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Shapps asks lenders for more self-build mortgages

Monday, 20 June 2011 11:59 AM

Housing Minister Grant Shapps has written to the UK’s biggest mortgage lenders to ask them to provide more funds to those aspiring to build their own home.

Shapps wrote of a “self build revolution” in the letter, sent to key players in the mortgage market, in which he spells out his plan to make self-builds more common.

Self-builds are seen by the minister as a way to generate much-needed affordable and sustainable homes and he has asked lenders to create more specialist finance products available for this type of project.

Shapps says: "Self-builders deliver affordable, greener and more innovatively designed homes, and make a big contribution to the number of new homes built in this country, yet there is scope to significantly increase the number of self-built homes in the UK – both for individual households and for community-driven projects.

"I want to create a self-build revolution where building your own home is not just the preserve of the privileged few. As the mortgage market continues its recovery, lenders have the ideal opportunity to diversify lending into areas such as this.

“With expert knowledge from established intermediaries, lenders can make a profit at low risk.

"I think there are real business opportunities for lenders here – as the market grows – and I call on them to help make this important housing sector more mainstream."

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