First Time Buyer - Self Build???

mangomango13

Hi all,

Me and my partner are first time buyers currently living with our parents. We have been given the opportunity to buy some land from a family member (obviously cheaper than it should be) and we would love to build our own house! My dad is a builder and we have contacts to do plumbing, electricity etc etc, and sort of know what were doing!

We are currently saving towards a deposit which we are nearly there...(if you can ever be!) and have looked at self-build mortgages.

We would love some advice from anyone 'in the know' about how much deposit you need because it looks on websites that you need at least 40%!!!

Do you think this is a good option or whether its not quite suited for first time buyers??!

Thanks!

ACG

You will be able to do it with a smaller deposit.

It would usually get paid in steps - ie when the foundations are done, it will be revalued and some more money released, you can then use that to build up...then a revalue and borrow more money etc ...

I did some initial research into this for a family member i think a 20% deposit would be enough for atleast 1 or 2 lenders. This was only initial research though so i could be wrong.