Case study 8
Key Facts:
Planning agreed for a detached 4-bed dwelling
Site value £450,000
Loan required: £650,000
Gross development value: 1,200,000
The brokers’ clients were professional contractors with no employed position
SIPS construction
The broker reached out to Mayflower for financing support to assess whether it was feasible to borrow 100% of the build costs after the purchase of a plot, funded by the sale of the client’s previous home. Their clients, who were day-rate contractors, had previously been advised that they would not be able to borrow sufficient funds based on their tax returns.
Using our relationship with a specialist self-build lender, we supported the broker in securing a self-build mortgage to fund 100% of the build costs. The lender assessed affordability using the clients’ current contract value rather than the income they paid themselves from their company.
Why do brokers want to work with Mayflower?
Mayflower was founded after our directors, Mike and Lulu, completed their own construction project. They saw firsthand how complex and unclear specialist finance can be, even with their industry knowledge.
Today, we are a specialised team focused on finance for self-build projects, renovations, and conversions. Many of our team members are self-builders, so we understand the pressures involved in decision-making. We take the time to thoroughly understand each project, communicate clearly about what is achievable, and support brokers and their clients through a professional financing process.s involved. We take the time to understand each project thoroughly, communicate clearly about what’s achievable, and support brokers and their clients through a professional finance process.
