Building your own home

An existing customer found a plot perfect for building their dream home. Now this couple knew the trades, they knew how to build a home, and were well connected to get the project done from footings to worktops.

They needed us to help map the financial journey — lots of questions like “What about our current house and mortgage?”, “Can we afford this?” to “What happens once it’s built?” Deposit, Cashflow, Insurances all needed covering.

We broke the process down step-by-step; they went off and costed everything. Once we knew the final figures, a contingency was built in and we set about sorting a Decision in Principle. Once the plot was theirs, we arranged a Stage Release mortgage for the build. Job done….not quite yet.

Nearly a year (and a lot of mud and scaffolding) later, the home was complete and signed off. At that point, we focused on getting them the best rate and switched them onto a more traditional lender, for their long-term peace of mind. Now they can sip coffee from their favourite mugs, enjoying the view, relishing the fact they have a great mortgage in place.

Self Build Mortgages are hard work…. it is an arduous process by its ongoing nature and requirements. Now ask this couple whether having an experienced broker matters during a self-build? They’d probably say something like, “We would have struggled without Prospect!”