mortgages and self builds?

lucy_smith

Basicaly I live in a very expensive area with my bf, bf's parents own a plot next to where we live, which used to have planning but ran out last year. Me and my boyfriend want to build on it but are wondering how much do we need to save for a deposit ? Can I just go to any bank ? Or does It need to be a special slef build mortgage ? I know you get given the money in installments. but how do i go about finding this out? and most importantly how much deposit will I need??

bigadaj

It will be a specialist lender and as you say money would be released in batches/ tranches.

Normally you would need to have enough money to reach the first hurdle before you would get money from the lender, this might well be foundations and ground works being completed.

If the planning has lapsed then you'll have to reapply, no guarantee that the council will still give you permission though generally planning has been loosened more recently.

Planning application and drawings/ plans will cost you some money so start saving.

Thrugelmir

Try Buildstore.

http://www.buildstore.co.uk/

devildog

Firstly planning permission will have to be got as without that it isn't't a building plot. Once the land has that then you can move forward. If bfn's parents own it can you come to an agreement about the purchase like you will buy it for x amount and they will loan you x amount to get you going until you have received your first stage payment -get it all done through a solicitor! From what I can remember there are 5 stage payments. Bradford and Bingley used to be one of the main contenders for self build mortgages