If you are developing your own home then you have the cheapest kind of finance available to you - a homeowner mortgage - whether you move in before, during, or after the works are complete.

If your credit rating is good, you should be able to find a mortgage at the base rate or less, depending on any incentives. If you are a first-time buyer it particularly pays to shop around as lenders are very keen to get your business.

You will generally be asked for a 5% deposit minimum, although some lenders will offer 100% mortgages. Unfortunately, properties which need renovating tend not to be funded 100%.

In fact, if your property is in an especially bad way, you may encounter one or both of the following:

1. A retention