If you have purchased a site or are lucky enough to have been given a site, and decided to build your new home by direct labour you have made a good decision. We at Foskin Financial specialise in arranging Mortgages for self-build and will hand hold you through the process.
With labour costs at their lowest in years and all materials competitively priced you should be able to build the home of your dreams at a reasonable cost.
Here are some basic steps to bear in mind.
- Employ an Architect to draw up your plans and apply for planning permission.
- Contact a good Solicitor who will transfer the site into your name and advise on any tax implications on receiving a gift of the site.
- Obtain quotations for materials and Tradesmen.
- Contact Foskin Financial to arrange your mortgage. You should be able to borrow 100% of the construction costs if you either own the site or received a gift of the site, and you can draw down the mortgage in stages.
- You will need a qualified Architect/Engineer to supervise the construction of the property and to certify stage payments for the lender. That person will need to have professional indemnity insurance.
- It’s important that you do not start the construction without first completing and returning the commencement notice to your local authority.
- It is advisable to take out a self-build policy to protect you in event of someone getting injured on site or theft of materials and equipment or damage by vandals to the property. This cover will include public and employers liability. Ask Foskin Financial for a quote.
- Your supervising Architect/Engineer will need to supervise the pouring of the foundations.