Self Build Mortgages

The Society’s self-build mortgages are only available where the self-build project is being undertaken in Wales or the Welsh Borders (postcodes SY, WR, GL, HR & BS). Other areas may be considered on a case by case basis.

 
Mortgage Types
How To Apply
Self Build Mortgages-1

Mortgage Interest Rates

(click on the mortgage product name for more information)

Residential Purchase/Remortgage

Type

Maximum Loan to Value of Property (LTV)

Variable Interest Rate

The overall cost for comparison is*

APRC based on a loan value of:
Self Build Mortgage
(SB2SVR)		 Standard Variable Rate (SVR) formonths 1-24 and from month 25, 1.05% discount off Standard variable Rate(SVR) for remainder of term of loan 70% 4.60% 
month 1-24
3.55%
month 25 on		 4.70% 
month 1-24
3.0%
month 25 on
Overall APRC = 3.80% 		 £135,000
selfbuildguide

Guide to Self- Build

f31mortgagechecklist
Renovation Mortgage
Checklist
f32mortgagechecklist
Self-Build Mortgage
Checklist

Local Mortgage Manager

Please contact your local mortgage manager today for more information.

Alternatively, please complete the call me back page and one of our mortgage managers will contact you.

Find your manager

Self Build Mortgages

We specialise in self build mortgages, purchasing an existing property to renovate or more rural projects such as barn conversions. Premises with an agricultural connection or "Section 106" restrictions can also be considered.

If you're preparing to build your own home rather than buying an existing one, a traditional mortgage almost certainly won't be suitable.

Presuming you have found, been gifted or already own the ideal plot of land and have been granted planning permission to build a property, it is advisable to finance this endeavour with a self build mortgage.

What is a self build mortgage?

Most varieties of mortgages are structured in order that you, the purchaser has access to all the funds at the same time, to enable you to pay for the property.

A self build mortgage operates in a different way, because the building society's usual principal security does not fully exist yet. Discharging all the funding at once would consequently expose the society to adverse risk.

A self build loan allows us to release the money in staged instalments, designed to finance each stage of construction / renovation.

The Society releases the funds in arrears. This is when a phase of construction is completed and then you make a claim for funding towards this.  

What are the requirements for applying for a Self Build Mortgage?

Along with meeting the Society’s lending criteria, , a Self Build Loan has some other conditions:

  • The applicants must own or upon completion have purchased the land for development which must have full planning permission at time of application.
  • Upon completion, building regulations permission must have been obtained from the local council.

Detailed plans / costings for the build / renovation / conversion including all relevant costs and fees must be supplied at application. Please click here to access our guide to self-build mortgages – link to our self-build guide.

Our self build mortgages are offered for a broad range of self-builders. Regardless of if it’s a skilled DIY build, self-managed through to a contractor managed project, we will consider lending.

When is the money released for a self build loan?

Funds are usually released when you reach one of the following phases of build:

  • Purchase of land (with planning permission)
  • Laying of the foundations
  • The roof is wind and watertight
  • First fix – plastering and second fix - electrics and plumbing
  • Certified as finished by a surveyor

Contact one of our local mortgage managers to discuss how we can help – contact details here

View Self build mortgage rates here
Your home may be repossessed if you do not keep up repayments on your mortgage. Think carefully before securing other debts against your home.

Carmarthen Branch

13-14 Lammas Street,
Carmarthen SA31 3AQ

Tel: 01267 611950
Fax: 01267 611951

Cowbridge Branch

75 High Street,
Cowbridge CF71 7AF

Tel: 01446 506000
Fax: 01446 506001

Mumbles Branch

496 Mumbles Road,
Swansea SA3 4BX

Tel: 01792 739200
Fax: 01792 739201

Swansea Branch

1-4 Portland Street,
Swansea SA1 3DH

Tel: 01792 739100
Fax: 01792 739101

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