HELP TO BUILD - What we know so far | Building your own house

This exciting new scheme has been announced so how does the Help to Buy actually work? Here I answer some commonly asked questions. If you're thinking of building your own house - this is the video for you!

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My name is Ewa and I'm from Carlisle in Cumbria. I'm a young entrepreneur running various businesses including being a mortgage planner (hence all the mortgage content!) My aim is to provide financial education to everyone but especially those of you who are looking at ways of escaping the rat race!

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[johnwood]

Hi Ewa, I'm looking at this for the first time and it now seems the Help To Build scheme is actually going ahead. As a newbie to the space, something that isn't clear is the upfront costs and difficulty of the planning permission / construction plans after you have a plot. And you can't really buy a plot until you know these costs and vice-versa. So this scheme might help in principle, once everything is planned and estimated, but it could cost alot just to get to that stage. If you're able to provide any help or give information about this, it'd be greatly appreciated by people like myself. Thanks! 😊

[dval]

The only drawback that i can see is that it's not a Loan, but the government will own 20% equity. So once youve built it and refinance at a higher property market value (since cost to build is usually lower), you might owe the government more than you borrowed?

[ProfitBoss]

Hi Ewa, thanks for this. Just to confirm would it work by say for example the building cost would be £300k in total. So I would need to put in 5% so £15k then the government will loan me the rest and I can pay a mortgage for my own built house once finished?