Self-build mortgage completions grow 144% this year

New data shows a huge increase in the number of self-build completions using specialist mortgages year-on-year.

By Hugh Metcalf | 9 June 2020

New data from Saffron Building Society has seen a huge increase in the volume of self-build completions year on year.

grand designs tv house from 2017 - modern self build muswell hill

Image: Penny and Mark Telleli’s self-build appeared on Grand Designs in 2017. Photo: Paula Beetlestone for Mulroy Architects

New figures from Saffron Building Society have revealed that, year-on-year, there has been an increase of 144% of self-build mortgage completions. These include first-time buyers and property conversions, as well as larger, multi-plot projects.

“We are delighted to see that the interest in self-build mortgages is on the increase. With the fluctuations in the market, it is a really feasible option for first-time buyers as a complete build will face too many financial changes – just material cost. Another positive is the amount of people upgrading current property stock. Bringing them in line with current regulations, extending them and making them habitable and then marketable should they choose to sell, great for the environment,” says Colin Field, CEO of Saffron Building Society.

New data from Saffron Building Society has seen a huge increase in the volume of self-build completions year on year.

grand designs tv house from 2017 - modern self build muswell hill

Image: Penny and Mark Telleli’s self-build appeared on Grand Designs in 2017. Photo: Paula Beetlestone for Mulroy Architects

New figures from Saffron Building Society have revealed that, year-on-year, there has been an increase of 144% of self-build mortgage completions. These include first-time buyers and property conversions, as well as larger, multi-plot projects.

“We are delighted to see that the interest in self-build mortgages is on the increase. With the fluctuations in the market, it is a really feasible option for first-time buyers as a complete build will face too many financial changes – just material cost. Another positive is the amount of people upgrading current property stock. Bringing them in line with current regulations, extending them and making them habitable and then marketable should they choose to sell, great for the environment,” says Colin Field, CEO of Saffron Building Society.

Image: Paula Beetlestone for Mulroy Architects

“A self-build might seem a little daunting, especially for a first-time buyer. But, the structure of the lending is so flexible, releasing funds at pre-set stages of the development to assist with cash flow, it is a very supportive way to get on the market. It can be an exciting and rewarding path to your first home; or update, grow or improve your current home.”

Saffron has also launched a new green mortgage in recent weeks. A green mortgage is one where lower rates of interest are offered on self-build or renovation properties that are set to lower the build’s carbon emissions. Its new Retro-Fit mortgage is designed to benefits those who want to upgrade a property to meet a lower EPC energy rating.

If you’re interested in understanding more about self-build mortgages, take a look through the resources below for information on financing self-builds:

How to set a budget for building your own house

How much does it cost to build a house?

 

Are you considering applying for a self-build mortgage? Let us know by tweeting us @granddesigns or posting a comment on our Facebook page
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