Self Build Mortgage?!

edfolletthsbc

hi,
hopefully you guys will have some useful information about Self build mortgages
Background info
Deposit : £50K
mortgage Required: 200K
Building state: Water tight, no kitchen / no bathroom, walls are all plastered and is just waiting for finishing off (no strucutral changes required)
We are in no rush to move out the house we are in at the moment as we are living with parents and are able t sta idefinitely until the house is ready.
Cash to do the house up will be to hand so we do notrequire any further cash beyond £200k
What we have done so far:

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Phoned a few mortgage lenders including the woolwich. When speaking to them they said because of the state of the house (no kitchen / or bathroom) the house is classed as inhabitable and they cannot offer a normal mortgage. They will require us to take out a Self Build mortgage which they dont offer.

The questions I have are:
1) Unlike a normal mortgage am I still able to get a competitie mortgage with the deposit and percentage of the property we want to save. Are you usually able to borrow up to 80% of the property vlaue on a property that is classed like this?
2) Is it worth speaking to the mortgage people to explain our flexible situation. Would that add any value?
3) Do i really need a self build mortgage! All that is really left is the fixtures and fittings of everything?

Any ideas?

Ed

olias

www.buildstore.com

Give their mortgage brokers a ring and explain your situation and they may be able to help

Olias

olias

Just looking over some old threads and noticed I have given the incorrect URL above. It should be:

www.buildstore.co.uk

OLias