We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Re-mortgage o/c of a self-build project: any recommendations?
Devon_Sailor
Posts: 307 Forumite
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
0
Comments
-
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 you0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 352.4K Banking & Borrowing
- 253.7K Reduce Debt & Boost Income
- 454.4K Spending & Discounts
- 245.4K Work, Benefits & Business
- 601.2K Mortgages, Homes & Bills
- 177.6K Life & Family
- 259.3K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards