loan for a plot of land

quintwins

i made a mistake last night when doing my figures (didn't include elc in my out goings) so i have fixed that now

just to clarify why our outgoings are so low,
1st off we shop around for food, so before closing freeze alot and cook from scratch
2nd our heating is oil, we only use £400 worth a year and this is bought for us at xmas by my in laws as an xmas bonus type thing for oh who works for them in the family business,
3rd we pay no tax or insurance on our car as it's a company car,
4th my children are 3 year old twins and a 7month old (who's breastfeed) so they don't cost alot to feed, we tend to buy secondhand clothes, not because we can't afford new as we clearly can but because at this age they don't care, and babys grow so quickly there's no point in new stuff

none of these things are likely to change with a move ,as the family business is very sucessful, and they have told us if we're no further in a few years they will give us a loan from the business however we are relucant to do this, as after all lending money from family never goes great never mind a huge amount

keyham i do see what your saying however first off we have already decided to get 2 mobile homes and we will be completely gutting them and doing open plan living and decent sized bedrooms. this is part of the reson we wanted to do it quicker as all our boys will still be young, and we're hoping having boys they will be happy to help however as i won't be doing much of the acual building work i will be spending holidays with them

also i grew uop in handme downs, and got very little, yet my parents we're smoking 60 aday, buying all the lastest gadgets and treating themselves, and they still treat my brothers the same, where as my kids always come first, if they need something we get it for them and have dipped into our savings more than once as they really wanted something

we are aware mobile homes can be very dear, however we have seen a few that are only a few years old selling cheap, that we have looked at and are in good condition, once people are done with them they tend to just want them gone

if it takes us 10 years to build our house (which allows extra for delays ect) our oldest will still only be 13 and will have several years in our house and hopefully aprciate it,

my inlaws also moved into a part finished house, and did the upstairs inly when they had 2 (as they have 2 downstairs room) my hubby said it wasn;t finished til he was 14 and he never minded, i do see your point tho and we have factored there feelings into it, which is the main reason for 2 mobiles

JA1000

Having just finished a self build and fresh from the experience although it will take a few years to get right back on my feet I can say that you have no chance for numerous reasons.

- The bank will only lend against land with full outline planning permission and an appointed contractor / architect / QS do you have any of this?

- If the land does have planning permission is the value of £30k reasonable?

- There is NOTHING stopping you from saving and buying the land outright. I owned my land outright and still it was a fight to just get the finance for the build BEFORE the market crash with FULL planning permission.

- £50k for the build is an absolute no way, mates might do mates rates but they still need to eat and live, building materials for a 3-4 bed detached will be at least this and more. You need to get this fully costed and signed off before any bank will lend against it. Banks DO NOT lend against mates rates. If you save money during the build then it's your benefit.

- As another example my utility connection was £28k, which is high and extreme but you will be looking at £5-10k which leaves £40k to build a house - no chance.

- Two mobile homes put together could constitute a permanent building and need planning - you need to check this especially for your term of 5 years.

- My original build estimate cost was £100k, signed off costs £130k but £200k later I finished. Until that digger goes in you just never know, day 1 and I had to find another £10k and everything stopped for a month, let alone everything else.

On your income sorry but no chance, but don't give up on the dream.

quintwins

around here your can get plots with full planning premision for £30k mayeb slightly more, agucultural land is ALOT cheap,

we need utilities in before we could move in anyway, so we would be doing it first (wow yours cost a bomb lol)

thats good advice about the 2 mobile homes i'll look into that thanks

again we aren't asking for a loan to build our house just for the value of the land , we know soemone who just built a 5 bedroom house, for £70,000 and that included a very fancy kitchen and his a roof tile sales man so spent a whooping £9000 on roof tiles, i think the cost of materials also depends on the area, he recently admited he had over spent on his hosue and could have done it easily for £50000, it took him 1 1/2 years and they were living on site however they had money to do it

MsAnderson

Check out http://www.buildstore.co.uk/

You can buy plots for £30k, but they will be cheap for a reason, no utilites close, contaminated land, no access roads, the list goes on. You really need to get to grips with everything a self build will be. Buy some of the mags published specifically for the self build market, take some of the stories with a pinch of salt, but you will get more info. The key is to go into this with your eyes wide open.