Self build mortgages

yelf

Does anyone know of any providers of these and the typical max LTV? Also, it i had 25% deposit (of the overall cost of buying the plot and building costs)tyoically how much would i receive and when?

I understand that the mortgage is paid in tranches.

thanks

Thrugelmir

You'd need to own the land outright.

The building work is then funded in tranches, as stages are completed and signed off.

yelf

So its not possible to take out a self-build mortgage to purchase the land?

Thrugelmir

yelf wrote: »

So its not possible to take out a self-build mortgage to purchase the land?

You need to find a specialist lender to help in order to fund the land purchase.

As though you may be able to borrow an element of the land value (50% - 80%) this may restrict the advance against the stage build costs.

The lender has a vested interest in you completing the work.

yelf

basically it wil be £80K to buy the land and i have £50k deposit (releasing equity from my house via a let to buy) - how realistic is this?

cheers