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Self build Mortgage
sorryitsme
Posts: 448 Forumite
Hi,
I am looking for advice on which mortgage companies offer self build mortgages and what are their requirements.
My mum purchased a property which is on a large plot and after submitting drawings and speaking to planning it looks like my mum may get planning to build an additional 3 bedroom house on the plot.
My mum has about 20k but would probably need an additional 70-95k to complete the build.
We know some companies offer self build mortgages but have no idea where to start, so your help would be greatly appreciated.
Thanks in advance.:)
I am looking for advice on which mortgage companies offer self build mortgages and what are their requirements.
My mum purchased a property which is on a large plot and after submitting drawings and speaking to planning it looks like my mum may get planning to build an additional 3 bedroom house on the plot.
My mum has about 20k but would probably need an additional 70-95k to complete the build.
We know some companies offer self build mortgages but have no idea where to start, so your help would be greatly appreciated.
Thanks in advance.:)
Mortgage Feb 2015 £178,500 END 2043!!
MFW 2015 £100 /£1000
Watch this space, my MF end date will tumble!!
MFW 2015 £100 /£1000
Watch this space, my MF end date will tumble!!
0
Comments
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Start with a Mortgage Broker.
There are several lenders that will allow you to do a self build mortgage, all with different criteria.I am a Mortgage Adviser
You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
What's her age and income?
Has her existing lender (assuming she has one) authorised thier land can be built upon?0 -
My mum is 54 and earns about 30k a year and has a private pension of 7k a year.
She owns her own home outright which is valued at approx 475k and has recently purchased a buy to let property with a mortgage of 170k and that property is valued at 290k. It is this property that has the land for the build.
The income from the buy to let is approx 6k profit per annum.
My mum doesn't want to put a mortgage on her home as she like the fact it is mortgage free.
I think her existing lender has said the land can be built upon, but I will double check with her.Mortgage Feb 2015 £178,500 END 2043!!
MFW 2015 £100 /£1000
Watch this space, my MF end date will tumble!!0 -
sorryitsme wrote: »My mum doesn't want to put a mortgage on her home as she like the fact it is mortgage free.
I think her existing lender has said the land can be built upon, but I will double check with her.
Well, I'm confused ......Hi, we’ve had to remove your signature. If you’re not sure why please read the forum rules or email the forum team if you’re still unsure - MSE ForumTeam0 -
Sorry maybe I didn't explain myself properly my mum owns two houses, her home is mortgage free the other one is buy- to- let on a mortgage.
It is the buy to let property that has the plot for the self build.Mortgage Feb 2015 £178,500 END 2043!!
MFW 2015 £100 /£1000
Watch this space, my MF end date will tumble!!0 -
The buy-to-let mortgage lender will need to agree that the land can be divided off and used for the new build...Act in haste, repent at leisure.
dunstonh wrote:Its a serious financial transaction and one of the biggest things you will ever buy. So, stop treating it like buying an ipod.0
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