Self build has become a mainstream way of getting a new home for UK homeowners. With land and house prices down, and few alternatives, the nation’s frustrated homeowners are turning to self build and renovation, to get the home they want, and protect themselves against negative equity, as the rest of the construction and property market is struggling.
In these tough economic conditions, The Melton are keen to show that self build housing can help to regenerate the local economy, by helping people get the house they want, and also by providing jobs for local construction workers and tradesmen. Currently Buildstore’s PlotSearch database is listing almost 950 building opportunities in the counties around Melton Mowbray.
In partnership with BuildStore, The Melton Mowbray Building Society will provide mortgages for self build, renovation and conversion projects through its Accelerator scheme, and will lend up to 85% of the cost of the land or building to be developed, and 85% of building or renovation costs. To ensure the project runs more smoothly, money is released in advance of each stage of construction, providing the homebuilder with a handy cashflow, to purchase materials and pay tradesmen.
Raymond Connor, BuildStore’s chief executive said: “BuildStore is pleased to be working with The Melton to provide a fantastic solution for homebuilders. It is a great time to be self building because as well as having specialist funding available for these types of projects, plots of land are more plentiful and much cheaper, and tradesmen are now competing for work.”
