Grand designs in your garden

Grand designs in your garden

Finding your forever home may be easier than you’ve imagined, although it may not initially seem that way. Downsizing is a competitive market and the supply of bungalows and smaller properties is limited. Developers are under pressure to maximise space and focus on buildings that exceed one storey. An ageing population and rise in life expectancy add to the demand for smaller properties. The smaller houses that are available in your ideal location may not fully meet your needs, however the move to your ideal home may be closer than you think. What if we told you it could potentially be in walking distance?

We’re talking about your garden
Why settle for a house that doesn’t tick all of your boxes when you can build your ideal home? You might have space in your current garden or could find a separate plot of land to build a home specific to your needs. Don’t have the funds immediately available? Don’t worry – bridging finance from Market Harborough Building Society, with no monthly repayments, could hold the key to your self-build home. You could borrow against the value of your existing property without needing to sell your current home until your new one is complete. What’s more, you can take your time to tidy up your existing home before you put it on the market. If you build in your garden you can plan the layout for optimum privacy and create restrictions (covenants) to reduce the chances of being overlooked by your new neighbours in the future.

How can bridging finance help?

Bridging finance from Market Harborough Building Society could give you fast finance to build your new property before you’ve sold your existing home. There’s no need to rent, no temporary caravan to squash into, just the comfort of your current home as you watch the builders from your living room. If you build in your garden there’s also no need to budget for buying land. And the good news doesn’t stop there. Not only is there no upheaval, there are no monthly repayments on the loan (which usually lasts up to 12 months). Bridging finance gives you the ‘cash’ to construct your forever property – in the perfect location for your lifestyle. As you’re downsizing you may also find, after you’ve sold your existing home, that you have more available funds to spend on foreign travel, socialising and enjoying your retirement in the style that you deserve.

Why choose us?

We’re here to support you long term and we’ve been committed to our customers for 150 years. Other bridging loan providers may be private equity financed with terms that may not offer the assurance you need. We specialise in self-build as well as complex cases and can act quickly to give you finance suited to your circumstances. You’ll have more control and financial independence, with no monthly repayments needed during the loan. You can borrow between £200,000 and £2.5 million for 12 months, up to a maximum age of 85 years.

Your next steps to self-build

If you’re considering bridging finance your first step should be to talk to us to discuss your options. You’ll need to seek planning permission for your build and we recommend you obtain legal advice about splitting the title if you plan to build in your garden. If approved, you can then pay your builder in stages as the build progresses, by drawing down funds from your bridging loan until your new home is completed. Move in, make yourself at home then put your existing property on the market and repay us with the funds from your sale.

Start planning early

You may not be in a position to downsize or start your self-build journey right now but it’s worth considering your options so you’re prepared when you need to make a move. It’s important to do your research. A little forward planning could make all the difference in making sure you’re prepared for your next move. Our team of mortgage specialists are ready to take your call and discuss the options available to you and the ways we can support you.

Your home may be repossessed if you do not keep up repayments on your mortgage.

To find out more about our range of mortgages, contact the Mortgage Team on 01858 412610.

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