Since the credit crunch took hold, there have been varying effects on the Specialist Mortgage markets within the UK.
In the case of Self Build Mortgages the effect has been :
- A Reduction in the number of Lenders operating in the market
- A Reduction in the mortgages available
- Tightening of Credit controls by lenders
- Greater deposit requirements on land and Build costs
With regard to Self Build Mortgages in Scotland the effect has been greater, due to the fact that many lenders only operate in England & Wales, or will only lend in Scotland through Independent Mortgage Brokers such as ‘The Mortgage Specialist’.
In order for most clients to secure the funding they require, with the most cost effective fees and rates, It is essential that Whole of Market is sought.
At The Mortgage Specialist, our advice will not just be mortgage related, We will advise and recommend on other aspects, such as :
- Required Survey(s)
- Planning Permission Requirements to enable progress
- Solicitors that can be used
- Possible land issues (eg. Off mainland)
- VAT reclaim at end of build
Building your own house can be one of the most exciting things that anyone can do.
However, it should not be taken lightly, and the correct advice from a suitably qualified Independent Mortgage Adviser should always be sought to ensure a successful and cost effective project.
