Financing Your Build
If you require finance for your JML SIPs self build home, we highly recommend BuildStore Mortgage Services as your first stop when evaluating your mortgage options.
BuildStore is the UK’s leading mortgage brokerage, specialising in mortgages and finance designed specifically for homebuilding projects. Our specialist mortgage advisers will recommend and tailor borrowing solutions to your financial circumstances, design and build specifications, and payment schedule. We fully understand the products and systems JML SIPs supply, along with the stage payments you will require to support the progression of your SIPs home.
At BuildStore, we understand the complex and specialist experience required when financing self build houses using SIPs. We have built solid relationships with lenders and created more than 60 exclusive mortgages, designed specifically to solve the common issues faced by individual homebuilders.
These unique funding solutions set us apart from other mortgage brokers, and this allows us to help many customers who otherwise may not have had the chance to build their dream homes.
How do self build mortgages work?
Self build homes are built and paid for in stages, and you’re unlikely to be able to draw enough from the value of your plot alone to cover all of your costs. Self build mortgages therefore release funds in stages as work progresses, rather than as a single payment.
There are two types of self build mortgage: valuation-based and cost-based. The two types of deal have very different features, so it’s really important that you understand how any mortgage you choose will work - particularly how the lender decides how much money they’ll give you at each stage of your build.
Valuation Based Mortgages
Valuation-based stage payment mortgages release funds after each stage of the building process is completed and a lender’s valuation shows an uplift in value. This means you won’t know how much money you’ll get after you’ve completed each stage so there is a real risk you won’t get what you need, which could bring your build to a standstill.
These mortgages may be more suitable for traditional building methods, where the build costs are more evenly spread across the build, where you already own your plot so already have some in built-in value, or where you have more cash of your own available to put into your build.
Cost Based Mortgages
Cost-based stage payment mortgages provide guaranteed stage payments based on your build costs. Funds can either be released before or after each build stage, depending on your payment schedule. There are no valuations during the build, so stage releases can be agreed as part of your mortgage application. This type of mortgage is exclusively available from BuildStore and works particularly well with a JML SIPs build as you can get money from the lender towards the cost of your SIPs home before it’s even on site.
How much can you borrow?
How much you can borrow depends on your financial circumstances. Like any mortgage, lenders will assess your income and outgoings to calculate what you can afford.
For a valuation-based self build mortgage, the money your lender will release is typically restricted to 80% of their assessment of the value of your site at any time - you won’t know how much is available to you until you ask for more money.
With BuildStore’s higher lending percentages, you could borrow up to 95% of your costs (100% if you already own your plot), with a maximum of up to 90% of the expected end value of your home. What’s more, you’ll be told as part of your mortgage application how much you’ll receive at each stage of your build - guaranteed.
The BuildStore Difference
- Specialist knowledge and expertise
- Competitive interest rates
- Exclusive products and lenders
- Interest only payments during the build
- Guaranteed cost based stage payments to coincide with your costs
- Ability to stay in your current home until your new one is complete
- Tailored cash flow to suit your build and payment schedule
- Borrow up to 95% of your land and build costs
For more information and expert advice on how to fund your timber frame system, click here to enquire or call 0345 223 4888.
Your home may be repossessed if you do not keep up repayments on your mortgage.
There may be a fee for mortgage advice. The actual amount you pay will depend on your circumstances. The fee is up to 1% but a typical fee £395.
BuildStore Mortgage Services Limited is an appointed representative of Mortgage Advice Bureau Limited and Mortgage Advice Bureau (Derby) Limited which are authorised and regulated by the Financial Conduct Authority.
BuildStore Mortgage Services Limited.
Registered Office: 8 Houstoun Interchange Business Park, Livingston, EH54 5DW.
Registered in Scotland Number: SC448916
What Our Clients Say
We are delighted with our JML Joro house kit. The entire process of arranging the build has been easy, and there has been clarity at every stage. Everyone who has been involved in the build has been professional, friendly and very prompt in offering advice and support.
The kit delivery and erection was handled quickly and efficiently. The quality of the product is excellent, and we love the fresh, contemporary design.
We highly recommend this company.
Thompson, Nairn
"JML had their own in-house Architect and this got the project moving and on budget. JML built and erected the SIPs frame of a large extension to the rear of our property. They also did the roofing and a front porch, together with the cladding. Once involved, the project went very smoothly and I wish we had involved them right from the start. The guys on site were very good, and I can't fault the service in any way. The main part of the build is now finished, although we still have a lot to do internally and outside. I can't recommend this company enough, and I would suggest you contact them from the start, and use their Architects etc. if needed. It will save you a lot of hassle. They are not the cheapest, but you do get very high quality at a reasonable price, and the project we did represented great value, compared to other quotes we had from more traditional methods of building. The work was also all done to the correct timescale, which is rare in this industry. I would not hesitate to recommend them or use them again".
Logan, St Andrews
"A good team that hold many years of experience in the construction of new tech construction methods. Project was on time and the team that came down from Scotland were polite and hard working".
Ian Dilks, Norwich
"First class service from Commercial Manager, Derek McIntyre, at all stages of the project. Once on site, Gavin Brock and his installation team were skilled and highly efficient. JML SIPs are a great team and know their product."
G. Smith, Strathaven
"For you and your team to hit your estimated build costs at every turn and to do it before deadline was a real credit to your organisation and efficiency and a massive relief to ourselves. We could not have asked for better building contractors. John was so patient and tolerant of my crazy plans and last minute alterations to the house."
Mr & Mrs Wilson, Tree Cottage, Killearn
"We are extremely pleased with the professional service provided by JML SIPs. Not only is the work to a high standard but also the positive and client specific approach was exceptional throughout."
Robin Wilson, Auchterarder
"JML SIPs provided a friendly, efficient service which was completed within the set timescale and within budget."
Ian Reynolds, Killikrankie
"JML SIPs were very professional and conscientious throughout all the stages of the construction of this high specification property. Their attention to detail, responsiveness and service provision were first class."
Douglas Sheasby, Dunblane
"We are delighted with the high standard of renovation and extension work recently carried out by JML SIPs. John and Robin proved invaluable with help and advice as the project progressed and all the direct tradesmen employed by them were helpful, courteous and efficient. No problem was too big or small and they were very flexible with all arrangements."
Bob Lindsay, Dunkeld
"The team were courteous and hard working, arriving promptly on site every day. The site was also kept very tidy with cut blocks and slates stacked for use before any new materials were cut. Every comment from the local community about the build has been positive and I am happy to pass on the recommendation to anyone considering building a house."
Gordon Motion, Stirlingshire
JML SIPs provided a first class service in building our four-bedroom house in Moray. We were highly impressed with the design consultant who listened to our requests, came back with drawings and ideas and with us decided on the house that woud meet all our needs. We were supported through the whole building process, were consulted in respect of planning and authorisation and we felt that we were listened to all through the experience. It is not too much to say that we enjoyed the journey. During the build the workmen were well mannered and hard working. They were clearly skilled craftsmen and were confident and efficient in their work. The manager and designer were attentive to our request for change and were creative in managing any problems that arose. When we contacted the office manager and the reception staff they were friendly and very helpful. We had an excellent experience with JML SIPs and would certainly use them again if we were to build another house.
Janet & Tam McVeigh, Moray