Buying Off Plan

Buying a new-build apartment or house is often very appealing.  Being able to select elements of the interior design and letting someone else do all the work can often be preferential to buying an older home and having to renovate it, hoping there are no expensive hidden problems.

Mortgages for new homes can be a complex process.  Offers expiring before your new home is complete can cause stress and worry.  Charnock Hughes specialise in new build and off-plan mortgages and can guide and advise you through every stage to help ensure you get the most suitable and cost-effective solution when buying your new home.  We work closely with many of the UK's top developers and agents to help you secure and finance your new home.


Many of us dream of building our own home but before you get carried away it's important to understand how you will finance your build.  Whether you are planning to do some all or of the work yourself or employ a contractor to carry out the project on your behalf, you won't be able to get a standard residential mortgage, so you'll need to apply for a self-build mortgage.

The biggest difference between self-build mortgages and standard residential mortgages is that the funds are given to you in stages rather than as a single lump sum. This is to reduce the lender's risk and ensure that the money is spent as planned so you don't run out when you are only half way through the project.

Example stages are when you buy the land, when the foundations are laid, when the house it at roof level.  The final payment is paid on when the build is completed.

There are far fewer lenders offering self-build mortgages than traditional residential mortgages.  Charnock Hughes has considerable experience with self-build finance and can save you time and money getting access to lenders most suitable to your project and help you with the complex documents required for an application.

Your property may be repossessed if you do not keep up repayments on your mortgage.

There will be a fee for mortgage advice. The precise amount will depend upon your circumstances but we estimate that it will be 1% of the loan i.e. £1000 on a £100,000 mortgage.