Contractor mortgage hunters may be interested to learn that the self-build housing industry has put together an action plan on how self-build could become a mainstream housing option.
Grant Shapps, the housing minister, has welcomed the move by the National Self-Build Association and other sector experts. The report details the main challenges facing the sector and proposes 15 ways to help those who want to build their own property.
It recommends that mortgage lending institutions be encouraged to provide more mortgage products specifically for self-builders, onerous regulations are simplified or removed and more land is made available for self-build properties.
The report suggests that an online portal be set up to provide clear, concise information to people considering self-building.
Shapps said he would consider the proposals carefully and pointed out that he has already written to the major banks and building societies asking them to increase finance options for self-builders. He also said he would look into the practicalities of funding for community self-build projects to kick-start the process.
The chairman of the NaSBA, Ted Stevens, said this is the most positive development the self build sector has seen for about half a century. If we can deliver on the recommendations, the sector could witness significant growth.
Paul Broadhead from the Building Societies Association said he welcomed the action plan and pointed out that self-build could go some way towards addressing the housing shortage which is stifling the housing market in the UK. Getting a mortgage for a self build is often thought of as an arduous, complicated process and hopefully this new report will dispel some of the myths about self-build.
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