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Self build and renovation mortgages explained

Written by Ipswich Building Society

11 Apr 2019

Tags

MMC, Renovation, Self build

2 min read

Self build projects aren’t always about starting with an empty plot of land with a blueprint and a pile of bricks and mortar – many people use a self build mortgage to fund changes or improvements to their existing property, such as a renovation, conversion or a knock-down and rebuild project.

We consider schemes utilising Modern Methods of Construction (MMC) where these are BOPAS-approved. Renovations, conversions and other similar projects are treated in the same way as other major self build projects and so we are able to offer your client the same flexibility.

If your client is making changes to their property, here are some of the ways we can help:

  • Flexible stage payments with funds released at different stages of the project
  • Interest only available during the project, keeping more of your client’s cash back for later
  • Fee free overpayments up to 50% of the original loan amount
  • We can offer your client a penalty-free switch to a residential retention project once the build is complete – product switching fee applies

For more information on our self build mortgages please click here or speak to a member of the team on 0330 123 1073.

This article was published under our previous name of Ipswich Building Society. We changed our name in 2021 – get in touch if you have any questions.

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