Thousands of people and families in England will be supported onto the property ladder and given the opportunity to build their own home, with the launch of the government’s Help to Build scheme. Backed by £150 million of government funding, the “Help to Build” scheme is aiming to enable people to overcome prohibitive mortgage costs to build a home that is tailored to their needs and in a community of their choice, with just a 5% deposit towards land and building costs.
Help to Build will help families bridge the gap between their deposit and the cost of building material and land, allowing applicants to borrow between 5% and 20% of their costs across England – and up to 40% in London. Total build costs cannot be over £600,000, or £400,000 if the land is already owned, and applicants must live in the property as a primary home. This could be a major boost for your self build project and the financing of it which may not be as straightforward as a traditional mortgage. This would also be a contributing element to any renewable energy elements such as heat pumps, hot water and heating systems. If you would like to find out more about the scheme and how to apply, please visit the OwnYourHome website.