Swansea Building Society sees an increase in self-build enquiries
Here at Swansea Building Society, it’s great to see that an initiative rolled out by Welsh Government last year has encouraged more people to consider building their own homes. The success of the Self Build Wales scheme has led to us seeing a noticeable increase in mortgage applications relating to self-build projects.
Self Build Wales is designed to help more people in Wales build their own home. The scheme aims to remove the barriers and uncertainty around self-builds and custom-builds.
Figures suggest an average self-build house in the UK costs only 70-75% of its final value because no developer profits are involved. This puts that benefit into the pocket of the homeowner. At around 10% of new homes, the UK has a much lower rate of self-building than other countries around the world.
While Self Build Wales support is limited to the schemes designated plots, mortgage lenders offering self-build mortgages are not restricted to what they can finance. In Wales and the Welsh Borders, our Society’s personal and bespoke approach to lending makes it a natural port of call for all type of self-build lending whether it be for straight forward or more complex projects.
Since the launch of the Self Build Wales Scheme in March 2020, we have seen a steady stream of enquiries about this type of mortgage in spite of the challenges presented by COVID-19 and subsequent economic disruption.
Alun Williams, our Chief Executive Officer, said:
“We have always been keen to support individuals with ambitions to build their own homes, but since the Self Build Wales was launched, we have seen a sharp rise in enquiries – despite the economic disruption caused by COVID-19. We look forward to helping many more aspiring individuals achieve this dream in the future.”
One of our customers offered their thoughts on working with us on a self-build mortgage:
“Being aware of the successful support Swansea Building Society has given to a number of friends, family and clients we had no hesitation in asking them to assist with a self- build mortgage for our new family home near Aberaeron.
“The advice and support given by Sioned Jones, Area Manager at the Carmarthen Branch was comforting and made the whole process an easy step by step route to being able to build our home.
“The flexibility of their lending criteria and rates puts them at top of the list when it comes to wanting to move forward with buying a plot and developing. You remain in charge of the project; with Sioned and her team there to support you at any time you need. The application process is relatively short and hassle free.
“They have experienced valuers who visit the property before and during construction at key stages to release funds within days. The trust between everyone involved from start to finish cannot be underestimated. We would happily recommend them to anyone and everyone!”