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What are the budget and costings I need to consider for the self build project?



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Mortgage Help Desk UK - Mortgage Products

 

What are the budget and costings I need to consider for the self build project?


Your mortgage lender will require you to produce a detailed Budget for the project. The lender will require that you supply them with the following information, a detailed break down of the cost for the entire project which will include the cost for the land, material, construction, and fees related to the project. The mortgage lender will also require that you provide evidence of having sufficient capital to finance the work, you will also need to provide the lender with a potential cost variation, this is to show the lender of any escalations in the costs for raw materials or labour that could happen during the time frame of the project. Evidence for an efficient tendering system for external suppliers,contractors, and cash flow projections showing the timings and the expenditure for the project, the lender will look for the pressure points and the recovery plans that are in place if anything were to go wrong. This is where the quantity surveyor can help, you will need their help to make efficient estimates of the timing and the costs for the project, including the cash flows.

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Self Build Mortgages Frequently Asked Questions

Choosing an Architect project?

What is Planning Permission?

How much deposit is required ?

What are the Stage Payments?

What is the mortgage Inspections?

How does the Lender Minimizes his risk ?

Choosing a Quantity Surveyor ?

What are the budget and costings ?

Choosing a Building Contractor?

What does the Lender Require from me ?

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Mortgage Help Desk UK - Mortgage Products

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