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Self Building and Mortgage for retirees
Gypsysmum
Posts: 33 Forumite
We have been granted planning permission on land that we own. We have enough savings to erect the building but will need to sell our house to finance the rest. We are debt free.
Is it likely, given that our pensions are very modest, that we would be granted a mortgage to complete the build before selling our house. We could then pay off the mortgage with the proceeds from the house sale.
Is it likely, given that our pensions are very modest, that we would be granted a mortgage to complete the build before selling our house. We could then pay off the mortgage with the proceeds from the house sale.
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Comments
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You might have better luck with some form of equity release, if it's for a short time the otherwise atrocious compound interests should be that big of a deal.0
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Would it be possible to complete enough of the new property to make it habitable. Sell your existing property. Then have the work completed.0
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Thrugelmir wrote: »Would it be possible to complete enough of the new property to make it habitable. Sell your existing property. Then have the work completed.
No is the simple answer. We do have a large caravan we can live in but it looks like it we will need to sell in the winter
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Why, what's the rush? You won't be able to do much construction work in the winter anyway.
We have everything, except the money, in place to get the house finished fairly quickly. All the trades people are free and ready to start which is a big plus. Next year they could all be busy or retired
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