Building Loan Brokers

PennysIntoPounds

Hi all, I'd really appreciate any thoughts on if there's a way other than random online searches to find out which mortgage brokers specialise in banks and building societies in England/Britain providing house building loans?
And what would one need to know to select the right mortgage broker in this situation?!

ACG

What type of building is it your looking to build? 
Residential to live in,
Residential to rent/sell,
Commercial.

PennysIntoPounds

Thanks for responding @ACG
It's building two homes on one plot, one for me and my partner, and one for my partner's brother and his missus.
They would both be to live in, my partner and his brother own the land and have planning permission (though council consents to go ahead with building are not signed off yet)
Our understanding is that we would all have to apply to the same provider as it's seen as 'one build' but will be able to apply as separate couples for the 'mortgage'/build loans

ACG

Would it not make more sense to split the title? You can then apply for your own self build mortgages.
Doing it as is, I am not sure where you would stand. 50% of it would be regulated as its your own home and 50% of it non regulated as it would be the other persons home. 

PennysIntoPounds

We will be applying for separate building loans @ACG but as it's a pair of semi detached houses (semi attached to each other!) the mortgage broker brother had initial talk with, said it would be very difficult to get two different providers to agree to provide separate loans on what is seen as two halves of the same build/building.
So both couples will get their own loan/build mortgage but it has to be with the same provider, is what we've been told

ACG

Ah ok gotcha... Self build is not my thing. I had not even thought of that but I suppose it makes sense.
Whats wrong with that broker? 

amnblog

You will need detailed planning permission before you can raise any funds. Also full costings and schedule of works.

The Broker will need to have some experience in this area as there are a number of curve balls.

Loan to value is often not as generous as borrowers hope
The semi detached set up is a complication
The funds come in stage payments these can be in advance or in arrears
The building work has to be properly guaranteed

PennysIntoPounds

@ACG nothing wrong with him that I know of! I just assumed it was the usual thing to contact a few to see what they say. Very happy to not have another job to do if you reckon they're all much of a muchness!

Hi @amnblog thanks for your comment. We have all of that covered/in progress/noted 👍

ACG

Its not to much that we are much of a muchness, but the person you have seems to have an idea of what to look out for (a better idea than I would - although thats not saying much as I have only ever done 1 self build and I swore never again). 

No harm shopping around I suppose. 

PennysIntoPounds

We're swearing never again too @ACG, though it can't possibly be as bad as this again so who knows 😁
What sort of things would be useful for us to ask to know if the broker is the right fit? And is there a list somewhere I can't find of build loan brokers?

ACG

How many self build mortgages have they done before? 
To be honest, if they are doing it, its either because they know what they are doing or they dont.