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!

becominganobsessivesaver

Speak to buildstore. They specialise in self build.

hngrymummy

When we looked at self-build, I seem to remember that buildstore did an advance payment self-build mortgage. Usually banks release lumps of money as and when bits of the house are completed. This protects their investment, as they have something of value to seize if you stop paying them back. Buildstore offered us one where you get the lumps in advance, but have to take out insurance too. That was ideal for us.

Buildstore also do a card which gets you discounts at certain places. It's very useful, but use it with caution, as it's not always cheaper, especially if you're good at haggling with the local builders merchants.

Good luck with it. I'm very jealous as our plot of land fell through, so we ended up buying a do-er up-er instead. I'd still like a self-build one day.