Housing Minister Grant Shapps says he wants self-build projects to become more widespread as a way of creating a much needed supply of affordable homes.
Mr Shapps has written a letter to banks and building societies calling on them to provide more mortgages and other specialist finance products for self-builders.
He says lenders should be encouraged by the fact that people who want to build or oversee the building of their own home are usually very reliable and unlikely to default on mortgage payments.
The Government is currently looking at ways to reduce the burden of regulation on house builders and releasing more public land.
Mr Shapps said: “I want to create a self-build revolution where building your own home is not just the preserve of the privileged few. As the mortgage market continues its recovery, lenders have an ideal opportunity to diversify lending into areas such as this.
“I think there are real business opportunities for lenders here – as the market grows – and I call on them to help make this important housing sector more mainstream.”
Please contact our Residential team if you would like more information about funding self-build projects or any aspect of buying and selling a home.
