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Budget 2017 – Can Private Finance’s mortgage broking expertise be the answer to Philip Hammonds housing conundrum?
The Chancellor announced in yesterday’s budget that house building is the “number one priority” and the “powers of the state” will be used to force construction numbers up to 300,000 per annum. Whilst protecting the green belt, reforms will be made in other parts of the planning system in an effort to approve more applications – and to force more landowners to act on currently approved sites. In London alone there are 270,000 residential planning permissions yet to be commenced.
Speaking to Andrew Marr yesterday, Philip Hammond said “we need small building firms in every town and city” to make sure the industry is not dominated by a handful of large companies. This is music to the ears of the ever growing movement of self-build and custom-build property owners!
Approximately 12,000 properties are self-built each year in the UK and whilst not for the faint hearted, it can accommodate a variety of budgets and a range of project size. Private Finance is passionate about assisting borrowers with self-build and development finance mortgages. The main difference for self-build and development mortgages is that the money is drawn down in several tranches at key stages along the construction process. We can advise on a range of lenders who can provide these specialist mortgages and find the best product for your needs, often with deals direct from the lenders that are not available on the high street.
So, if you are one of the 270,000 ready to build, or want to take advantage of the Chancellor’s new reforms, be sure to speak to your Private Finance broker about turning your self-build or commercial project dreams into a reality.