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't 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's 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't. And, rather than offer just one scheme that may not suit everyone's needs, most of our mortgage product range is available to self-builders.