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Re-mortgage o/c of a self-build project: any recommendations?
1 reply
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Devon_Sailor
Forumite 303 posts
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
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
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Replies
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