Build your own home

Self build properties

Building your own home can give you the flexibility to own the house you want, where you want. Around 20,000 new homes are now built by their owners each year, and to reflect this growing trend, Standard Life Bank has created a package to suit. Freestyle® Self Build works alongside our existing range of products but is tailored to suit the needs of those who choose the option of creating their own home from their own plans.

Before embarking on building the house of your dreams, it's vital to know what you can afford – and when you can get your money! Freestyle Self Build works slightly differently to our standard product offering. Instead of lending you the full sum at the beginning, we release the funds in sensible stages, according to the needs of your project. For example:

• when the foundations are in place
• when the building is wind and watertight
• when the building is fully complete

We will agree the amount to be released at each stage but this cannot exceed the loan to value (LTV) band applicable at the time of your application. For example, if you take a 75% LTV product, we will not lend more than 75% of the property value at any time during the build. The property will be re-inspected, at your expense, at each stage to get an updated property value.

The facts:

• We will only lend up to 90% of the projected valuation of the property. We can also lend on land up to 75% of its value, as long as you have all the necessary permissions in place.
• You must use a surveyor from one of our panel of surveyors. There will be an initial valuation fee and valuation administration fee and a property re-inspection fee, currently £55, will payable for each time they re-inspect the property on our behalf

Before we can lend on a self build mortgage, we will need to establish who will be supervising the build. This can be an architect or other suitably qualified professional consultant or the build can be supervised under a scheme such as NHBC Solo or similar. We need to see the plans and costings for the build and these have to be available at the outset for review. Prior to making a mortgage offer, we will also ask to see the Contractor's All Risk or selfbuild insurance along with either the Professional Consultants Indemnity Insurance policy or the NHBC Solo, Zurich 10 Solo or Premier paperwork.

For more information on how our self build service could help you, give us a call on 0845 845 8450.