Development Mortgages

These are primarily used to fund development projects as well as refurbishments and conversions. The liberalisation of UK planning laws has ignited the sector and this type of funding has gained popularity.

This type of finance is availed usually to experienced operators who can demonstrate experience in the sector. First time developers need to engage an experienced builder with a track record.

Mortgages up to 100% of build costs
Easy application process
Competitive rates
Advice given along the way

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    This is specialist funding. The application needs to be structured and presented properly to the lender with detailed costings and forecasts.

    The funds are drawn down in stages so that interest is paid only on the outstanding balance. Periodic inspections are done by the lenders surveyors to ensure quality control and timely completion of each stage. An over run of costs or delays can eat into the project profitability.

    Why choose us?

    Here are a few reasons to choose Chess Mortgages.

    Experienced advisers

    We’ve been advising clients on mortgages for over 40 years.

    We move fast

    No need to wait; we respond & process applications quickly.

    Whole of market

    We scour UK lenders, private banks & offshore lenders for deals.

    What you need to know...

    What is the typical interest rate for development funding?

       The costs range from around 6% to 10% pa

    What is the Loan to Value?

    Up to 70% of the Land plus 100% of the development costs. With additional security 100% funding may be possible

    What is the maximum term of a loan?

      The term is usually 18/24 months.

    What happens after the term?

       The loan can be replaced with a development exit loan or refinanced on an investment basis.

    What our clients say...

    "Excellent service and I would highly recommend to others"

    Had the pleasure of instructing Chess Mortgages. Jaz was incredibly professional and impressive in her handling of my remortgage application. My application was dealt with within a week! Excellent service and I would highly recommend Jaz to others. Thank you Jaz!

    Shaida Hussein

    "Award winning mortgage advisors & I can see why"

    Bob stepped in at very notice to assist us when we were in danger of missing out on our perfect home. We were impressed with advice we'd seen Bob provide on a forum, which was clear and sensible. It was later we found out that Chess are award winning mortgage advisors and I can see why.

    Iftikhar Ahmad

    "Chess was by far the best decision we made in looking for a mortgage"

    I can't thank Jaz and Bob enough for their efforts in helping my wife and I in secure a mortgage. The process was effortless and they took weight off our shoulders. Having gone through getting a mortgage a number of times, I can safely say using Chess was by far the best decision we made. I will be using them again.

    Shamit Rooproy

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