CONVERSION MORTGAGES
Find out how they work, how much you can borrow, view case studies and get the free ultimate self build guide.
How Do Conversion Mortgages Work ?
The main difference between conversion mortgages over a traditional mortgage is that the money is released in stages as the build moves forward, rather than as a single amount.
Lenders will release funds for clients to buy land, subject to the plot having a minimum of outline planning or permitted development rights.
Typically 20% cash deposit is needed against the cost of the whole project (purchase of land & build costs). However there are lenders that will allow a lower deposit and we can fund projects with a deposit as low as 15% of the overall cost.
Those who already own land and have detailed planning agreed can use the plot value to draw funds on day one of the build.
Funds can be released in advance or in arrears of each build stage. The cash flow of your project will dictate our recommendation to you.
Stages of funds being released can vary slightly from project to project depending on the lender and the construction mechanism you are using.
Every project is different, to get a true understanding of how to fund your conversion book a free call today and speak to our self build experts.
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Examples Of Stage Draw Downs
Timber Frame
Purchase of land
Preliminary costs & foundations
System erected on site
Wind & Watertight
First fix & plastering
Second fix to completion
Brick & Blocks
Purchase of land (remortgage if owned)
Preliminary costs & foundations
Wall plate level
Wind & Watertight
Second fix to completion
First fix & plastering
A self build, custom build or a conversion is a lot more complex than a standard purchase and every project is different. Here at Mayflower we have years of experience of helping clients build their own homes. We know the market in side out and always have you and your family at the heart of what we do.
With over 100 years of experience across the team, get in touch or book a free call today and get the solution you need in a stress free and quick fashion
Why Work With Us?
We are family run business that place our clients at the heart of everything we do.
We’ll provide you with a FREE fully costed build report and quantified schedule Worth £1000.
We’ll Provide you with FREE photo realistic images of your finished project. Worth £700.
1-2-1 support from initial call to build completion.
Get instant Access to our Self Build Savers Solution. Find out more below.
We have exclusive products only available through Mayflower.
Get free access to online training for self builders.
We are a gold partner with NaCSBA and adhere to their code of practice.
We will run as many free project feasibility assessments for you as you need.
All of our advisers are construction finance experts.
We aid with planning the cash flow forecast for your project.
You’ll be working with a firm that has a 5 star service rating
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Not just amazing mortgage advice and 121 support throughout
We also provide you access to numerous free services, discounts and cashback schemes
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If you don’t feel we’ve delivered on value or service, we’ll refund any fees that have been charged by us…. PLUS we don’t charge any upfront fees.
If you’ve never worked with us, it’s just like buying a house without looking inside!
That’s why we provide a guarantee so you can work with us and experience what it’s like on the inside risk free.
If you’re not happy neither are we and we’ll refund any fees we may have charged when your mortgage completes.
3 simple steps to get funding
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1. Sign up to our Self Build Savers Solution or book a free call with one of our self build experts
We will be able to explain the whole process today, how much you can borrow, how much it is likely to cost and ultimately if your project is feasible to fund.
When you sign up for our Self Build Savers Solution you’ll be sent an email explaining how to get instant access to all of the features.
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2. If you’re ready to move forward
We give you a decision in principle with lender backed terms. We take care of all the paper work and walk you through next steps.
If you’re not moving forward with a mortgage you can still access our Self Build Savers Solution.
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3. We submit your application
We wont just place your case. You’ll have your dedicated self build expert with you until build completion.
FAQs
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The simple answer is YES. This will, However depend on your circumstances.
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The answer is YES. However the project will dictate which level of planning you require. A lot of projects we help fund have only permitted development approved. Ask your local authority if you the building you want to convert falls under permitted development or needs a full permission.
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Absolutely
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You most certainly can
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Just because your credit is impaired does not necessarily mean you would not be eligible for a Self Build. We would have to review your credit history.