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    • AJRFulton
    • By AJRFulton 14th Oct 16, 5:41 PM
    • 17Posts
    • 1Thanks
    Self Building
    • #1
    • 14th Oct 16, 5:41 PM
    Self Building 14th Oct 16 at 5:41 PM
    My dad is a farmer and I'm fortunate enough to have a free plot with one of the outbuildings.

    Again, being a farmer we can save quite a bit with doing a self build project, in the sense we have access to excavators, trailers, soil, aggregate, etc.

    Anyway, my parents recently did something similar last year and put up a pretty decent standard house for about £120k - without valuation I would imagine this house to be worth in the region of £225-£250k - that is just based on similar houses in the area (West of Scotland). I'd be looking to do the same. However my parents paid for this with savings, thus have no mortgage.

    I am looking to do the same, however my stumbling block is both myself and my partner have a mortgage on a flat each (She has paid about £40,000 off of a £105,000 mortgage, I have paid about £4000 off a £32,000 mortgage). I also have a buy to let property (£28,000 interest only mortgage).

    We are reluctant to sell any of these as her flat, and my buy to let both provide decent rental income. My current flat will also provide rental income if it was to go on the market.

    My question is, how will this affect us if we go to get a self build mortgage.

    I am self employed with an average income of around £45,000 my partner is PAYE with an income of £28,000
Page 1
    • neneromanova
    • By neneromanova 14th Oct 16, 6:05 PM
    • 2,868 Posts
    • 6,822 Thanks
    • #2
    • 14th Oct 16, 6:05 PM
    • #2
    • 14th Oct 16, 6:05 PM
    as you're SE, is the £45k a year what you tell the tax man? As this is what mortgage providers look for. We're currently having this problem with finding a mortgage as we're both SE.
    DD1 Born 31st March 2008
    DD2 Born 29th August 2010
    DS1 Born 28th October 2013
    Got Married 15th September 2012 Now Mrs Clark

    • tlc678910
    • By tlc678910 14th Oct 16, 6:11 PM
    • 500 Posts
    • 889 Thanks
    • #3
    • 14th Oct 16, 6:11 PM
    • #3
    • 14th Oct 16, 6:11 PM
    Would your parents let you and your partner live with them while you save up for the build? You could save like mad for a couple of years then alternate the build with your paid work for a year or two and enjoy mortgage free living?!
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