Self Build Mortgages – The DIY Choice

Home buyers who want to build a property for themselves or investment purposes can find it a challenge to compare loans that will offer them the best deal as there are many variables. Lending for building a home a ‘self-build mortgage,’ and there are several different types of self-build mortgages available in the marketplace.

Differences between a Self Build Mortgage and a Traditional Mortgage

When comparing loans for self-builders, the differences between a self-build mortgage and a traditional mortgage first need to be understood. The main difference is that self-build mortgage money is released in stages as the building progresses, rather than as a single amount. The success of the loan application is not entirely dependent on financial circumstances, as with a traditional mortgage, but also on the quality and credibility of the presentation. Mortgage lenders will want to ensure the project is properly planned and produced by suitably qualified professionals.  The broker will use the drawings to assess the value of your plot of land and the end-value of your self-build scheme. You will be required to provide a thorough cost analysis will be along with an itemized budget.

Important Factors to Consider When you Compare Flexible Loans

There isn’t an easy way to compare loans for a self-build mortgage because there are so many factors to consider, and what may be suitable for one home-builder may not be right for another. However, the important factors to consider when you compare mortgages for your build mortgage are:

What is the maximum loan-to-value (LTV) available?

Who will assess the valuation of the land and property? How much will it cost?

Are the staged payments made in advance or in arrears of each stage?

Will you need planning permission in a detailed or a summarized format as a condition of an advance loan?

Are there charges for multiple inspections and valuation surveys before funds are released?

Is the lender flexible if you have to alter the design of your self-build home?

Do you need a warranty or another type of structural insurance? Most lenders also require site insurance to protect against damage caused to the building during construction and theft of materials.

Are there any early termination/completion/redemption fees?

Can you manage you own construction or does the lender stipulate you must have an architect or a project manager for the build?

Conclusion

There are many variables with a self build mortgage and as there is no quick way to compare flexible loans for your needs, an independent mortgage broker can guide you to the right flexible loan for your needs.

 

Power Tools For The Ladies

Women Spring Into Home Improvement Projects

The warm-weather season is an ideal time to learn how to use power tools and start much-needed home improvement projects. It is becoming more common to hear that women are finishing DIY projects without calling a professional or waiting for their husbands.

While DIY projects are not new, the amount of time spent by women doing them is. With the onset of do-it-yourself television shows and magazines, more and more women feel confident in their abilities to handle home improvement projects themselves. In fact, many home improvement centers report a greater percentage of women purchasing power tools and supplies. And recent research that the two most popular power tool purchases by women are cordless drills and sanders.
diy jobs

Generally speaking, women enjoy taking on DIY projects to enhance their current surroundings or prepare it for new uses. User-friendly tools and supplies, as well as knowledgeable resources dedicated to home improvement projects, can easily be found today. As a result, women find they are willing to take on DIY projects themselves.

Not only are home improvement projects empowering, but often they are also necessary. As Heidi Baker and Eden Jarrin, the “Janes” of Be Jane, Inc., point out, they both took on projects in their homes because they did not have the money to hire someone to do it for them.

Increasingly, women are looking for more knowledge on power tools and DIY projects. For those who are not familiar with how power tools work, Skil Power Tools product manager Christelle Imhof suggests starting “with smaller, easier-to-handle tools and then work your way up. For instance, when looking for a cordless drill, start out with a 12V; once you’re used to it, graduate to a more powerful tool.”

Mother’s Day can be an ideal time to give a loved one a power tool that will not only increase her confidence but also help her build those backyard planters that has been on her shopping list for years. Plenty of Web sites provide step-by-step instructions to get started.

Allways use power tools safely – find out how here