More than half (52%) of potential self builders are unaware that specialist self build mortgages are available to help fund their projects, new research reveals.
Ipswich Building Society conducted a survey of 2,000 people on their plans for the future, as well as the challenges and considerations that potential self builders face.
The positive news is that 35% of people in the UK are considering a self build project at some point in the future, but financing is a significant concern.
Lack of Awareness of Self Build Mortgages
Two in five (40%) respondents said that acquiring funding would be the one of the most difficult aspects of a self build project. The research also highlighted a lack of awareness around the availability of self build mortgages, which are designed specifically with self builders in mind. With a self build mortgage, funds are released at key stages of the build, rather than a lump sum upon completion.
Charlotte Grimshaw, head of mortgage sales at Ipswich Building Society, said: “As an industry we all need to do more to ingrain self build as a manageable and achievable option for homeowners.
“Fortunately or unfortunately, the idea of self build is very much linked to programmes like Grand Designs, which on the one hand is a superb source of inspiration, however self build projects do not have to be of the scale or cost that we’re accustomed to viewing on television. They can be a really viable option for people with a vision and creativity who would like to design their own home within a reasonable budget too.”
Challenges and Motivations for Self Builders
The survey also shed light on the challenges and motivations facing self builders, as well as what they regard to be the most important considerations on a project.
Having complete control over the design of the property (51%) was the biggest motivation to self build, followed by environmental factors (28%) and financial reasons (17%).
Location was identified as the most important consideration to make when planning a project (40%), followed by price (17%).
Jack is News Editor of Homebuilding & Renovating and strives to break the most relevant and beneficial stories for self builders and renovators. Having bought his first home in 2013, he and his wife have renovated almost every room and recently finished a garden renovation. Jack reports on all of the latest news that could affect your project.
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