As well as revealing a significant lack of awareness of self-build mortgages, the study identified finding and then financing a self-build as the biggest concerns for those who hope to build their own home.

The mutual found that one in five would-be self-builders felt that finding suitable plots was the biggest barrier to their building dream. Two in five (40%) respondents suggested that finding funding for their project would be the one of the most difficult aspects.

Another concern for self-builders is identifying the right contractors, with one in five respondents worried this would prove a significant barrier to proceeding with a project.

Despite these hurdles, the Ipswich survey suggests that more than a third (35%) of British adults are considering a self-build project at some point in the future. The motivations range from having control over design of the property (51%) to environmental factors (28%) and financial reasons (17%).

Of those considering a self-build project, location was identified as the most important consideration by 40% of respondents, making it the most common answer. This was followed by price (17%), while more than one in ten were mindful of whether full planning permission had been approved (12%) and the size of the plot (12%).

Charlotte Grimshaw, head of mortgage sales at Ipswich Building Society, commented: “As an industry we all need to do more to ingrain self build as a manageable and achievable option for homeowners.

“Fortunately or unfortunately, the idea of self build is very much linked to programmes like Grand Designs, which on the one hand is a superb source of inspiration, however self build projects do not have to be of the scale or cost that we’re accustomed to viewing on television. They can be a really viable option for people with a vision and creativity who would like to design their own home within a reasonable budget too.”