Are you thinking of building your own house? It's an exciting project, isn't it? Being able to design the home of our dreams, to our taste and made to measure. If, in addition, you need to finance the work, what you are looking for has a name: a self-build mortgage.

The name itself says it all, but just in case, we'll clarify. A self-build mortgage is a loan specifically designed for those who want to build their own house so that it is exactly how they want it and not any other way. This translates into a series of small differences compared to other mortgages, which are designed for houses already built.

At Hipotecas.com a mortgage expert will accompany you throughout the entire loan process to provide you with detailed information and resolve any questions you may have. Before we get started with the mortgage, there are at least two things we must be very clear about:

What we finance with self-promoter mortgages

Mortgages to build our own home are designed to finance the construction of the house. With them you can build the house of your dreams from scratch, on the land you own. To build the house we must have the land and we will also need to have the building license from the City Council and the works project sealed by the College of Architects, as well as an execution budget.

In order not to make one of the most common mistakes with self-build mortgages and with any other type of mortgage, it is important to do the math before we start building our house. It is relatively common to get to the point of asking for the loan with almost no savings, after paying the fees and taxes of the town halls, and need to finance 100% of the value of the work. Not all banks will do this.

Fortunately, at Hipotecas.com we are not just any financial institution and we are sure to find a solution for your situation. In fact, since you are going to build your house, you can make it sustainable and energy efficient with a green mortgage.

Money in tranches: this is how self-builder mortgages work

Mortgages to build our house work in a slightly different way to a traditional mortgage. Instead of having the entire loan at once, we will receive the money in installments as the work progresses . As we complete the different phases of execution, we will receive the amount of the next one.

With the self-builder mortgage from Hipotecas.com, you will first receive an initial amount to start the project and the work. Then, more capital will be delivered as the construction of the house progresses, leaving 15% for the end. These phases are agreed upon when signing the self-builder mortgage and with us you will be accompanied at all times so that they adapt to what you are really going to need.

It is better to be clear about the whole process

Are you not an expert in construction? Building your own house will make you one, both in materials and design. After all, if we are going to build our home, it is normal that we think carefully about the layout we want, the materials... Although it is most common and advisable to have specialized experts, it is also important that we are clear about the basic steps of the entire process .

To start the work we will need:

• The building permit and urban planning permit from the city council.
• Project visa by the College of Architects
• Safety, health and geotechnical studies if necessary.
• Report on staking out and commencement of work

To complete the work, the certificate of completion of work and the certificate of acceptance of work will be required.

And finally, to legalize the work we will have to:

• Pay the construction tax and the Stamp Duty (IAJD).
• Pay the First Occupancy License.
• The deed of declaration of new construction
• Registration in the Registry and in the Cadastre.

In short, is it worth building our house?

Buying a flat or a house already built is always easier. The two advantages of building our own home are the savings and the level of customization that we can achieve because we can build it to our liking. On the one hand, building our own house means savings of up to 30% (according to Idealista data) compared to doing it with a developer. On the other hand, we can choose the construction materials, quality, dimensions and layout of our own home.

And if this option doesn't convince us, but we are clear that we want a 100% personalized home, at Hipotecas.com we have a tailor-made solution as well: the SUMA Mortgage, which groups together the loan for the purchase and the renovation of the house. This way, it will be a truly unique home, just like you, who want a different home. Your home!

Request more information about the Self-Promoter Mortgage here .