YOU'VE GOT THE GRAND DESIGN BUT HOW DO YOU GET THE MORTGAGE? Why Ring Associates are your local experts for self-build and renovation mortgages... f you're thinking about a self-build project, you're not alone - up to 20,000 people currently build their own homes in the UK every year, and even more are carrying out renovations and conversions. But because domestic self-builds represent a far smaller proportion of house construction than they do in the rest of Europe (which is over 50% at the moment) the biggest challenge for most people considering going down the selfbuild route is the financing of their project. It's a very specialist area, and there are currently only a limited number of companies willing to offer mortgages for self-build projects - in fact, it's something that high-street banks generally tend to avoid.
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There are, however, some lenders who specialise in mortgages for self-builds and renovations - as well as development and bridging financing for intermediaries - and this is where Ring Associates can really help you get your project off the ground. As completely independent financial advisors, they’re able to look at the whole of the market and compare different lenders for different situations - and with two full-time mortgage specialists and a team of six people experienced in the field, they can source the solution that's best for you and best for your project. Probably the most important thing to realise is that self-build mortgages work somewhat differently to standard home loans - with the funds usually released at specific stages of the project rather than in an initial lump sum. Known as 'stage payment' mortgages
(the stages being everything from the completion of the foundations to the final finishes) they can be an effective way of keeping track of your budgets - especially with regard to materials, tradesmen and specialist services. Some lenders are prepared to pay the whole amount in advance, although you should note that the associated costs will almost certainly be higher. Probably the most important thing to bear in mind is that however ambitious your plans you should always have a contingency plan in place - because if one thing's guaranteed, it's that not everything will go according to plan. Whatever you're planning to do and whatever you're planning to do with it (sell it, rent it or live in it) Ring Associates can help your grand design stand on a solid financial foundation.
11-12 Tuesday Market Place, King’s Lynn, Norfolk PE30 1JN Tel: 01553 777600 Web: www.ringassociates.co.uk E-mail: enquiries@ringassociates.co.uk Ring Associates Ltd is registered in England No. 04569784. Ring Associates Ltd is authorised and regulated by the Financial Conduct Authority No. 418829
KLmagazine Home Design and Build Special Edition
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