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help with mortgage for new build with occupancy clause
martbrad
Posts: 6 Forumite
I have recently received planning permission for a new house but I cannot get a mortgage to build the house as there is a 5 year occupancy clause in the planning permission. Does anyone know how to get around this issue
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Comments
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I have recently finished building a house, right through the crash, builders went under, RBS paid them I am another £30k out of pocket.
Thought I would just cheer you up, actually it was a brilliant experience but the market couldn't have changed more during that time.
Back to you, what is this clause?0 -
The clause basically states that i have to live in the house for 5 years which means that the bank is saying that if i defaulted they wouldn't be able to sell the house...0
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Is it that YOU have to live in the house? Why this clause is it a local person clause or special area clause.
Do you not want to live there or they cannot guarantee it.
Can you solicitor get specialist insurance to cover it, I had to get an indemnity on my land. There are weird insurances out there.0
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