When starting a self-build project, financing a plot is often the first step unless existing land is available. Unlike traditional home mortgages, financing for a plot involves specialized self-build mortgages offered by lenders. These mortgages provide staggered payments, allowing borrowers to access funds incrementally as construction progresses. The process can be more complex than buying a ready-built home, especially concerning the need for planning permission, which affects the availability and terms of finance. It's essential for potential builders to explore financial options beforehand to streamline land acquisition.
"Just as when you're buying a house, if you don't have cash available for your purchase, it's advisable to investigate finance before you start looking so you can move quickly when you find the land you want for your home."
"It is less straightforward to get finance for a building plot than it is to get a mortgage to buy a ready-built house."
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