Oh my goodness!!

eilidh_s

:eek:

Well, I am about to put the final touches to a mortgage application. I am building a house, which is horribly complicated but a cheap way to get a beast of a house!

My savings covered purchase of land, initial deposit for house plans and kit, planning permission and building warrant. Now I need £90000 for the rest of it. My dad is buying the slates in return for working in his new business, and I lent him some money to get it kicked of the ground so he is buying me a cooker as part of the repayment! I managed to get a BUildstore Accelerator mortgage which I did not think I would get due to a very dodgy past credit history, but, it is not ideal. I can't get a builder for at least a year, however I need the mortgage to pay 12% of the kit so that I can get it made and delivered to site, and also to get my foundation done and utilities connected. So I will be paying off my mortgage for a year before the house is even built! And at this point it is interest only, but that is just to keep the costs down, I am going to change it for a one where I can pay of the capital too and overpay when this one runs out.

I am going to be back in college when the house is going to start geting built, luckily, I will be paid right through, although paying of a mortgage and rent is a bit daunting. Anyway, I am hoping to have it paid of as soon as is humanly possible, and this site is such an inspiration! I love it and I am going to do my level best to keep up with you guys!

17Dave

Good luck with your "self build".
Perhaps you could post pictures of it "growing".

p24296

eilidh_s wrote: »

:eek:

Well, I am about to put the final touches to a mortgage application. I am building a house, which is horribly complicated but a cheap way to get a beast of a house!

My savings covered purchase of land, initial deposit for house plans and kit, planning permission and building warrant. Now I need £90000 for the rest of it. My dad is buying the slates in return for working in his new business, and I lent him some money to get it kicked of the ground so he is buying me a cooker as part of the repayment! I managed to get a BUildstore Accelerator mortgage which I did not think I would get due to a very dodgy past credit history, but, it is not ideal. I can't get a builder for at least a year, however I need the mortgage to pay 12% of the kit so that I can get it made and delivered to site, and also to get my foundation done and utilities connected. So I will be paying off my mortgage for a year before the house is even built! And at this point it is interest only, but that is just to keep the costs down, I am going to change it for a one where I can pay of the capital too and overpay when this one runs out.

I am going to be back in college when the house is going to start geting built, luckily, I will be paid right through, although paying of a mortgage and rent is a bit daunting. Anyway, I am hoping to have it paid of as soon as is humanly possible, and this site is such an inspiration! I love it and I am going to do my level best to keep up with you guys!

Hi I would be interested to know how you are getting on, did you get your mortgage ok and how's the build going?

Ian_Griffiths_Halifax

eilidh_s wrote: »

So I will be paying off my mortgage for a year before the house is even built! And at this point it is interest only, but that is just to keep the costs down, I am going to change it for a one where I can pay of the capital too and overpay when this one runs out.

You do know that you aren't paying any of the mortgage off while you are on Interest Only don't you? You say in the first sentence that you are paying off the mortgage and you aren't.

Good luck.