To build a house and raise the cash ?? Help

Keith_Cambs

Hi all – I want to buy the land next door to build a house, I want to live in my present house for the duration, so I can project manage the project close by – plus not end up in rented accommodation for 7 months at 500 GBP a month = more expense.

The current value on my house is approx 300k
I owe to the Halifax 78k :mad:

They will only lend me approx 100k

I need 94k for the land and approx 100k for the build part

So my house is worth 300k
I owe 78k
That leaves me 222k

The land costs me 94k
And to build approx 100k

That leaves 28k equity/profit in the house

I know there are mortgage companies out there which will allow me to draw money from my own property to build next door / stage payments.

Once I build the house next door I sell my present home and I don’t have a mortgage Yahooooooooooooo :T may be its not that easy – just need some help – pointed in the right direction – Cheers Keith