The Scottish Government have launched a £4 million nationwide Self Build Loan Fund to support self-build projects across Scotland.
At a time where securing self-build mortgages is becoming increasingly difficult, the Scottish Government have launched the Self Build Loan Fund to help those who are interested in building their own home but are struggling to secure suitable finance. The fund will run from September 2018 until 31st August 2021. The £4 million Self Build Loan Fund comes after the success of the pilot Highland Self Build Loan.
The Highlands Small Communities Housing Trust (HSCHT) are delighted to have been appointed the agents for the new fund. HSCHT were the agents for the previous pilot fund in the Highlands, which was launched in 2016. Since then HSCHT have helped 12 self-build projects through this fund, with the first few projects coming to a finish earlier this year.
HSCHT are confident after the success of the pilot fund that the nationwide Self Build Loan Fund will be just as effective and very popular.
How does the Self Build Loan Fund Work?
The Self Build Loan Fund is available to help those who have been unable to source a mainstream or high street self-build mortgage. People will be able to borrow up to £175,000 to help them with their self-build project. The fund will provide bridging finance to cover the period of the build, with a mainstream mortgage obtained upon completion of the project in order to repay the loan amount.
How do you apply?
Applications are now open for the Self Build Loan Fund and you can apply through The Highlands Small Communities Housing Trust’s website: www.hscht.co.uk/scotland-self-build-loan-fund.html
The application process is split into two stages. The first application will establish applicants’ financial status, landownership status, planning status and post completion mortgage status.
If an applicant is successful, they will then need to complete Stage 2 of the application process. This stage will assess the applicants’ build programme, cash flow, building warrant and construction approach.
Once an applicant is successful in both stages, they can then be offered a loan to help with their self-build project.
If this sounds like something that may be of interest to you then please visit www.hscht.co.uk/scotland-self-build-loan-fund.html for more information, full terms and conditions of the Self Build Loan Fund and the Stage 1 application form. Or if you would like to speak to someone about the Self Build Loan Fund, you can do so by:
Testimonial from self-builder using the pilot Self Build Loan Fund
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