Custom and Self Build Scheme Launched To Help Housebuilders

Yorkshire construction accessories may be in greater demand in the future, as a new initiative has just been launched to help people either build their own homes or customise their existing ones further.

The Custom and Self Build Scheme, a collaboration between Lloyds Banking Group and Capita Asset Services, has been designed to aid the process of obtaining mortgages for custom and self-built housing, while allowing local authorities with land to attract new buyers while retaining control over the projects until they reach completion.

Under the scheme, people can apply for a mortgage and the deposit will then be paid directly to their local authority, which will then fund the cost of the build. Once completed, the lender will provide the mortgage to cover the costs, which will be repaid in full to the local authority.

Improving the supply of housing across the country is crucial for maintaining a sustainable market, and this scheme will increase the options available for those looking for a new house,Lloyds Banking Group mortgage director Stephen Noakes remarked.

This comes after housing minister Brandon Lewis announced earlier this month that the number of people climbing onto the housing ladder through the government Help to Buy scheme is on the rise, with over 73,000 homes having been purchased as a result of this particular initiative thus far.

In all, 5,518 households have been helped into a new-build property, while 30,269 have been successful in buying new and existing houses. Those considering getting on the property ladder this year may benefit from looking into how such schemes can help.