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Letter S
Self-build
A property, constructed by the owner. This does
not mean to say that the borrower built it themselves just controlled the
construction.
Loans on self-build properties will normally be advanced in stage payments and
are subject to strict limits on loan to value.
It should be noted that in order to protect the lenders security they will
insist on some degree of control such as supervision by qualified architect or
that the builder is a member of the professional body such as NHBC or Foundation
15 guarantees. In addition this will represent some future protection as a house
that has not been constructed with these types of controls in place will be
difficult to resell as lenders for future potential buyers will also have
similar concerns.
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