Mortgage Free - so good they'll do it twice! Wynnvegas aiming for the big house

wynnvegas

Hi MFD,

I think we've just been dealt a proper blow to the whole idea. Apparently, as our house is only worth £150-160k, we can only borrow up to 75% of that figure as "buying a field" doesn't count for anything. Until we actually build the house, getting finance for it is looking particularly tricky. Thus, we'll need to save like there's no tomorrow. Financing is easier for the house part of the project but buying land is going to be a nuisance. It's a shame as I've found 8 or 9 plots today that are the appropriate size and in acceptable areas. Back to saving hard...

Cheers,

Billy

Froggy-G

Ciao Billy :j

I thought you could get finance bits by bits from the banks... ie 10% on the house plans, 10% on getting foundations done, 20% when the house walls are up, and so on and so on... I would agree that its unlikely that they would release the full amount just by seeing the plans.. Might be worth discussing when you next pop to the bank.. You're not the first person to build a house in Scotland, so for sure, they have that kind of solutions in place somehow...

Have you ever approached land developpers / estate developpers??

The fitter has just taken the current flooring off, and its exactly the same as yours - very spooky... I have to say you have great taste in shower curtains!

Cheers
Froggy :cool:

wynnvegas

Howdy Froggy,

There are many and varied options for the house part of the project but it's considerably more limiting when just looking at the land in the first instance. Because land could be anything up to 200k and the house a further 4-500k, they're being understandably cagey.

Proper progress on the bathroom project. I have to say I'm massively impressed. In a day, they've managed to tear out the old bathroom, rip down a wall, tear up the carpet and flooring in the spare room, pick up all the new gear, stick up a new wall, insert the new bath (amazing by the way!!) and get everything ready to go for tomorrow. My floor is still down in the bathroom. Glad yours is going well. You'll doubtless have guessed who the duck fetish belongs to!!

Cheers,

Billy

MyMFDream

We were finding that too and with land being £££. We could do with 5 + bonus on the lottery so we would have the land secured.

wynnvegas

Hi MFD,

S1 seem to be on a bit of a kick to themselves with self-build plots. Identified no fewer than 8 definite prospects today which prompted my discussion with the bank manager. Our concern is that land prices run away to such an extent that we lose the opportunity to build.

Cheers,

Billy

sarahevie

Land prices have been ridiculous for years:mad:

When my grandma died, my dad inherited her farmhouse and land. She never had any cash, worked in a potato factory to make ends meet, but talk about asset rich.

Dad was offered 150K for the building plot, he obtained planning, as agricultural land isn't worth a lot. Then as developers were falling over themselves looked into self build. Initial projections said £175K to build. House value £350K so he very nearly just sold the plot as £25K seemed a negligible gain for building.

As a once in a lifetime opportunity he went for the self build, best thing he ever did. What an experience, a house to your own spec - he owned it for 9 years eventually selling 2009 (it was just too big for the two of them)

wynnvegas

Hi Sarah,

That's more like it! A success story on the self-build is always good to hear. I do think the house we're looking at will be far too big for us and it might not make any sense when it comes to detailed planning. Really pleased that your dad got a good benefit from the house.

Cheers,

Billy

wynnvegas

Morning All,

Day 2 of the bathroom / boiler / spare room project is underway. After the power of work that was gotten through yesterday, I've been told not to expect nearly as much visible progress today but, seeing as they're more or less already where I expected them to be at the end of day 2, I won't be voicing any disappointment. Today is likely to see a lot of work being done on the boiler and water tank and I think the new toilet, sink and unit thing are all being put in as well. Pictures to come once photobucket has finished it's untimely maintenance!!

Cheers,

Billy

wynnvegas

Morning All,

Day 3 has now officially kicked off with the bathroom / boiler / spare room project. Yesterday, the hot water tank came out and the new boiler went in. The water pressure in the entire house has gone up tenfold and Moyra is even concerned that her initial demand that the shower be powerful enough to hurt her might be met! The new bathroom floor is down and there are many plans afoot to connect everything up today, connect the new sink (and possibly toilet), get the spare room wall and boiler finished off ahead of the new floor going down. The old boiler may get booted out today as well. The biggest issue we've had thus far is the continual visits from the local gypsy mob begging for scrap metal as it's apparently worth a few quid to them. Seeing as the plumber had already put a claim in for the scrap metal, he's been doing a good job of chasing them. Wandering the streets looking for stuff to beg, borrow and steal seems to be better than working...

Managed to get building and contents insurance for £115 this year from Churchill. This beats (with a higher contents cover as well) the £223 renewal quote from...Churchill. Do they think no-one looks at these things? The acquired debt has begun to be paid back which takes the money owed to us to just under £14,000. I'm a wee bit concerned that, with the recent spending spree, we've managed to rack up £5,500 on our own credit card but we'll start addressing that come the end of this month. The firm intention is to have our credit card cleared by the time we go on holiday which means we can sort out the acquired debt by the end of October. This mortgage freedom isn't quite the lark that I'd planned it being!!

Cheers,

Billy

wynnvegas

Afternoon all,

And a proper MSE one it has been thur far. Re-found all the good Vegas discount sites. Thus far, I've managed to nab buy 1 get 1 free (as many as I fancy) deals for Haagen Dazs (dangerous in my hands), Bella Panini (not too bad for a mid-afternoon stop once a holiday) and Nathan's Hot Dogs (probably not), free tickets for a magic show (Nathan Burton) that we probably won't go to, half price tickets for Love and Viva Elvis, more or less buy 1 get 1 free tickets for Criss Angel and The Australian Bee Gees, limitless $5 off coupons for the Spice Market Buffet (which honestly has to be seen to be believed), free coupon books at the Fashion Show Mall, The Forum Shops, The Shoppes @ Venetian, Miracle Mile and both premium Outlet locations and I've managed to apply another code to our deal at the Monte Carlo which gives us buy 1 get 1 free buffets all through the holiday. Still tempted with the deal we managed to get at the Tropicana though.

Cheers,

Billy