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Self build mortgages: a refresher

Written by Ipswich Building Society

7 Feb 2019

Tags

MMC, Self build

2 min read

If you have clients with a potential self build project our expert team of underwriters are here to talk you through the process and make self build as easy as possible.

We can consider more unconventional schemes utlising Modern Methods of Construction (MMC) where these are BOPAS approved and we're happy to consider a range of projects including conversions and renovations, as well as new projects from scratch. 

Our self build criteria at a glance:

Build types
Loans available from project outset or mid-build for a variety of works. Modern methods of constuction considered for schemes registered with BOPAS. Lending for new projects, conversions, renovations, knock-down & rebuilds and incomplete self build projects at any stage.

Loan size
Max loan £500k – please refer if above this amount. Our self build mortgages are arrears style meaning your client will need sufficient savings to enable them to complete works at certain stages of the build.

Stage releases
Flexible stage releases – £100 release fee applies.

During the build
Fee free overpayments available up to 50% of the loan amount within the retention period. We can also lend on an interest only basis during the build.

After the build
Upon property completion, the loan can be switched to one of our retention products.

For more information on our self build mortgages, please click here or call us 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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