Available to self-builders who want to buy a plot of land to build a new house or refurbish an existing structure for their own occupation.
Do you dream of starting from scratch, buying a plot of land and building your own home? Or perhaps you’re looking to find a place that needs a complete refurbishment where you can put your own stamp on it. At Saffron, we understand dreamers and our self-build mortgage is designed for you.
Because it’s likely that your project will take shape over a period of time, we’ll release your funds in stages in line with the progress of the build. An added benefit is that you can choose to repay interest-only until the project is completed.
What is custom build?
Custom build homes are self-built homes that are facilitated by a professional developer. They offer the chance to have a unique property that suits an individual’s lifestyle and preferences but minus the high degree of involvement associated with traditional self-builds. Custom building can describe a single one-off home commissioned by an individual and built by a developer, or a group of homes built by a developer but offering the future occupants the chance to tailor the design.
Self-Build Retention - Drawdown Process
A re-inspection is required each time you require a retention drawdown and the fee for this is £195.00. We recommend that you allow 10 business days' notice before the advance is required.
Please note that only one drawdown is permitted per calendar month and at no stage will we release funds which would take the Society's exposure above the maximum Gross Development Value allowed under the product.
1. Request Retention Release Drawdown form by emailing us - Click here to email.
2. Pay the fee by calling the automated card payment line on 0330 124 9057 selecting option 1 (you will need your mortgage account number).
3. Email us by clicking here, confirming the fee has been paid. Attach the drawdown form, invoices paid since the previous drawdown and a few photos.
4. Connells will be instructed upon receipt of your email and fee and they will contact you to arrange an appointment.
5. Connells will forward the report to the Society and upon receipt it will be passed to our underwriters for review.
6. The underwriter will advise the mortgage servicing team the amount they are willing to release and the servicing team will call or email you and confirm the amount being released.
7. The agreed retention will be paid to your nominated bank account less the £35.00 electronic transfer fee.
Should you require any further information or assistance, please do not hesitate to contact us on 0800 072 1100 between 09:00 and 17:00 Monday to Friday (Wednesday from 09:30).
