Has anyone have any insight into the typical cost of finance to borrow money for a build?

 

The house builders bible has this at about 7% of build cost, is this fairly typical?

Ecology Building Society current self build mortgage rate is bet 2.9 - 3.65 % depending on EPC.

Think you can only get the reduced rate upon completion of the build. Until then it’s their SVR which I believe is currently 4.15%.

8 minutes ago, ZacP said:

Think you can only get the reduced rate upon completion of the build. Until then it’s their SVR which I believe is currently 4.15%.

Yes you are quite correct it’s slightly higher pre-completed EPC

Is that just the rate they lend the money out at. How about fees?

30 minutes ago, SteamyTea said:

Is that just the rate they lend the money out at. How about fees?

I’ll update on Tuesday after I’ve had the phone consultation!!

As promised, ecology fees as per my convo with them today:

application fee: £799

valuation fee (GDV of £850k): £630 (paid upon completion of building)

surveyor fee: £125 (Paid every time you want to make a drawdown)

hope that helps!

1 hour ago, ZacP said:

As promised, ecology fees as per my convo with them today:

application fee: £799

valuation fee (GDV of £850k): £630 (paid upon completion of building)

surveyor fee: £125 (Paid every time you want to make a drawdown)

hope that helps!

 

That does, though the application fee has gone up since i last talked to them (was £300)