Mortgages

Borrowing money to buy or build a house -ethical mortgages.
 

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Mortgages:

There are a number of providers of mortgages for self builders or those renovating a wreck -we have listed a few below. One issue is that there are usually limits to how much can be lent -perhaps 75% of the value of the property, so you are lilely to need additional funds or a top up loan. You should also allow for a contingency of perhaps 10-15% for overspend and unexpected costs.

The Norwich and Peterborough has been running a 'green mortgage' since 1998 and aims to be the first building society that is carbon neutral -other ethical providers include the Ecology Building Society or Co-Operative Bank.

To secure a self build mortgage, you will almost certainly have to provide additional information to support your case -typically this would include the Planning Consent, detailed Architects plans and specifications, detailed costings (including allowance for inflation and unforeseen expenses), your programme for construction and details of proposed guarantee or Architects' Certificate -see insurance for more on this.

On the tax front there is better news -it is possible to claim back the vat on a new or refurbishment self build project (Inland Revenue publish a guidance note on this), and it is also exempt from Capital gains Tax when the building is sold.

Ethical Mortgages:

  • Co-Operative Bank (Ecology Unit) -aims to support ecological projects and develop partnerships with businesses and organisations whose direct and indirect outputs contribute to a sustainable society.
  • Ecology Building Society -a mutual building society dedicated to improving the environment by promoting sustainable housing and sustainable communities.
  • Norwich and Peterborough has been running a 'green mortgage' since 1998 and aims to be the first building society that is carbon neutral

Self Build Mortgages:

Mortgages in General:

  • Building Societies Association -the trade association for the UK's sixty one building societies -have a full list of members and websites.
  • Council of Mortgage Lenders -the trade association for mortgage lenders in the UK, with its members undertaking around 98% of UK residential mortgage lending -gives advice, statistics and consumer guides on mortgages.

Mutual Building Societies

Demutualised Building Societies

Banks

 

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Mortgages For Dummies®
Ray Brown
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