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A self build story: how we helped Jules and Nigel to fund a significant extension and build their dream home

Written by Ipswich Building Society

26 Aug 2020


Case study, Mortgages after retirement, Older borrowers, Self Build

3 min read

When Jules and Nigel bought a tumbledown cottage in rural Suffolk they had plans for a significant extension, tailoring the property to suit their lifestyle – which not only includes dogs, but miniature donkeys too!

To complete the works, in which the couple opted for eco-friendly features such as an air source heat pump and natural cladding, they would need a self build mortgage due to the scale of the planned build. After an unsuccessful attempt to get the funds they needed, they turned to Mat Stock of Matthew Stock Mortgage Solutions* – who spoke to us.

The borrowers were looking for a 13-year term which would take them into retirement, raising £300,000. With their existing property worth £385,000, once the additional building works are complete they expect to achieve a valuation around £1.2m.

Through the planned extension and general improvements to the existing property not only could the couple integrate more environmental choices, but also include some unique features – such as a picture window in the kitchen to allow their miniature donkeys to walk up to the house. A grand feature staircase, an investment piece at £4,000, would form a focal point in the vast living area.

Jules says “after having no success with another lender, when we spoke to Mat Stock we were relieved to hear that Ipswich Building Society might be able to help. With all three parties based in Suffolk, it made perfect sense! Ipswich Building Society listened during our application and were able to understand our vision. It has been very much a partnership between ourselves, Mat and the Society. I have found the personal relationships hugely valuable.

In recent months building materials have been in short supply, and our builder has been effectively bartering with merchants and other local builders, swapping excess roof tiles for other materials – they have been amazingly resourceful! We now just need to install our kitchen and bathroom for the works to be complete, and our dream house to be made a reality.”

Anyone considering taking out a mortgage should fully assess all of their options before taking out any type of mortgage loan, and consider seeking professional, no-obligation advice.

* This does not constitute a recommendation or endorsement.



This article was published under our previous name of Ipswich Building Society. We changed our name in 2021 – find out more.

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