Many self-builders undertake some work themselves, but lenders will usually want reassurance that the project can be completed to the required standard.
In most cases, lenders will expect planning permission to be in place before issuing a formal mortgage offer.
Yes. Some lenders will consider first-time buyers, although they may require additional evidence that the project is realistic and affordable.
Most lenders require a deposit, although the amount varies depending on the project and lender. Larger deposits may provide access to a wider range of products.
In most cases, the mortgage will automatically move onto the lender’s Standard Variable Rate unless you arrange a new mortgage product beforehand.
Potentially. If interest rates fall and your lender reduces its SVR, your monthly repayments may decrease. However, there is no guarantee that this will happen.
The Standard Variable Rate is often higher than the rates available on new mortgage deals. Many homeowners choose to remortgage when their initial deal ends to secure a more competitive rate.
They can be. If interest rates rise, your monthly repayments could increase. Borrowers should ensure they can comfortably afford higher payments if rates move upwards.
Many variable rate mortgages do not have early repayment charges, but this varies between lenders. Always check the mortgage terms before switching.
No. A tracker mortgage follows a specific benchmark rate, whereas a Standard Variable Rate mortgage is set by the lender.