Self build house which mortgage company will loan money?

Altern8

Hi,

I have seen a property that needs to be rebuilt, Are there any mortgage company's out there who will lend you the money for a self build home?

How does it usally work I have a deposit but not enough to build a house.

Any info would be good

Thanks

GMS

Usually you would need to own the land outright before building a self build.

smcqis

Can you afford the "site" to buy when your own money if you already do not have it? If so then there are banks that will lend against the cost of building to its finished value rate as its LTV. I was told by my broker only one bank lends up to 75% of a value of a site

Thrugelmir

Is the existing property habitable?

There's a difference between rebuild and self build.

Are you intending to demolish the existing structure and rebuild or refurbish the property?

Altern8

Thanks all, I cant afford to buy the land/property with my deposit. The property is a stable that has planning to knock it down and build a larger sized property in its place.

Its not suitable to live it as is