Self Build Mortgage Difficulty

LILY61

Hi - we are coming up against so many brick walls for a self build mortgage and are living on the land we bought 6 years ago in our tourer caravan which, as we are both in our 60’s, is challenging. We are needing advice for any assistance in sourcing a loan for £180,000 until the build is complete (end of next year if we can secure a loan). Can anyone point us in the right direction for help? Thanks so much 🙋🏽‍♀️

[Deleted User]

You'll need a large deposit, generally 25 - 50% and will need to look at specialist lenders. Money is normally advanced in stages.

What is  your full situation? 

LILY61

Bought land - have our own money £110k towards a £290k build cost. Full planning permission. Just need £180k for a year.

LILY61

All self build lenders seem to be very tight fisted and our age is against us.

[Deleted User]

Not tight fisted but more aware of risk.

Use a decent broker. You might get some better advice on the mortgages board 

Powapa

Hi Lily,

have you tried buildstore, they are a broker and for a small fee hold your hand right through the process. We used them with our self build, the lenders are definitely more picky than using a bank to buy a ready built house as they ask for detailed costings and proof of estimate invoices so they know you know what your doing and it minimises risk.