Self build projects happen in stages, so you may not require all the monies for your project upfront. The tranche funding means the finance provider releases you money when you need it. This makes things easier to manage and believe it or not saves you overspending on your project.
With self build mortgages you typically contract yourself to servicing the debt each month so you can chip away at the debt to reduce it and create equity in your home.
The rate applied to your financial arrangement depends on the project cost and the gross domestic value of the build (GDV) when complete.
Self build mortgages aren't as lucrative as your high street bank/building society rates. Why? Because there is far more risk associated with that style of mortgage arrangement. There have been a large volume of projects that have never even been completed! The lender rates typically start from 3.5% and valuation fees are charged at each stage of fund drawdown.
A mortgage is a loan secured against your home or property. Your home or property may be repossessed if you do not keep up repayments on your mortgage or any other debt secured on it. We offer a comprehensive range of mortgage products from across the market. We offer both first and second charge mortgages, but not deals that you can only obtain by going direct to a lender. For those seeking to increase their existing borrowing, alternative finance options may be available and more appropriate for your needs. For example, a further advance from your existing lender or an unsecured loan (e.g. a personal loan).
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Integra Commercial is a trading style of Integra Financial Ltd who are an appointed representative of TenetLime Ltd, which is authorised and regulated by the Financial Conduct Authority. TenetLime Ltd is entered on the Financial Services Register (www.fca.org.uk/register) under reference 311266. Integra Financial Ltd is registered in England and Wales under reference: 1061342. Registered office and trading address: 93 East Dundry Road, Bristol, BS14 0LN. The information contained within this website is subject to the UK regulatory regime and is therefore primarily targeted at consumers based in the UK.
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