View more on these topics

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.


MPC admits to being uncertain about future

At a speech at Bloomberg London, MPC member Stephen Nickell admitted that he found the housing market difficult to predict, with the available data sending out mixed messages. He says: “The analysis indicates that there is a significant probability that house prices will fall at some stage, though we cannot of course know by how […]

FOS announces events for intermediaries

The Financial Services Authority will regulate mortgage intermediaries from the end of October this year, and insurance intermediaries from January 14 2005. From the same dates, these firms will be covered, by law, by the Financial Ombudsman Service. Each event begins at 10.50am. There will be a presentation at 11.00am (lasting approximately 50 minutes), followed […]

Ward launches funding firm

Ward was chief executive of Britannic Money until it was bought by Paragon and rebranded Mortgage Trust last year. Ward set up Home Funding earlier this year with former Britannic Money finance director and deputy chief executive Paul Rogers. Part of the new firm&#39s role is to act as a link between investment bankers and […]

Bankhall planning to expand into Europe

It says it will use its expertise gained in the UK to capitalise on the introduction of the European Insurance Mediation Directive which will bring regulation to all member states from January 15. Group sales director Shaun Godfrey says: “The directive means that 250,000 firms across Europe are about to be regulated in some form […]

Retirement - thumbnail

A downhill stroll?

The Department for Work and Pensions (DWP) has recently published new research, which once again demonstrates how the prospect of retirement is changing for older workers.


News and expert analysis straight to your inbox

Sign up