Self-build mortgages
If you’re building or renovating your own home
With our Self-build mortgages, you can apply to borrow up to 95% of the final value of the property or 95% of the total costs of the project – including purchase of land/property – whichever is lower. And to keep your cash flowing, you can opt for stage payments.When working out your budget, we also normally suggest you build a 10% contingency into your costings. This usually avoids any re-negotiations at a later stage when the project is up and running. Our Self-build and Renovating mortgages have variable rate loans. So you can take advantage of low interest rates, although your repayments could also increase if interest rates rise.For more information please see the Lloyds TSB Scotland mortgage booklet which is available at
your local branch or call
0845 307 3074*.
How does it work?
Our Self-build mortgage works like a normal Lloyds TSB Scotland mortgage, except that the money is paid in stages as work on your property progresses. Payments are normally made at these key stages:
- when conveyancing is carried out in respect of the land or property subject to outline planning permission having been granted,
- when foundations are in place with mains services connected, and if applicable, kit erected. Detailed planning permission must be in place,
- when the property is wind and watertight,
- when the property is complete and ready for occupation (a temporary habitation certificate must have been granted).
We will need to send valuers to inspect and pass the property at each of these stages before a payment can be made, and the property must also be appropriately insured while construction work is being carried out.
Your home may be repossessed if you do not keep up repayments on your mortgageYou must be at least 18 years old to take out a loan. Before agreeing a loan we will want to satisfy ourselves about the suitability of you application. This will include assessing your ability to afford the payments and normally valuing the property.
How do I apply?
By phone
Call us on 0845 307 3074*.
Your local branch
Call into your your local branch for a free consultation with a Mortgage Specialist.
