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Re-mortgage o/c of a self-build project: any recommendations?

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Re-mortgage o/c of a self-build project: any recommendations?

edited 30 November -1 at 12:00AM in Mortgages & Endowments
1 reply 298 views
Devon_SailorDevon_Sailor Forumite
303 posts
Ninth Anniversary Combo Breaker
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edited 30 November -1 at 12:00AM in Mortgages & Endowments
Hello all,

Pretty self explanatory title - should be completing a self-build project (barn conversion) within the next 5 months. Bridging/secured loan taken out to fund it. Weighing up options on completion ref. lenders to see if it is worth re-mortgaging to pay off that loan in a lump and taking advantage of better rate/longer lending period?

Has anyone got any recommendations for lenders outside of the normal high street mortgage brokers? Or similar success stories/nightmares?

If it helps:
Total build cost c.£329,000
Est value on completion £480,000-520,000
Secured loan of £300,000 currently repayable over 25yrs at c.£1600pm.

Ideally Id like to bundle up all the build costs and try and get a bit of additional money to help put in final fixtures and fittings.


Regards
D_S

Replies

  • timeatimea Forumite
    13 posts
    Hi ,

    Can you please help me with an advice . I am looking to secure a loan for my self build project. I got the land and planning permission but it is very hard to find a lender for the money . Do you got any idea why ? Can you advise me which company you used for your loan .
    Thank you
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