Deadline nears for self-build mortgage applicants

People looking to build their dream home at Graven Hill in Bicester have just a few days to apply for an innovative pilot mortgage scheme.

Cherwell District Council is trialling the product, which requires self builders to have a deposit of just five per cent in order to finance work on their new home. People have until Friday, 11 May to apply.

To lower the barrier to entry, the council is indemnifying as much as 20 per cent of each mortgage and has set aside up to £2.5m to help fund the construction work.

Adele Taylor, Cherwell’s interim executive director for finance and governance, said:

“We’re the first local authority in the country to pilot this inventive new approach to promoting self-build. We want to make building a tailor-made home as easy as possible in Cherwell district and our mortgage offer eliminates a lot of the risks that traditionally put people off.

“So far we’ve had a really encouraging response to the scheme, and now, with the deadline nearly upon us, we want to make sure no-one who’s interested misses out.”

The criteria for the mortgage scheme stipulate that applicants must have a local connection with Cherwell district.

Further information is available at: https://www.cherwell.gov.uk/info/5/your-council/520/bespoke-custom-build-mortgage-pilot-scheme/1