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Build a house Mortgage
amarie080480
Posts: 1 Newbie
Hello everyone, my partner and myself has seen land with full planning permission for detached house that we would be interested in buying. We currently have a rpmt mortgage and approximately £50k equity in our house. Does anyone know the best way for us to be able to purchase this land and build our home financially? Many thanks
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Comments
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You would need a self build mortgage.
I have only done one self build mortgage and it wanted to pull my hair out. If you go down that route I would strongly suggest getting an experienced broker in that field (no pun intended) to help you out as there is a lot more to it than a normal mortgage - put it this way, I wont be doing another.I am a Mortgage AdviserYou should note that this site doesn't check my status as a mortgage adviser, 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 -
Check out buildstore, this is what they do.0
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The lending comes in the two parts. Funding to purchase the land, and funding for the build. The Lender releases the land funds on purchase and the build money in stages as the build progresses.
It is a specialist lending deal as stated above.
You will need a schedule of works and the paperwork on these mortgages is extensive.
You haven't suggested figures for the purchase, but £50,000 of your own funds sounds slim as your contributions.
The broker will be interested in:
The price of the land
The cost of the build
The estimated value on completionI 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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