Self Build Mortgages

Availability & LTV

• Loans for self-build purposes are available within the local area postcodes LE, NG or DE and up to a maximum of 75% of the current value at the time.
• Full plans, estimates of costs for construction, Local Authority consents and planning permissions must be available at the time of the application.
• Architect must be appointed to supervise construction of the property and a copy of all interim and completion certificates will be required.
• Self-build mortgages are only considered for the construction of the borrowers’ primary residential home.

Purchase of Land

The Society will not advance on the purchase of the land.

Stage Payments
Stage Payments are limited to a maximum % of the improvement value or 75% of the current value whichever is lower. The improvement value is the difference between the current value and the future value.

E.g. Future Value = £350,000 – Current Value = £130,000 Improvement Value = £220,000

• Ground Floor Sill – 20% of the improvement value (or 75% of the current value whichever is the lower)
• Wind & Water Tight – 60% of the improvement value (or 75% of the current value whichever is the lower)
• Final Completion – 100% of the improvement value (or 75% of the current value whichever is the lower)

Loan Amount / Product Features / Completion Fee

All products are available for self build mortgages (subject to terms and conditions) – please refer to product information sheets for full details.

Valuation Fee
A valuation for mortgage purposes will be required, the cost of which must be met by the applicant. The fee will be based on the future value (see separate scale of fees).

Own Insurance Fee

The arrangement of suitable buildings insurance is a condition of any mortgage offer made. Insurance quotes can be arranged through the Society. If you decide to insure your property with another provider an administration fee of £30.00 will be added to your mortgage account on completion.

CHAPS Fee

On completion, the advance will be released to the appointed Solicitor by CHAPS (Clearing House Automated

Payment Service). A fee of £30 will be added to your mortgage account on completion to pay for this service.

Mortgage Exit Administration Fee / Additional Fees

£140.00 inclusive of £50.00 Deeds Release Fee & £90.00 Sealing Fee

Additional administration fees may apply during the life of your mortgage. Details of these can be found in the Tariff of Charges leaflet