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Self build mortgage brokers

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Pete Mugleston

Author: Pete Mugleston - Mortgage Advisor, MD

Updated: December 7, 2021

Many self build enthusiasts are unaware that a lot of the laborious tasks that often come with a mortgage application, can be carried out by a self build mortgage broker.

But what does a mortgage broker do and how can their knowledge of self build projects help you?

To give you all the information you need about how to find a self build mortgage broker we’ve created this guide

You can read more about self-build mortgages here.

Why do I need a self build mortgage broker?

All lenders have a different set of criteria that they pursue to determine whether or not they will loan to you.

The rules that they adhere to change from lender to lender, meaning that some may accept you whilst others will not.

This can make the process of finding a lender that is more likely to accept you difficult which is why so many people turn to Self Build mortgage brokers for help.

A mortgage broker who specifically specialises in Self Build mortgages will already know based on your circumstances, which lenders to approach on your behalf.

They will have access to lenders across the UK and can take the time to find the best rates with the most favourable mortgage terms.

Incorrect advice can cause delays and issues with your mortgage application, which is why we only ever recommend whole-of-market brokers, who can provide you with accurate information.

Moreover, specialist advice is recommended as self-build mortgages are more difficult to get than standard residential home loans.

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Why are Self Build mortgages harder to get?

Lenders can typically be more cautious when loaning for self build projects as these are deemed as risky loans.

Many lenders can restrict their lending when it comes to self build projects because the associated risks are high. If the property is never fully completed, it makes it less saleable.

This creates a risk for the lender as if the borrower defaults on their mortgage payments, the lender may have to repossess and sell the home to make the money back from their loan.

Properties that are incomplete will be of less value which could result in the lender losing money.

This can affect your ability to borrow, meaning that the process of finding a lender for a self build mortgage can be tedious, unless you use a specialist broker make an enquiry here to speak to one over the phone today.

What eligibility checks will a UK Self Build mortgage broker carry out?

In order for a broker to determine whether you are eligible for a self build mortgage, they will need to understand your financial and personal situation.

The best way to do this is to ask you questions about:

  • Income
  • Employment type
  • Age
  • Credit history
  • Your experience of building or managing a self build project
  • The type of property you want to build (non standard constructions can be perceived as a higher risk)
  • The land you want to build on

Based on your answers, your broker can advise you on your next steps and which areas they can help you improve on in order for you to get the best mortgage rates.

What to look for in a Self Build mortgage specialist

A good mortgage broker should be understanding, with the ability to listen to what you need from your self build mortgage and be able to find the best solution to suit your needs as well as desires.

Every mortgage application is different which is why it is important that the broker you choose has experience and knowledge in multiple areas.

These may include:

The above categories are niche areas and many inexperienced brokers simply lack the necessary knowledge needed to provide sound advice.

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Can a self build broker help with my application?

A mortgage application can be an exciting yet daunting time for many applicants, so your broker needs to take the time to reassure and explain the details that you might not be sure of.

You might have questions about your credit history and how it could affect your ability to get a mortgage with a good interest rate.

Your broker can help you gain free access to your credit files so you can see what lenders will see when they assess your application and help to quickly identify any issues on your application.

Get your credit rating

Upon raising these concerns, your broker can filter out the lenders that are less likely to approve you and find the ones that are more suitable for you.

This can save a lot of wasted money in application fees as well as time. So often, we hear of people who have applied to the wrong lender based on bad advice, only to be rejected.

This leaves many applicants with the belief that they simply can’t get a mortgage which in many cases is incorrect.

Where can I get advice on Self Build mortgages?

If you have questions about Self Build mortgages or want to speak to an expert for the right advice, call Online Mortgage Advisor today on 0808 189 2301 or make an enquiry here.

Then sit back and let us do all the hard work in finding the broker with the right expertise for your circumstances.  We don’t charge a fee and there’s absolutely no obligation or marks on your credit rating.

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Can a Self Build broker help me work out costs?

Yes. A lot of people feel uneasy about calculating how much their mortgage payments will be but a mortgage broker will have done this hundreds of times before and will know what to do.

Can a broker calculate my deposit?

Yes. Each lender may require varying amounts of deposit but usually, most will ask for a 25-40% deposit.

The amount you will be asked for from any given lender will also differ depending on your own circumstances.

For example, a self employed applicant may be asked for a larger deposit whilst someone in full time employment, with a good credit history and income may be asked for a lower deposit.

Where do I gain planning permission?

Most developers will expect you to have planning permission ahead of your mortgage application and this is granted by your local authority.

Without preparation, it can be difficult to obtain because of local restrictions or the design of the building you propose to build.

Using their experience and knowledge of the local councils, your broker can also preempt any issues that might arise on your planning application.

Can a broker help me with the paperwork?

The amount of paperwork typically involved with a self-build loan is greater than a standard residential mortgage which can be overwhelming.

A Self Build mortgage broker can fill out any necessary documents and send them on your behalf.

Will my broker know what documents I need to apply for a Self Build mortgage?

It is your brokers job to inform you of all of the necessary documents you’ll need which will likely include:

  • Utility bills
  • Proof of any benefits received
  • P60 form from your employer
  • Your last three months’ payslips
  • Passport or driving license (to prove your identity)
  • Bank statements of your current account for the last three to six month

You will also need your building plans, a construction contract and details of how much the build will cost. Again, you broker can help you with this.

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We know everyone's circumstances are different, that's why we work with mortgage brokers who are experts in Self build Mortgages

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About the author

Pete, an expert in all things mortgages, cut his teeth right in the middle of the credit crunch. With plenty of people needing help and few mortgage providers lending, Pete found great success in going the extra mile to find mortgages for people whom many others considered lost causes. The experience he gained, coupled with his love of helping people reach their goals, led him to establish Online Mortgage Advisor, with one clear vision – to help as many customers as possible get the right advice, regardless of need or background.

Pete’s presence in the industry as the ‘go-to’ for specialist finance continues to grow, and he is regularly cited in and writes for both local and national press, as well as trade publications, with a regular column in Mortgage Introducer and being the exclusive mortgage expert for LOVEMoney. Pete also writes for OMA of course!

Read more about Pete

Pete Mugleston

Mortgage Advisor, MD

FCA disclaimer

*Based on our research, the content contained in this article is accurate as of the most recent time of writing. Lender criteria and policies change regularly so speak to one of the advisors we work with to confirm the most accurate up to date information. The information on the site is not tailored advice to each individual reader, and as such does not constitute financial advice. All advisors working with us are fully qualified to provide mortgage advice and work only for firms who are authorised and regulated by the Financial Conduct Authority. They will offer any advice specific to you and your needs.

Some types of buy to let mortgages are not regulated by the FCA. Think carefully before securing other debts against your home. As a mortgage is secured against your home, it may be repossessed if you do not keep up with repayments on your mortgage. Equity released from your home will also be secured against it.

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