How much can I borrow for self build?

With a standard self build mortgage you can typically borrow up to 75% of your project costs, while with BuildStore, you can borrow up to 95% of 95% of your project costs, 100% if you already own your plot, with a maximum of up to 85% of the expected end value of your new home.

buildstore.co.uk - Establishing Your Homebuilding Budget | Self Build ... - BuildStore

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Budgets & Costings

Establishing Your Budget

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 first things you do. Your budget is made up of how much money you have already and how much you can borrow. The total figure should be the very maximum you spend on your new home. How much you can borrow depends on your individual financial circumstances. As with any mortgage, lenders look at your income and outgoings, to calculate how much they are willing to lend. By choosing certain design elements before discussing your finance, you may be limiting your choice of lenders and suitable mortgage products. So, before you get carried away with choosing your design and materials, you should always consult a specialist mortgage adviser to make sure your plans are affordable and suitable for a mortgage.

Your overall budget

Start by knowing how you're going to fund your build and how much you have available to spend. Liquid savings + borrowed funds = total budget. How much can you borrow?

This depends on your financial circumstances and how much you can afford. As with any mortgage, lenders will assess your income and outgoings to calculate how much they are willing to lend you. As a rough rule of thumb when it comes to lender affordability calculations, you will likely be looking at around about 4.5 - 5 x your income. EXAMPLE CALCULATION To get an idea of how much you can borrow, use this calculation:

What fees are involved?

You should allow approximately £5000 to cover mortgage related costs including site insurance and structural warranty, however this will vary depending on your project. Your mortgage adviser will always discuss what the exact fees will be for your own project and issue a KFI (Key Facts Illustration) with details of all of the fees involved. Remember there are many savings to be made with self build such as the VAT reclaim, and you only pay stamp duty on the cost of your land, not the end value of the property. When you are in a position to move forward an adviser will look at your project in more detail and carry out a full income and affordability check to give you a more accurate figure. With a standard self build mortgage you can typically borrow up to 75% of your project costs, while with BuildStore, you can borrow up to 95% of 95% of your project costs, 100% if you already own your plot, with a maximum of up to 85% of the expected end value of your new home.

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Are brick houses colder in winter?

Brick buildings have excellent thermal mass. Thermal mass is the ability of a heavy, dense material to store heat and then slowly release it. This means it is cooler in summer and warmer in winter.

watsontownbrick.com - Winter benefits of brick homes

Brick is one of the most enduring building products, providing warmth as well as wind protection and weather resistance, particularly in the winter. As we’ve discussed earlier, brick is also fireproof and pest resistant.

Warmth:

Brick buildings have excellent thermal mass. Thermal mass is the ability of a heavy, dense material to store heat and then slowly release it. This means it is cooler in summer and warmer in winter. This is a significant advantage considering that more than 30 percent of the average home’s energy use is made up of heating and cooling.

Energy Efficiency:

Because of its ability to reflect and retain heat, brick is more energy efficient than other building materials. It will help keep your home cool in the summer and warm in the winter and also lower your energy bills, as we’ll explore in an upcoming blog post.

Wind Protection and Weather Resistance:

In addition to warmth and energy efficiency, brick homes offer shelter from the storm – quite literally! Brick homes offer additional high wind protection when compared to vinyl siding. In fact, a study conducted at the Wind Science and Engineering Research Center at Texas Tech University, demonstrated that a medium-sized wind-blown object, such as a 7.5-foot long 2 x 4, would penetrate homes built with vinyl or fiber-cement siding at a speed of 25 mph. By comparison, the same object would need to travel at a speed exceeding 80 mph in order to penetrate the wall of a brick home. This is important in the case of a high wind event like a hurricane, tropical storm or tornado.

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