The Bespoke Mortgage pilot scheme is aimed at supporting local people to access self-build mortgages on selected plots at Graven Hill, in Bicester.
How does the Bespoke Mortgage scheme work?
This is a mortgage model that has been developed to support local people in Cherwell District. It is a partnership between Cherwell District Council, a panel of mortgage lenders and Graven Hill Village Development Company Ltd (Graven Hill). The scheme will provide up to 95 per cent loan to value mortgages on Graven Hill’s mix and match properties.
You only need a five per cent deposit, which is non-refundable. Your mortgage payments will not start until the build is complete.
We have also allocated up to £2.5 million in development finance to assist with the construction of self-build homes.
In effect, the scheme makes self-build as easy as new build as the key risks traditionally associated with self-build projects have been removed.