Mortgage for a Log Cabin

PasturesNew

Now I am confused, I thought we were talking about a log cabin, but somewhere along the line it became a house/mortgage.

Then the parents are applying for PP, which wasn't made clear if this is for themselves or for the OP.

I'm sure more chapters will follow.

neverdespairgirl

If I were you, I'd stick to the renovating a caravan idea - less tied down, cheaper as well.

planning_officer

I apologise for joining this thread late, but have you spoken to the Council about the likelihood of planning permission being granted - it sounds to me, from the snippets of info every so often in this thread, that this field is quite rural and isolated - often, new dwellings are not allowed in such locations!

Strapped

Staciep88 wrote: »

UPDATE!!!

Spoke to estate agents - he said without planning permission the land is worth £10,000, with planning permission it could be worth upto £150,000.

No offence, but I can see why they don't want to just hand over half to you.

If they are willing to give the land to their son, then, using your logic, he would be "putting in" the value of the land with PP - say £150k - and you'd be "putting in" your £20k. You'd also have a joint mortgage for the balance of the cost of building and kitting out the property - say £40k. So in total you'd be "putting in" £20k (your deposit) + £20k (half the mortgage) = £40k, and would own £40k/£210k (total cost of land + property) = 19%. Your OH would own the other 81%. Would you feel comfortable with such an arrangement?