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Self Build - what type of mortgage?
funkey_monkey
Posts: 398 Forumite
Hi
I am looking for some advice in relation to obtaining a mortgage for a self build which we are planning to undertake.
I am aware of the existance of self build mortgages which release the money in phases depending on the work carried out.
Is it possible to get a normal repayment mortgage for this build or must we opt of the self build mortgage? I have been looking at the mortgage calculators and I'm not sure how to value the property for the LTV.
How is this done and can I opt for a 'normal' repayment mortgage? Is this my best option - I am aware that the IR on a self build mortgage is slightly higher than a repayment option.
Thanks.
I am looking for some advice in relation to obtaining a mortgage for a self build which we are planning to undertake.
I am aware of the existance of self build mortgages which release the money in phases depending on the work carried out.
Is it possible to get a normal repayment mortgage for this build or must we opt of the self build mortgage? I have been looking at the mortgage calculators and I'm not sure how to value the property for the LTV.
How is this done and can I opt for a 'normal' repayment mortgage? Is this my best option - I am aware that the IR on a self build mortgage is slightly higher than a repayment option.
Thanks.
0
Comments
-
Can anyone offer advice?
Is this posted in the correct forum?0 -
You will need a "self build" type of mortgage facility in order to fund the build. Many require the land to be purchased outright at the outset.0
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