Self-Build, Renovation & Conversion Schemes
How will the money be released?
The initial loan will be released to enable you to buy the plot of land/property. The remainder of the loan will be released in stages. The Society's valuer will need to carry out a re-inspection, before each stage release can be made. Architect's certificates will also be required, where appropriate.
House
| Stage | ||
| 1 | Plot advance | 85% % release of money after plot advance |
| 2 | Foundations to damp proof course level (including slab if relevant) | 15% |
| 3 | First floor joist level | 15% |
| 4 | Wall plate level | 15% |
| 5 | Roofed in | 20% |
| 6 | Plastered out | 15% |
| 7 | Completion | 20% |
| For example: | ||
| Plot value | £60,000 | |
| Build costs | £70,000 | |
| Total cost of plot and build | £130,000 | |
| Less deposit and contingency funds | £20,000 | |
| Self-Build mortgage required | £110,000 | |
| Money in this example would therefore be released in the following stages: | ||
| Stage | ||
| 1 | 85% of plot value | £51,000 |
| £59,000 advance remaining | ||
| 2 | £8,850 | 15% x £59,000 |
| 3 | £8,850 | 15% x £59,000 |
| 4 | £8,850 | 15% x £59,000 |
| 5 | £11,800 | 20% x £59,000 |
| 6 | £8,850 | 15% x £59,000 |
| 7 | £11,800 | 20% x £59,000 |
| Mortgage | £110,000 | |
Bungalow
| 1 | Plot advance | 85% % release of money after plot advance |
| 2 | Foundations to damp proof course level (including slab if relevant) |
20% |
| 3 | Wall plate level | 25% |
| 4 | Roofed in | 20% |
| 5 | Plastered out | 15% |
| 6 | Completion | 20% |
Timber framed property
| 1 | Plot advance | 85% % release of money after plot advance |
| 2 | Foundations to damp proof course level (including slab if relevant) | 15% |
| 3 | Load bearing framework, plus roof structure | 40% |
| 4 | Roof tiled, brick skin in place, glazed | 15% |
| 5 | Services first fixed and drylined | 15% |
| 6 | Completion | 15% |
Property conversion
| Stage | ||
| 1 | Property purchase | 85% % release of money after plot advance |
| 2 | Major structural works1 | 50% |
| 3 | Plastering out | 25% |
| 4 | Completion | 25% |
| For example: | ||
| Property value | £50,000 | |
| Renovation costs | £40,000 | |
| Total cost of property and renovation | £90,000 | |
| Less deposit | £10,000 | |
| Total advance required | £80,000 |