Mortgage possible on Annex?

hoops1980

Hi Folks,

I'm in the process of getting planning permission for an annex on my fathers property built. I'm a mid twenties employed person and have been struggling for ages to get on housing market.

Have spent about 1k + on getting planns done for a two bedroom annex. The annex will be on the land owned by father but be away from main property (thankfully land is bigger enough) and although tied in with main property at first, it will eventually be seperated (probably 12 months after build) - Even though it's an annex it will have own address, drive, water, post etc etc.. NOW.. advice please.

I have enough money for a 20% deposit, just wondering if you folks reckon i'd get a mortgage? As the land is still in fathers name?
My Father has said he's happy to stand a security and all that..

what do you think?

Thanks in advance

Kavanne

you can't get a mortgage on a property that doesn't exist. I think there are self build mortgages available but you won't even own a plot of land technically...

thriftymomma

I think you need to talk to a financial adviser. There has to be a way around this. Your father may have to "give" you the land to build on though? Is that a possibility?

hoops1980

thanks for the advice so far people.
I think I do..

My father has very kindly said he wouldn't have a problem with giving me the land to build a small place, which is good.

It seems to have happened so fast... I've been getting advice from the architect who has come up with the plan, but it's only recently dawned on me he doesn't really have too much of an idea when it comes to mortgages etc..I guess I've been naive in getting a planning application in without actually speaking to a mortgage expert..

I'm away for a couple of weeks from tomorrow, but on my return I'll book to see someone..

It hasn't cost a fortune to get this far (thankfully about (£1700) but I would love it if it could happen, as the place would have lovely field views etc and would be great..

Many thanks