The Chancellor has announced the creation of a Help to Build Mortgage Scheme to support the growth of self and custom build in the same way as Help to Buy has done over the last seven years for the new build sector.
In the supporting documents of yesterday’s Spending Review, the Government set aside £2.2 billion of new loan finance to support house builders across the country. This includes delivering Help to Build for custom and self builders, and funding for SMEs and modern methods of construction.
The Government has also announced a further £100 million of funding to support, amongst other things, the release of public sector land, including serviced plots for self and custom builders.
The government recently announced a review of the current Right to Build laws, to ensure every council can, and will deliver on its obligations to help many more people achieve the dream of living in better and more beautiful homes.
Stuart Bryce, BuildLoan’s National Relationship Manager comments: “Help to Build will present significant opportunities to mortgage intermediaries in the future. BuildLoan can provide the necessary support, guidance and specialist products to help brokers maximise these opportunities.”