Selfbuilder & Homemaker – July – August 2019

attached. If not, contact a local mortgage

broker. A good broker will be able to

source you the most suitable self-build

mortgage for your project.

When considering funding, most lenders

will charge fees as well as an interest rate

so it’s important to work out the total cost

of taking out the mortgage before

committing to it. There are a host of fees,

from application, product, and valuation to

insurance and advice fees to consider.

GETTING ADVICE FROM FELLOW SELF-BUILDERS

It’s always helpful to speak to others who

have already been through the process to

get their advice. We’ve supported

hundreds of self-build projects, so we

spoke to a few of our customers to find

out their hints and tips, which will also

help with your financing.

Hire a project manager: We’ve all

seen and heard of self-build projects

where the self-builder is the project

manager. Sometimes this can work, but

more often than not professionals need

to be involved.

Employing a project manager means

you have peace of mind that the project

is getting a level of focus that you might

not be able to provide. Most self-builders

have a day job and if small matters are

not addressed quickly, they can cause

delays and delays often mean increased

costs. A good project manager will also

save you money as they will ensure the

project stays on plan and cost.

Have a contingency: As the old saying

goes, look after the pennies, and the

pounds will look after themselves. Extra

costs do creep in, so you should always

have a contingency, but spend that

money wisely. It’s easy to be tempted by

an all singing, all dancing tap or a copper

bath – but is that money wisely spent?

Most lenders will require you to have a

contingency between 10 and 15 per cent

built into your project costings.

Work with an architect on the

planning:The planning stage can be the

hardest. There are plenty of rules and

regulations regarding planning

permission, but having outline or full

planning permission should be your first

goal. Having a local architect working on

your project can be beneficial, as they

understand what planning officers want

for local builds.

David Lownds is head of business

development & marketing at Hanley

Economic Building Society

FINANCE & INSURANCE

48www.sbhonline.co.uk july/august 2019