Thinking of buying some land?

[Deleted User]

We are looking to buy some land with the intention to build our own home in Durham. We have seen 2 potential plots but I have no idea of how a mortage would work on it, I would need a mortgage to buy the land and build on it, I have heard something about a building mortage where fund are released I stages?
Anyone know of something like this?

ACG

I think your thinking of a self build mortgage.

There are a few lenders who will do this for you.

Here is a link to a guide, its written by BM solutions who are a lender on self build mortgages. Just to be clear i am not suggesting you do or do not use them, its just the guide im making you aware of.

http://www.bmselfbuildmortgages.co.uk/pdf/self_build_guide.pdf

[Deleted User]

Thanks for that just had a quick skim and that's very helpfull

rochja

Can I suggest you find yourself a home building show to attend. Although tickets have a cover price there is always someone who is exhibiting there who will give them gratis. Acquaint yourself with all the project stages and pitfalls. Be aware that these days the potential savings of building your own home are nothing like they used to be especially as you live in an area where property tends to be relatively cheap

jamesml

I went to the homebuild and renovation show a couple of years ago at the NEC, got a pair of free tickets with a homes magazine - probably the self build one (can't remember the name). Was a useful exhibition, lots of exhibitors, lots of sessions and Q&A's etc.

[Deleted User]

rochja wrote: »

Can I suggest you find yourself a home building show to attend. Although tickets have a cover price there is always someone who is exhibiting there who will give them gratis. Acquaint yourself with all the project stages and pitfalls. Be aware that these days the potential savings of building your own home are nothing like they used to be especially as you live in an area where property tends to be relatively cheap

Thanks for that but Durham city is certainly not a cheap place it's very very expensive to buy there especially near the main school.