Abuilding society is a similar financial institution that provides structured and traditional mortgages to its members. Building Society Mortgages are only available to its members because it is an exclusive institution like a credit union that is owned bits members. A lot of these companies have backed mortgages and demand deposit accounts that are usually backed by insurance companies.
Many of the building societies in the UK offer building loans, credit cards, and exclusive checking/Savings accounts available to their members. There rats available to members are some of the lowest in the industry because unlike traditional financial institutions the members of the Building Society all actually own a piece of the business.
Building Society Mortgages are some of the most sought after mortgages that are very stringent credit ratings but very favorable terms and little down. The high credit ratings and documentation needed for the type of mortgage loans available are there to protect the interest of the owners and members of the building society.
Mortgage lenders that are giving you the mortgage will want to ensure the construction plan you are using is properly insured and is being designed and built by qualified professionals. The will assess the values of the land and the end values of land plus the home you are building. A deep cost analysis needs to be made and an itemized list of all the needed materials right down to the last nail needs to be made for the exact amount before the self-directed loan can be approved.
But, the loan is a little bit of work to get down but, in the end you have exactly what you want in your dream home with a smaller mortgage than most. So using the available options for a Building Society Mortgages weather it is a construction loan or a traditional mortgage can greatly affect the outcome and expenses related to your home.