Self-Build Mortgage Brokers

If you’re looking to finance your self-build, you might find a specialist self-build mortgage broker is an invaluable resource. Find out here.

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Home Self Build Self-Build Mortgage Brokers
Pete Mugleston

Author: Pete Mugleston

Mortgage Advisor, MD

Updated: March 18, 2024

Finding and applying for the ideal self-build mortgage can be a lengthy and complex process, but hiring an experienced specialist broker will allow the administrative heavy lifting to be undertaken by a professional while you focus on the project at hand.

Here we look in detail at what hiring a mortgage broker who focuses on self-build borrowing involves, what they do, how to find the right one and how much they charge.

Are there brokers who specialise in self-build mortgages?

Yes, and it’s especially in these circumstances – when looking for a specialist mortgage – that working with a niche broker too will be crucial to the success of your application. There is not an abundance of these kinds of brokers out there who do focus on self-build though, so hiring one is an asset, especially as some lenders insist you go through a broker to apply anyway.

An advisor will have insight, contacts and experience in that particular corner of the market, keeping up-to-date with any fluctuations in the industry that might affect this area of borrowing. By contrast, a non-specialist broker would be ideal for standard products but wouldn’t have the depth of knowledge needed for something as complex as self-build loans.

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We know everyone's circumstances are different, that's why we work with mortgage brokers who are experts in all different mortgage subjects.

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How to find the right self-build mortgage advisor

There are a number of steps to take to finding the right person for you: 

Find a matching service: A network of brokers which are governed by an intermediary, like our organisation, provide an unrivalled offering when it comes to locating the best specialist brokers out there. Each self-build broker affiliated to these professional services will have been fully vetted, certificated and come with experience and recommendations. This takes a huge amount of work out of the search for you and you have peace of mind that you’ll only be dealing with high quality tradespeople.

Make an online enquiry or call us for free on 0808 189 2301 to find out how our matching service works.

We're so confident in our service, we guarantee it.

We know it's important for you to have complete confidence in our service, and trust that you're getting the best chance of mortgage approval at the best available rate. We guarantee to get your mortgage approved where others can't - or we'll give you £100*

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What services can they provide?

If you’ve done any research on self-build mortgages you’ll know there are many factions when it comes to this kind of financing. A broker should provide you with invaluable support and guidance overall that will both reduce your stress levels whilst increasing your prospects of success.

To be more specific, they will take care of or assist you with the following:

Documentation: This kind of mortgage application comes with more paperwork than is standard. Lenders will be looking at whether you fit their eligibility criteria personally (affordability checks, credit history etc), as well as how suitable the building project is. These include building regulations, insurance and planning permission certificates, construction drawings and cost breakdowns.

Planning permission: This must be secured before you apply for a mortgage and your broker will help you through this process beforehand. They will understand whether you’re likely to need ‘outline consent’ or ‘detailed consent’ before approaching lenders.

Financial calculations: They will talk you through how the size of your deposit will likely impact the deal you might end up with, and what other significant costs you might be facing with this kind of mortgage so you have a clear picture of your financial commitments ahead.

Credit reports: They will dive into your files so you know where you stand after lenders have done the same thing. Bad credit doesn’t necessarily mean your self-build dream is over, but it could cause a few hurdles along the way, so you should know what you might be up against. You can download your credit reports here.

Adversity: Other than poor credit history, there are other reasons you may face challenges as part of your application. For example, if you’re self-employed or you’re building a non-standard structure. A specialist broker will know how to approach the situation.

Access to deals: Lenders do not open all of their deals to the general public, and there are times when exclusive deals that might be well-suited to you can only be accessed via a third party broker. This can make all the difference to the cost and terms of your mortgage for many years to come.

Small print: All mortgages come with complicated clauses and conditions, and if you don’t have much experience with this kind of borrowing, it can all be tricky to decipher. Self-build borrowing is even more complex, but your broker can explain and understand on your behalf, as well as alert you to vital information.

Finding a broker for the Help to Build scheme

Like most government housing schemes, this one comes with a strict list of criteria and a lengthy application process. If you’re a suitable candidate for the initiative, which sets out to give people on lower incomes the chance to build their own home, a self-build broker will have greater insight into how it works and how best to approach your application.

While it’s still a relatively new scheme, working along the same lines as the now-closed Help to Buy scheme, an advisor will be fully clued up on the whole process. Read more about Help to Build here.

How much do they charge?

Many work on the same basis as many of the brokers we work with, which is to be paid on completion of the mortgage via commission from the lender, meaning no cost to the customer. For those who do charge, they will refund any upfront costs if they fail to secure you a mortgage.

There are others out there who might charge a flat fee between £300-£600, but this is a broad estimation. Ensure you are fully transparent with your broker from the outset about your finances and self-build situation, as any work caused by you either purposefully or accidentally withholding information will undoubtedly incur extra costs down the line.

Speak to a self-build mortgage broker

The benefit of having a specialist to work with is that they understand the far-reaching nuances of a self-build mortgage application, from the financial side to the project side, and their influence on each other. The self-build advisors in our network understand the needs of their customers when undertaking such a huge leap, be it stepping onto the property ladder for the first time or finally investing in their dream home after years of home ownership.

To find out whether you can benefit from such support, contact us for a free initial conversation on 0808 189 2301 or make an online enquiry.

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We know everyone's circumstances are different, that's why we work with mortgage brokers who are experts in all different mortgage subjects.

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FAQs

Yes, it’s possible but that could mean you’re restricting your access to the best in the industry, who are easily contactable. What’s most important is you find the right person suited to your needs and circumstances, which will ultimately bring a greater chance of success overall.

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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 Online Mortgage Advisor of course!

Read more about Pete

Pete Mugleston

Mortgage Advisor, MD

Maximise your chances of approval, whatever your situation. Find your perfect Self-Build broker

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