Self build mortgage, advice required.

surfer_crx

Hi, I've been browsing these forums for a while now, but decided to register as I have problem.

I am looking to build a house, but I am currently finding it difficult to find any information on the internet about self-build mortgages. A lot of my search results end in me browsing a page that requires me to send a lot of personal information to someone I've never heard of so that they can call me back. Other than going to see my IFA I don't really know where to look, if anyone has any experience with this I would be grateful for some pointers.

Thanks, Pete

Let_Us_See

There are quite a few lenders providing self-build mortgages. However, as a first time self-builder and to avoid the many lurking pitfalls, find yourself a whole of market adviser with self-build experience who should be able to fully explain how the pros and cons and how the scheme operates.

How to find? I suppose the easiest is Yellow Pages and clearly ask if they have and can prove self-build experience - files on past cases should be available. Don't let them hide behind Data Protection - you do not want to know details, just that they show experience of self-builds. I know this will upset someone, but in my experience best to avoid estate agent based advisors as they excel at purchases, but tend to be a little weak in other specialist areas.

Conrad

I've done a few of these and I can attest to the many pitfalls!

You mentioned your IFA. Be aware IFA's tend not to be dedicated finance / mortgage specialists so may not have the time on task to have build the kind of experience needed.

Buildstore is a lender you could approach yourself.

Renee1981

hi - i built a home in '07 and I used an accelerator mortgage from buildstore, which gave me stage payments at the beginning of each stage and cash for the purchase of my plot. i believe they are still doing mortgages - saw them in the paper the other week, so maybe give them a go. they dont lend the money themselves, they are a broker, but they will deal with you directly rather than you dealing with the actual lender (mines was skipton)
hope this helps