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Self build/renovation mortgage
Pugs
Posts: 3 Newbie
Hi,
First post on here, the question I have is I have a 2 bed house which we have received planning permission for and are ready to start as soon as fund's are secured. We are going to be adding 1 extra bedroom and 2 extra reception room's and a large workshop (11mx7.5m). Over all value should be about £270,000 according to estate agents, present value £150,000, present loan to value is 70%ltv
My question is would I get a self build mortgage in a situation like this as I don't have enough equity in the property at present and if so which banks or building society's are even giving out self build mortgage's?
Thanks in advance.
First post on here, the question I have is I have a 2 bed house which we have received planning permission for and are ready to start as soon as fund's are secured. We are going to be adding 1 extra bedroom and 2 extra reception room's and a large workshop (11mx7.5m). Over all value should be about £270,000 according to estate agents, present value £150,000, present loan to value is 70%ltv
My question is would I get a self build mortgage in a situation like this as I don't have enough equity in the property at present and if so which banks or building society's are even giving out self build mortgage's?
Thanks in advance.
0
Comments
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Don't try to get your own self build mortgage direct via a lender - it is complex (the last one we did had over 100 pages of documentation).
Engage a mortgage broker with experience in this area.I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
What's your current mortgage balance?0
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Present mortgage is £100,000.
Thanks0 -
Thanks for all the replies.0
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