Who doesn’t like a good Abba tune?
Well, that’d be me.
No amount of nostalgia and a recent oldie-mouldie reboot can change this leopard’s spots but the question of how we are financing this project can change a man from mousey brown to grey overnight.
Let’s start with politics.
Housing Secretary Rt Hon Robert Jenrick MP said:
“Building your own home shouldn’t be the preserve of a small number of people, but a mainstream, realistic and affordable option for people across the country. That’s why we are making it easier and more affordable – backed by over £150 million new funding from the government.
The scheme we have launched today will help the thousands of people who’d like to build their own home but who’ve not yet considered it or previously ruled it out.
Our plans will help get more people on to the housing ladder, ensure homes suit people’s needs like home working or caring for relatives, whilst providing an important boost to small builders and businesses too.”
Also:
This follows the news that major lenders have signed up to the government’s new 95% mortgage guarantee scheme to help more people than ever on to the housing ladder. Lloyds, Santander, Barclays, HSBC and Natwest are launching mortgages under the scheme today with Virgin Money following next month.
(Source Gov.uk)
Wow!
That was April.
It was meant to be in place by the end of the summer. I write this at the beginning of September. I supposed, technically, summer doesn’t end until 22 September so there’s time…in my dreams!
So far we have funded everything from the sale of our previous house and some savings. We will need a self-build mortgage and I keep hanging on for the Help To Build Scheme to happen. Sweet Dream Are Made Of This to quote a true pop classic.
We still await a realistic estimate for the foundations (which should come soon) and then the pennies will hit the fan: if we carry on using our own money we won’t have enough to secure a mortgage as the 20% or so deposit we’ll need will have been used up.
Self-build mortgages work by staging payments when parts of the build are complete. Some allow you to part-fund the purchase of the land. Others start at foundations or first floor level. Whichever, most give you money after the work is done. We could do with some real savvy person to help out here. Sadly, there’s me and the missus who are about as good with money as we are at busting some moves.
But, sadly, I may be forced to do some work on the side.
Maybe as a Dancing Queen! 😂
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