Brokers to benefit from increasing demand for Self-build Mortgages
By Anita Arch, Head of Mortgage Sales, Saffron Building Society
The recent festivities may seem a distant memory now but for many it was a unique time for rest, relaxation and the chance to consider new opportunities for 2019.
Big decisions such as changing career; relationships being taken to the next stage – should we move in together?; whether to start a family; stepping onto the property ladder for the first time or buying that ‘forever home’ are all big life choices many will have considered over the holiday season.
At Saffron we often hear that mortgage brokers see an upturn in enquiries following a holiday period where their customers have had time to think and consider the future. What we are also seeing is further diversification in property buying and the types of mortgages intermediaries are assessing for their customers. Self-build mortgages are one specialist area growing in popularity.
A self-build property can feel unobtainable to many as it reminds them of Kevin McLeod from Grand Designs discussing a multi-million pound project overlooking the sea. However, the popularity of self-build projects is starting to grow and there is more and more support available to turn more modest ideas into reality.
Self-build properties are cheaper
The average self-builder saves 15% to 20% on what it would cost to buy the same property1. With such huge savings and the ability to create your own space to live in, it’s increasingly becoming a more viable option for many.
A self-build property doesn’t need not be a ‘grand design’. It can be a renovation to your customer’s existing property, or a conversion to a barn or basement, loft or garage. In essence, any large extension could be classified as a self-build construction.
How we can help
Saffron has years of experience providing finance for people looking to build their own homes. We can support you and your customers along the way with a mortgage which will release funds at several stages as the build progresses. We also have lots of useful information on our website, including our Intermediary Guide to Self Build Mortgages.
If you have any questions please speak with our Business Development Mangers, who will be happy to help:
Holly Andrews: 01799 582885
Katie Sharpe: 01799 582923
Gemma Reynolds: 01799 582925
1 National Custom and Self Build Association (NaCSBA)