Self-build financing? Look no further than BuildStore and Econekt.
We are excited to announce another service that we will be adding to our range here at Econekt, self-build financing options through our partners at BuildStore.
With any self-build, you must first consider the financial aspects of them with a cash flow that suits your project.
At Econekt, we believe the smaller number of parties you have to deal with when building a home, the better. As we offer services at each stage of your build, we have that covered when it comes to the practical side of things, we can now also assist with the financing side of things too. This will be provided through our partners at BuildStore.
They have many years of experience when it comes to providing financial solutions to self-builders, offering numerous mortgages to them – all of which are personally tailored to overcome the common issues usually found when self-building a home.
Self-build homes are constructed and financed in stages. To correlate with this, BuildStore mortgages release funding at various stages rather than as one single payment. There are two types of self-build financing, and which one you go for will depend on the following:
- How funding is to be released over the construction process
- Whether the payments at each stage are likely to see an increase in the work’s value when finished
- If your payments at each stage are guaranteed based on the cost
The two types of mortgages are shown below
This is where the funding would be released at the end of each stage of the project. This would be after a valuation has taken place that exhibits an uplift in value.
This mortgage would release funds to you based on build costs, with each guaranteed payment being released either before or after the various stages of your build.
Interested in our new service? You can find much more information right here.