Mortgages For Self Build Properties
Discussion
Hi Guys
I’ve had a number of enquiries recently from people finding it difficult to obtain mortgages on self build properties, especially when they are already completed.
Although mortgages aren’t available for EVERY Completed Self-Build, some lenders don’t always make clear what they require, so I thought I would share some facts and general criteria for the circumstances where a property is LIKELY to qualify for a mortgage.
Likely Qualifying Properties
If the build process was supervised by an architect, and building regulations adhered to, and your architect or local authority signed off the completion certificate, then you should be able to get a 10 year certificate with an insurance company.
The Process
To obtain a 10-year certificate involves a new survey and inspection (on behalf of the insurance company that is issuing the certificate), and any defects found on inspection made good before acceptance.
Certificate Issue
Provided all is ok, a Certificate of Insurance can usually be issued for 10 years from date of completion (which is normally the date the local authority or architect originally signed off the completion certificate).
Obtaining a Mortgage
Once you have a 10-year insurance certificate, there are a number of high street lenders who will accept the certificate for a mortgage or re-mortgage, - although there are some that definitely will not - so you will need to do your homework before approcahing a lender!
Hopefully the above info makes sense and is useful to some of you, please feel free to PM me if you need further clarification!
Regards
Tom
I’ve had a number of enquiries recently from people finding it difficult to obtain mortgages on self build properties, especially when they are already completed.
Although mortgages aren’t available for EVERY Completed Self-Build, some lenders don’t always make clear what they require, so I thought I would share some facts and general criteria for the circumstances where a property is LIKELY to qualify for a mortgage.
Likely Qualifying Properties
If the build process was supervised by an architect, and building regulations adhered to, and your architect or local authority signed off the completion certificate, then you should be able to get a 10 year certificate with an insurance company.
The Process
To obtain a 10-year certificate involves a new survey and inspection (on behalf of the insurance company that is issuing the certificate), and any defects found on inspection made good before acceptance.
Certificate Issue
Provided all is ok, a Certificate of Insurance can usually be issued for 10 years from date of completion (which is normally the date the local authority or architect originally signed off the completion certificate).
Obtaining a Mortgage
Once you have a 10-year insurance certificate, there are a number of high street lenders who will accept the certificate for a mortgage or re-mortgage, - although there are some that definitely will not - so you will need to do your homework before approcahing a lender!
Hopefully the above info makes sense and is useful to some of you, please feel free to PM me if you need further clarification!
Regards
Tom
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