Did you know … You could build your own home using the new Help to Build loan.

Creating a grand design may not be as unrealistic as it sounds using the government’s new Help to Build loan scheme.

Building your own home is no longer only for the few with Grand Designs budgets and bravery. You can spend up to £600,000 to create the exact house you want with a deposit of only 5 per cent and an interest-free (for five years) government loan, under rules of the Help to Build scheme recently unveiled.

Anyone in England can apply for funding for a self-build home, in which you find a plot and manage builders yourself, or a custom-build home, which is overseen by a developer to your specification. The government will offer loans of between 5 per cent and 20 per cent (up to 40 per cent in London) of the land and build costs, capped at £600,000. To fund the rest of the cost, you will need a cash deposit of at least 5 per cent and a self-build mortgage from a lender registered with Help to Build.

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