Trapped?

the_pootler

O.K., Here goes - hello everyone, I'm a newcomer with a specific question.

I am a keen self builder in my mid forties who is now living in a house without a mortgage. I consider myself very lucky in this respect.

However it seems that I am trapped in the sense it is almost impossible for me to try to release a considerable amount of the equity in the house in order to fund another self-build whilst STILL living in the house?.

Like a lot of people in my situation , I have no job or income and have not had one for at least a decade. My partner only works part-time.

I guess moset institutions would laugh at my circumstances and I will have to sell before I can build again.

OR - are there any alternatives?

Many thanks

The Pootler

silvercar

Self certificated mortgage may be the way forward. Your self-building is in effect your income so you could calculate what you can afford based on the profits you make on building.

If you are leaving a lot of equity in your own place I think some lenders would be happy to lend to you, you may need a broker to find out which ones.

Also there are some mortgage providers who will give mortgages (usually in stages) for self-builds.

the_pootler

Thanks for the reply,

I thought the whole idea was a non-starter, but maybe I should investigate a broker

the pootler