We are launching a pilot mortgage scheme from 3 April 2018 that will support local people to access self-build mortgages on selected plots at Graven Hill, in Bicester.
Following a local connections application stage, open from 3 April – 11 May 2018, up to 5 mortgages will be supported through this pilot scheme.
What is the Bespoke Custom Build Mortgage scheme?
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% loan to value mortgages on Graven Hill’s mix and match properties as we will indemnify up to 20 per cent of each mortgage. Borrowers only need a 5 per cent percent deposit, which is non-refundable.
We have also allocated up to £2.5million 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.