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Property Development Mortgages are not available for the development of property if you are looking for a mortgage for property development then you will need to be looking for property development finance, not a mortgage, basically mortgages are a long-term loan over say 10-25 years and a lender would not offer one for the development of property, finance for property development is called property development finance or loan and would only be taken out for the duration of the build once the development is completed then you could take out a traditional mortgage, these loans are only for a maximum of twelve months which is enough time for you to build the property.
How does a Property Development Mortgage work?
The finance is based on the total amount of land and construction costs including all fees and can be as much as 90% of the costs of your development it would include a portion to the site purchase and then cover all of your construction costs and any professional fees for the development, unlike a mortgage the finance is paid as you go along so the initial portion of the loan would go towards the land purchase and then you would get the rest of the finance at pre-agreed stages of your construction, once the development is completed the lender would expect to be paid the loan back in full, you would do this either by selling the property or arranging a traditional mortgage to pay back the development finance.
Arranging this type of finance is fairly straightforward and will need you to prepare an appraisal of all of your costs, which we will submit to the lender for consideration, once the loan is agreed the lender will appoint a surveyor to check over the numbers and if it all stacks up an offer will be made to you, then the solicitors are appointed to complete the loan.
UK Development Finance covers the whole of the UK and can get you quotes for your development finance from our lender panel who will not only lend to developers who are undertaking their first project but also experienced developers who are looking for greater flexibility from a lender and more competitive rates.
To get the ball rolling give us a call on 0800 138 6001 anytime 24/7 or you can talk to us on chat or complete the web form and we will give you a call at a time that is convenient to you.
Give us a call and we will go through your requirement in more detail and then be in a position to offer you terms from any lenders we know that would be interested in financing your project.
Get in touch you can call us anytime 24/7 or fill in the form on this web page and we will contact you to provide your quote.
With over 20 years experience you can be assured of the very best help and advice from our team.
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