Government launches £4 million fund for custom build homes
Residents in Scotland who want to build a Wee House can now apply for a loan from a new £4 million Scottish Government self-build fund.
The Self-build Loan Fund was launched earlier this month in a bid to help those wishing to build new homes on their own plots. The scheme will provide bridging finance during the course of the build so that a mainstream mortgage can be obtained on completion, rather than a self-build mortgage which can be more difficult to obtain and often subject to higher rates.
Jennifer Higgins, founder of The Wee House Company said, “This is a key fund that will help people Scotland-wide access the necessary funds to build their home. Whilst there are conditions attached to loan, such as having a plot with full planning permission in place, I am delighted that it will open up the opportunity to self-build to many more individuals, couples and families.”
While there are likely to be significant funding applications from the Highlands and Islands; self-build being traditionally more common in these areas, the fund covers the whole of Scotland and applies to both rural and urban areas. The fund will run until 31 August 2021 and applicants can apply for up to £175,000.
The Wee House Company provide a stress-free custom build experience, taking care of the entire home build project – from design and planning to service installation.
To check if you meet the funding criteria for an SBLF loan or to make an application click here.