Significantly, in areas where there are low density housing types, such as 1930’s bungalows or post-war semis, homeowners are being offered considerable sums by developers to buy the property for them to then demolish and build high density housing on the land. Homeowners themselves are also taking advantage of land values and plot sizes in order to build larger homes on the same plot, at a fraction of what it would cost to buy a property of the same size in the vicinity.
Simon Jones, Director at Savills Private Finance, comments:
‘’ We are seeing an increasing number of clients adding value to housing plots by adding additional living space or indeed demolishing their existing property in order to build a larger one. A number of lenders now offer mortgage products specifically designed for those clients looking to build a new home.’’
Currently available through Savills Private Finance is a range of new build mortgage products. The following tracker rates are valid for 3 years from completion therefore there is no need to panic about houses being built on time.
- 3.95% (Base Rate + 0.20%) for 3 years. Available to 80% LTV with a £295 arrangement fee
- 4.10% (Base Rate + 0.35%) for 3 years. Available to 97% LTV with a £199 arrangement fee
- 4.40% (Base Rate + 0.65%) for 3 years. Available to 97% LTV. Fees free and free valuation
For more information please call:
Savills Private Finance on
0870 900 7762
