The Swansea Building Society has seen a rise in mortgage applications relating to self-build projects.
the mutual has hailed initiatives rolled out in Wales last year to encourage more people to build their own homes a success after
Self Build Wales, established by the Welsh Government, is designed to help more people in Wales build their own home. The scheme aims to remove the barriers and uncertainty around self-builds and custom-builds.
While Self Build Wales support is limited to the schemes designated plots, mortgage lenders offering self-build mortgages are not restricted to what they can finance. Since the launch of the Self Build Wales Scheme in March 2020, the Society has seen a steady stream of enquiries about this type of mortgage in spite of the challenges presented by Covid-19 and subsequent economic disruption.
Alun Williams, CEO of the Swansea Building Society, said: “We have always been keen to support individuals with ambitions to build their own homes, but since the Self Build Wales was launched, we have seen a sharp rise in enquiries – despite the economic disruption caused by Covid-19. We look forward to helping many more aspiring individuals achieve this dream in the future.”