Cherwell to pilot mortgages for self-build homes

Believed to be the first in the UK, Cherwell District Council is exploring an innovative new approach to helping local people finance self-build homes.

As of April, residents of Cherwell will be able to apply for accessible mortgages on homes at Graven Hill in Bicester, the UK’s largest self and custom build site.

The council has allocated up to £2.5 million in development finance to assist with the construction of the self-build homes, with the council working with a panel of lenders, indemnifying up to 20 per cent of each mortgage, meaning borrowers only need a five per cent deposit.

Barry Wood, leader of the council, said: “We’re aware that lots of people love the dream of building their own home, but can find the up-front costs off-putting. I’m proud that we are exploring a way to offer our own residents and people who work in Cherwell this innovative solution. The pilot scheme will make it easier for people to build their own home without needing vast sums set aside to cover building costs.”

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