BuildStore Financing your build
perfect If you found the
would you be
Finding the right plot to build your home is an important and exciting step in your self-build journey.
If you need help funding your new home, it’s a good idea to do some preparation ahead of that
search, arming yourself with a clear understanding of your overall budget and borrowing options.
Organising your funding may not
be the most exciting thing to
think about when building your
own home, but it’s undoubtedly
one of the most important.
Setting a clear budget for your
self-build should be one of the fi rst things you do.
Your budget is made up of how much money you
have already and how much you can borrow.
The total fi gure should be the very maximum
you spend on your new home. How much
you can borrow depends on your individual
fi nancial circumstances. As with any mortgage,
lenders look at your income and outgoings, to
calculate how much they are willing to lend.
The amount you set aside for your plot
is likely to be the largest single
purchase that you’ll make
(typically around 40%
of your overall
BuildStore’s Rachel Pyne explains more
knowing how much you
can realistically afford
to spend, means you
can narrow down your
search to suit and not
waste any time.
Finance Review from
BuildStore will give
you a head start when
it comes to planning
10 Summer 2018
your self-build, providing
you with an early indication of your budget,
borrowing options and how much a lender will
lend to you – all of which you should know
before looking for a plot.
BuildStore’s specialist mortgage advisers
can assess your current fi nances to make sure
you’re in the best position to move quickly
when you fi nd a plot, and discuss your preferred
design, build system and materials for your
new home, to make sure it is affordable and
mortgageable. The BuildStore Build Cost
Calculator can also be a useful tool when it
comes to estimating your building costs.
There are a number of borrowing options
when it comes to funding a homebuilding
options when it comes to There are a number of borrowing
funding a homebuilding project