BuildStore is the UK’s leading mortgage brokerage specialising in mortgages and finance, designed specifically for homebuilding projects. Our specialist mortgage advisers will recommend and tailor borrowing solutions to your financial circumstances, design and build specifications, and payment schedule. We fully understand the products and systems Rob Roy Homes supply along with the stage payments you will require to support the progression of your timber frame home.
At BuildStore, we understand the complex and specialist experience required when financing self-build houses using a timber frame system. We have built solid relationships with lenders and created more than 60 exclusive mortgage brokers, and this allows us to help many customers who otherwise may not have had the chance to build their dream homes.
Self-build homes are built and paid for in stages, and you’re unlikely to be able to draw enough from the value of your plot alone to cover all of your costs. Self-build mortgages therefore release funds in stages as work progresses, rather than as a single payment.
There are two types of self-build mortgage: valuation-based and cost-based. The two types of deal have very different features so it’s really important that you understand how any mortgage you choose will work – particularly how the lender decides how much money they’ll give you at each stage of your build.
Valuation-based stage payment mortgages release funds after each stage of the building process is completed and a lender’s valuation shows an uplift in value. This means you won’t know how much money you’ll get after you’ve completed each stage so there is a real risk you won’t get what you need, which could bring your build to a standstill.
These mortgages may be more suitable for traditional building methods, where the build costs are more evenly spread across the build, where you already own your plot so already have some built-in value or where you have more cash of your own available to put into your build.
