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A View From The floor

More than three in five people would consider designing and building their own homes. But in a recent survey, N&P also found that many people are put off because they don&#39t think they can afford to do it.

Of those who completed the survey, 61% said they would definitely like to design and build their own homes but when asked what would put them off, 49% cited affordability while only 19% said finding a plot would be too difficult.

We were surprised that 25% of people surveyed said that they already live in their dream home. 70% of the people surveyed were homeowners and, of those, 69% currently have a mortgage.

Self-building can offer many benefits over traditional house purchase. A self-build property can typically cost up to 30% less than its market valuation on completion. Another important factor is individuality; self-builders can make their property unique.

The self-build market has grown in recent years because people are looking for a cheaper way to buy the home they really want. N&P offers help with budgeting and recommends that self-builders draw up a list of costs to consider during the project, such as utilities and fees.

With N&P&#39s self-build mortgages, funds are released in stages as the building works progress. This way, self-builders are saving money by not paying interest on a larger mortgage than they need. We constantly look at how we can improve our service. For instance, we will help self-builders to buy the plot in the first place – some lenders won&#39t. And, rather than offer just one scheme that may not suit everyone&#39s needs, most of our mortgage product range is available to self-builders.

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