Mortgage lending for custom and self builders remains buoyant at the moment, with range of providers offering good choice in the market. With this positive news NaCSBA is pleased to welcome its latest mortgage member, Mayflower Mortgage & Finance.
Choosing a NaCSBA member for your self build is a great idea as all our members (except not for profit organisations) sign up to our Code of Practice, offering self builders surety that – should anything go wrong – NaCSBA can lend a hand in sorting it all out amicably.
Mayflower self build mortgages
With over 10 years experience in the industry, Mayflower a family run mortgage brokerage, that
All of our advisers are members of the Chartered Insurance Institute and The Society of Mortgage Professionals.
We have
We provide clients with 1 to 1 support service from initial contact all the way through to completion and beyond.
We are an independent broker, which means we find the best solution for our clients without being tied to specific lenders.
“The mortgage market in general has become a lot more complex in recent years , the self build finance arena takes that complexity to completely new levels, which is why we place our clients at the heart of everything we do.
“We believe Self Builders have enough stress bringing their dream property to reality, without having the added difficulty of navigating the mine field of self build finance. Thats why we launched and why we offer an end to end, client centric , bespoke solution for each of the families we help.”
Case study:
Client:
British Resident
Planning agreed for renovation and extension of existing home (Phase 1) and development of a large 6 bed home (Phase 2)
Current property Value:
£1,000,000
Loan required Phase one:
£600,000
Current mortgage secured on title £695,000
Gross Development Value of phase one:
£950,000
Loan required Phase 2:
£770,000
Gross development value of phase 2:
£2,500,000
Mr and Mrs George approached Mayflower to finance a two phase project to renovate and extend their existing home (Phase 1) and build a new house in the garden (Phase 2).
Self-build mortgage finance was not available for phase one due to cashflow and affordability restrictions
Through a strategic relationship with a Bridging lender, Mayflower secured a second charge bridge, using the project address and additional security in the client’s buy-to-let portfolio.
The lender retained all fees and interest throughout the loan facility to be repaid on sale.
Mr and Mrs George have sold Phase 1 and now repaid the loan.
This left an unencumbered plot that was previously part of their garden. This has now been financed on self build mortgage covering 100% of build costs to complete Phase 2 of the project.
