planning process, and to understand the pros and cons of the available mortgage products on offer, get in touch at [email protected].

UK Mortgage Lenders and Self-Build Mortgage Calculators

Most UK mortgage lenders will use online calculators to provide initial estimates; these are aimed at helping potential borrowers get an idea of what sort of borrowing they might be able to achieve and an approximate repayment cost.

Online quotations are always estimates, and some lenders who do not specialise in self-build mortgages will only be able to offer estimates in line with their lending criteria. So you might get a very different result when comparing lenders online.

If you are looking for an independent assessment of the most cost-effective mortgage solutions for your self-build project, using a respected broker is strongly recommended.

Brokers have access to the whole of the market, and so can recommend mortgage products that fit your specific criteria and budget, without being confined to a limited number of products or lenders.

Mortgage Calculator Assessment Criteria

Every mortgage calculator will be based on the criteria followed by that specific lender; hence the likelihood of having different results from different direct lenders.

These criteria will vary between lenders and will include factors such as:

  1. Their affordability requirements.
  2. Your age, credit history and existing debt levels.
  3. How much deposit you have, and how much you wish to borrow.
  4. What mortgage term you are looking for in years.
  5. The type of property you want to build, and whether you have experience in property development.

Navigating the options and understanding the suitability of mortgage products can be confusing, which is where we step in!

Revolution Brokers are experts in the UK mortgage market, and use our experience in self-build financing to match every client with the best value products available.

For help with securing a self-build mortgage, understanding the application process, or for general advice about your mortgage options, get in touch today.

Contact us now to discuss your personal options, Revolution Finance Brokers specialise in commercial and residential finance in Essex, Kent, London and Hertfordshire.

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FCA disclaimer

The content included in our articles, blogs, web pages and news publications is based on information accurate at the time of writing. Note that policies and criteria can change regularly throughout the UK mortgage lending market, and it remains essential to contact the consultation team to receive up to date guidance. The information included on the Revolution Brokers site is not bespoke to any circumstances or individual application scenarios and therefore is not intended to be used as financial advice. The content we share is designed to be informative and helpful but cannot be relied upon to provide individual advice relevant to your mortgage requirements. All Revolution team members are fully qualified, trained and experienced to provide mortgage advice of an independent nature.

We collaborate with lenders and providers who are regulated, authorised and registered with the Financial Conduct Authority (FCA). Should you require specific mortgage borrowing types, some products such as buy to let mortgages may not be FCA regulated. The Revolution team can provide further information about regulated and unregulated lending as required. Please remember that a mortgage is a debt which is secured against your home or property. Your home can be at risk of repossession if you do not keep up with the repayments or encounter any other difficulties in managing your mortgage borrowing responsibly. This also applies to any remortgage or home loan secured against your property, including equity release products.