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While all major lenders will offer finance for timber frame properties, we recommend your first point of call when seeking a mortgage should be BuildStore Mortgage Services - the UK's self build and renovation finance experts.
Why? The reason is simple - you will not find a wider selection of mortgages and exclusive deals, as flexible or as well-suited, to the specific finance requirements of your timber frame project anywhere else.
Flexible funding options, tailored to your project
To fund your timber frame project, you will need a stage payment mortgage which releases funds as your build progresses. There are two types of mortgage, defined by when you get money during the build: Traditional arrears stage payments and Advanced stage payments. BuildStore can help you assess your cashflow to determine which type is right for your needs, and arrange the right solution for your project.
Advance Stage Payments
The Accelerator mortgage from BuildStore is ideally suited to timber frame projects. The key difference is that money is released at the beginning, rather than the end of each build stage AND you get the cash to fund the early stages of your build, including land purchase, frame deposit and the erection of your timber frame project.
The BuildStore Difference:
- Borrow up to 90% of your land and build costs
- Stay in your current home until you have finished your new one
- Receive your money when you need it to pay for materials and labour
- Negotiate better deals and keep workmen on site by having the cash to pay your bills
- Choice of leading lenders, products and competitive rates
- Advance stage payments available
Your home may be repossessed if you do not keep up repayments on your mortgage.
For arranging self build and custom build mortgages, BuildStore charge a fee of £695. £95 is payable on application and a further £600 on offer. For all other mortgages BuildStore charge a fee of £395 which is payable on offer.
Timber Frame Stage Payments
Stage 1 - Purchase of land
Stage 2 - Frame deposit & foundations
Stage 3 - Timber frame erection
Stage 4 - Wind & Watertight
Stage 5 - First fix & plastering
Stage 6 - Second fix to completion