New support to help build Adam and Daisy’s forever home
A new scheme to help people make their dream of building their first home a reality opened for applications on Monday 27 June.
Help to Build makes taking a first step onto the housing ladder by building your own home a realistic option, even with a smaller deposit.
Applicants can borrow an equity loan of between 5% and 20% (up to 40% in London) of the estimated costs to buy the land (if needed) and build their new home, subject to eligibility and terms and conditions.
They will need at least a 5% deposit of the estimated land and build costs and to apply for a 95% self build mortgage from a lender registered with Help to Build.
It’s the kind of support that could help long-term renters Adam Land and his partner Daisy Newman to build their own home.
They rent a two-bedroom terraced house in Milton Keynes where they’ve explored buying a home together. But putting together a deposit and finding the right home has been hard.
Help to Build means they could build the right home instead.
Self build and custom build – for people who haven’t heard of it – can mean managing construction from start to finish or just making key design decisions for others to manage and build.
The idea is new to Adam and Daisy and previously they thought building their own home wasn’t financially possible.
On a tight budget, they’d like to build an eco-friendly ‘forever home’ close to family in Lincolnshire, where land costs less.
They think Help to Build could make the project possible by helping them with funding.
When you take out the equity loan, you agree to repay it in full, plus interest and management fees. You will start to pay interest from year 6, until the equity loan is paid back in full.
Could Help to Build support you to build your first home? Find out more about the scheme and how to apply.