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self build
birkets_first_build
Posts: 1 Newbie
How do i raise money to buy a plot whilst my house sells and releases equity.
I have around £135000 equity in my house.
I need to secure plot for £70000 so then i can build my own house as im in the building trade.
I have around £135000 equity in my house.
I need to secure plot for £70000 so then i can build my own house as im in the building trade.
0
Comments
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A broker can assist you to do this.
If you cannot sell in time you may need to take a bridging loan.
Or if you have enough cash deposit you may be able to raise a self build mortgage before you sell.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 -
And 'being in the building trade' will not be as much help as you think ! ...... lenders will understandably be concerned that:
1) you will spend your time building your own house rather than working for a living (i.e income will drop). teh detailed cosstings (I recommend professional QS report) must include all trades costs.
2) you are simply looking for cheap 'development finance'
.... very definitely 'broker territory' this oneHi, we’ve had to remove your signature. If you’re not sure why please read the forum rules or email the forum team if you’re still unsure - MSE ForumTeam0 -
Another point to note.
Don't start the process then apply for a mortgage mid build.
This complicates it even further.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 -
.... and price in a warranty and get it in place day 1 (much cheaper)
.... no warranty = no mortgage these daysHi, we’ve had to remove your signature. If you’re not sure why please read the forum rules or email the forum team if you’re still unsure - MSE ForumTeam0 -
It's all starting to sound quite tricky!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
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