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Mortgage required with a building stipulation
Selfbuild_2
Posts: 7 Forumite
Hi all, I'm cross posting my message as I have already posted this in the House buying / selling board so I hope you don't mind? Here is the link to the other thread .... I actually can't include it due to being a new member but you can search it through my user name.....
Anyway, my problem is as follows ......
We have been granted full planning permission for a house after 5 yrs of wrangling and taking it to the Planning Appeal Commision... However, it has been granted with a condition / stipulation as follows .... "the dwelling shall first be occupied for a period if 5yrs by Mrs XXX and any partner and dependants residing with her" Mrs XXX is myself.
This is proving to be a MAJOR hurdle in trying to get a mortgage to fund the build.
Does anyone have any advice ie any way round the condition, specialist mortgage lender or any words of encouragement as it is starting to really grind me down.
We really want (need to, due to personal circumstances) but we can't get over this obstacle as so many of the regular lenders have said a straight "no" and unfortunately are not in a position to build without a mortgage. We "only" need £95-100k and have good credit ratings etc it is only the condition holding us back....
Any advice would be very much appreciated, thanks.
Further (maybe useful / less) info is we are in NI, this will be our "forever home" and won't be sold and the stipulation is because of my disability which requires specialist living accommodation.
TIA
Anyway, my problem is as follows ......
We have been granted full planning permission for a house after 5 yrs of wrangling and taking it to the Planning Appeal Commision... However, it has been granted with a condition / stipulation as follows .... "the dwelling shall first be occupied for a period if 5yrs by Mrs XXX and any partner and dependants residing with her" Mrs XXX is myself.
This is proving to be a MAJOR hurdle in trying to get a mortgage to fund the build.
Does anyone have any advice ie any way round the condition, specialist mortgage lender or any words of encouragement as it is starting to really grind me down.
We really want (need to, due to personal circumstances) but we can't get over this obstacle as so many of the regular lenders have said a straight "no" and unfortunately are not in a position to build without a mortgage. We "only" need £95-100k and have good credit ratings etc it is only the condition holding us back....
Any advice would be very much appreciated, thanks.
Further (maybe useful / less) info is we are in NI, this will be our "forever home" and won't be sold and the stipulation is because of my disability which requires specialist living accommodation.
TIA
0
Comments
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I would imagine you will struggle to find anyone who will lend you money on a house with no value, which in effect is what you will have for the first 5 years. They would not be able to reposses and sell due to the condition applied by the council.
The council must have a big concern that you are building to sell to make a profit which I imagine is not the reason you told them you are building.--- Fat club weight loss -- Started 10th April 2015
Update: 28.4.15 - 8lbs0 -
I think you're stuffed mortgage wise.
You need legal help here. A solicitor needs to get the planning guys to confirm that the clause on residency does not stop a lender from having a right to repossess. In writing.
Without that, no lender will go near it.
Don't try to do this without legal help.0
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