Definitions for "Self-build"
where you design, manage and build your own home, either doing the work yourself or employing others. Loans on unfinished properties are usually given to you in tranches, subject to you completing a certain stage of construction to the lenderís satisfaction.
Properties of which the construction is controlled by the borrower and is not a finished unit. Loans on self-build properties will normally be advanced in stage payments and are subject to strict limits on loan to value. A qualified architect will need to be involved and lenders will frequently look for the builder to have NHBC or Foundation 15 guarantees.
A self-build property is one that is built by the borrower themselves– it is not an existing property. Self Build Mortgages are usually advanced in stage payments and are subject to strict limits on Loan to Value.