Self build mortgage

deem040986

Hello

Wondering if anyone can help

I have been looking around the market for a self build mortgage - I've found a good few banks/building societies now which offer this type of mortgage. From what I have read....when the bank is releasing funds for this kind of mortgage they do it in stages...1. for purchase of the site 2. for inputting foundations etc. I have been extremely lucky in the fact that my father gifted me the building site, planning permission has been approved and the foundations have already been laid - So I'm at a good stage of the build so far....just need to get the bricks and mortar up now. My question is......will the mortgage company look more favourably at my application since I have have got this far with the build by myself? Will there still be a need to put down a lump sum deposit! Any other help would be greatly appreciated. Just want to get my facts right before I go to the banks.

Fuzzyness

i used buildstore for my selfbuld mortgage. at the time we were able to borrow a 100% of the cost of the land and the build. the money for the land came through on completion of the purchase (slightly complicated my wife inherited the plot with her sister and we bougth the sister out). we started building a month later and that triggered the start of the five staged payments that we recieved.

I would have thought that because you have PP in place and that a start has been made then it should be better. have you got the sign off for the foundations etc from building control. we needed to provide this to trigger the next payment.

good luck with it.