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How do you get a self build mortgage when you need to factor in site cost?
rover25
Posts: 387 Forumite
Curious as to how this works. If the site is say £25,000 and build costs are £80,000 = total of £105,000.
(Lets say I have a deposit of 10% /20% = £10,500 / £21,000,)
Does the mortgage lender pay the site owner their £25,000 or do they just give the total amount to the person taking out the mortgage, who then pays the seller of the site.
Confused!!
(Lets say I have a deposit of 10% /20% = £10,500 / £21,000,)
Does the mortgage lender pay the site owner their £25,000 or do they just give the total amount to the person taking out the mortgage, who then pays the seller of the site.
Confused!!
0
Comments
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You would normally be expected to at least own the developement site outright.0
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