E N Q U IRE  NOW

For those who want to build their own home, a conventional residential mortgage is not an option. Instead, the self-builder would need to apply for a self-build mortgage. Not every lender is active in the self build mortgage market and those that are, tend to charge a higher rate of interest for self build mortgages. Self build mortgages involve regular site inspections, additional administrative tasks and are deemed to carry more risk for the lender than conventional mortgages do. Also, the self build mortgage application can take longer to process than average — five or six months is not unusual.

Key requirements

The lender will want to see detailed plans for the property, an accurate build cost projection, building regulations approval and would expect, at the very least, outline planning permission to have been granted. And rather than the borrower taking on the build, lenders are likely to require a professional builder or a qualified project manager to be appointed.

Deposit and lending criteria

Lenders will employ a professional valuer to assess the property’s market value on completion and during the build. If the mortgage provider considers the project viable, the amount they’re willing to advance will be determined by a range of factors such as build type, construction methods and materials used and the property’s location. The lender will also take account of the borrower’s credit history and judge whether they can afford to make the loan repayments or not.

As most lenders will not advance more than 75% of the current value of the land and a similar amount against the build costs, the self build borrower has to find a larger deposit than normal. Some providers require the mortgagor to have bought the land prior to applying for the mortgage.

Stage-by-stage funding

Houses are built in stages, which is why self build mortgage funds are released in stages. Precisely when each advance is made — either at the beginning or on completion of each stage — depends on the lender’s policy. Where applicable, the first advance is used to help buy the land on which the property will be built. Subsequent advances are made (subject to the valuer’s approval) once the foundations have been laid, at the point when construction reaches the level of the eaves, as soon as the property is watertight and when the interior walls have been plastered. The final advance materialises when the property is ready for occupation. 

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Feefo Platinum Award

13th February 2020, Active Finance UK has won the Feefo Platinum Trusted Service award, an independent seal of excellence that recognises businesses for delivering exceptional experiences, as rated by real customers.

Created by Feefo, Trusted Service is awarded only to businesses that use Feefo to collect genuine reviews and insights. Businesses meeting the high standard, based on the number of reviews they have collected and their average rating, receive the award. A highly-valued badge of approval, this accreditation remains unique, as it is based purely on the interactions with real customers. As all reviews are verified as genuine, the accreditation is a true reflection of a business’s commitment to outstanding service.

Feefo have given Platinum Trusted Service awards to businesses who have achieved Gold standard for three consecutive years. The Feefo Gold Trusted Service award recognises those who have collected at least 50 Feefo reviews in a year, and have achieved a service rating of at least 4.5.

Russell Jenkins, Active Finance UK commented: “We’re very excited to receive this award from Feefo because it’s based on the feedback of real customers, who are the most important judges of all. It recognises how hard we work to give all our customers the best possible experience. Everyone at Active Finance UK is fully committed to the highest quality of service, so it’s important for us to listen, understand and respond to all our customers. The beauty of Feefo is that it enables us to consistently improve, so we’re looking forward to another successful year.”

Congratulating Active Finance UK on winning this year’s award, Steph Heasman, Director of Customer Success at Feefo, commented: “The Trusted Service award has always been about recognising companies that go way beyond the norm in customer experience and generate great feedback from happy customers.

“This year we’ve been delighted to see so many companies using Feefo to provide outstandingly high levels of all-round service – it’s what Feefo is all about. We help our clients give their customers the best experiences possible. I’m confident we’ll see more success from businesses partnering with us throughout 2020.

“Feefo is all about powering up customer experience, which is why we have introduced our new Platinum category. Clients told us they want recognition for achieving our demanding Gold award standard over a longer period. Our new Platinum award is earned by companies that achieve a Gold rating in three consecutive years. It’s a tough challenge and very-well deserved by those that earn it.

Feefo is a reviews and customer insights technology company that provides businesses with the tools to collect real, purchase-verified reviews and insights. Working with over 3,500 clients, Feefo ensures that all feedback is authentic, by matching it to a legitimate transaction, in order to increase consumer confidence and enable businesses to make smarter business decisions.

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