Financing a self-build project to suit multi-generational living

When our new clients, Roselin and Martin, decided to build their own home, they wanted to find out as much as they could about the self-build process. As well as talking to CB Homes and undertaking a lot of online research, they also attended several conferences designed for self-builders. They found the conferences particularly useful when it came to researching ways of financing their self-build project.

Roselin says,

“The conferences have a bewildering amount of information and all sorts of exhibits, which are a lot of fun to look at. The most valuable thing we found was attending presentations on financial advice, especially when it came to how to find a lender when you want to build your own home.”

There are a number of different ways of financing a self-build. Some people can use cash, others may raise the money by selling or remortgaging their existing home. You may be able to secure a custom build mortgage or look at bridge finance. A self-build mortgage may also be an option. You can read about the differences between a self-build mortgage and an ordinary mortgage here.

In this instance, Roselin and Martin are selling their current home and drawing down some pension funds too in order to finance their project.

Challenges of financing a self-build project

Roselin says no one should be put off building their own home by assuming it will be too difficult, but she does sound a note of caution.

“The process of acquiring land for self-build can be complicated and quite long and drawn out too. In order to satisfy our lender, we had to jump through quite a series of hoops. We had to find a way to fund the purchase of the land before we could access the mortgage for the build, and there was a time limit placed on the deal too, which made it all quite stressful. It all came good in the end though!

“If anyone asks me about self-building, I would say if you want to do it, start the process early, don’t delay. Do a lot of research too so you learn about the whole process before you begin. I’ve been signed up to CB Homes’ newsletters for years – they are full of useful tips and it all helps you gain a greater understanding what is involved.”

Thinking about building your own home? Wondering about financing a self-build project? Look at our library of self-build resources here and read our past blogs here.

Get in touch with our team to find out how we can help you turn your dreams into reality.