A self build home is a property of traditional or timber framed construction to be built on land which you either own or which you may be in the process of acquiring. Normally the property will be based on your own specifications but will be professionally designed, built and certified. This does not preclude you from becoming involved in the project as there may of course be some tasks you will wish to tackle yourself.
Our self build mortgage is designed to provide a reliable source of finance from purchase of the plot through to completion of the project. It can also be tailored to other types of schemes, for example barn conversions and renovation of old property.
We provide mortgages on properties throughout England, Scotland and Wales. Some of our mortgages are only available on properties in our branch operating area.
Our operating area is Cumbria (all CA and LA postcodes), South-West Scotland (all DG postcodes and TD9), West Northumberland (NE45-49) and North Lancashire (all PR, FY, LA AND BB1-3 and BB5-7).
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A Cumberland self build mortgage can be linked to a range of repayment methods offered by the Society. One of our mortgage advisors will be able to discuss with you the method most appropriate to your own circumstances.
Having the right insurance policy is as important as any other element in creating your own home.
Whilst in some cases you may be able to rely on a contractors all risks policy the Society would normally require you to arrange your own self build policy covering the three main areas of risk, i.e. Public Liability, Employers Liability and Contract Works Cover. We can provide details of brokers who specialise in this type of cover.
If a professional consultant is being used to monitor the project a copy of their professional indemnity insurance must be exhibited to and approved by the Society prior to release of funds.
As a condition of any mortgage you will need to ensure that the property is adequately insured (e.g. Building Insurance), however, this insurance does not have to be arranged through us.
Before commencement of the project we shall agree the stages at which funds will be released from purchase of the land (if necessary) through to final completion of the project. If monitored by a consultant we shall also agree at which stage certificates will need to be issued. As an indication the following guidelines will be used.
Renovation/Conversion of older or more unusual properties will be based on the same guidelines but the stages for release of funds will be discussed on an individual basis.
At each stage the Society will need a re-inspection carried out to confirm the value of the project before monies are released.
To help us assess your request fully we shall require the following information in addition to our usual mortgage enquiries:
To qualify your project must fall within the following criteria: