Two barns to convert - mortgage help urgent

animalartist

Help!  My husband and I are relocating and desperate to buy this property with 5 acres of land and a stable block and barn for £300k.  Both the stable block AND the barn have outline planning permission. There is no house on the land.  There are several offers on this property and we want to put down a deposit to secure it.  We still have to sell our current home which has equity of £130k.  

What we thought was a simple plan of doing up the stable block (which is brand new and better finished than many houses), for around £20 - £30k (honestly that's all it will take), then selling it for around £200k to fund the conversion of the main barn (which will cost approx £150k), has turned out to be a nightmare in terms of mortgage options with our current lender.  Basically we cannot afford to build our dream home by converting the barn without selling the stable block converted into a home.  However, as the stable block will effectively be our main residence, we cannot have a residential motgage if we sell it off??? The bank has confused the hell out of me.  Surely there is a way we can carry out our plans.  All self build mortgages seem to deal with only one conversion on the land.  We need to sort this out by Saturday when we are due to put down a £30k depoit.  Help!  ???

vansboy

If you've no experience in self build - or developing - I'd think VERY carefully!!

We sold some of our land 2 years ago, to a small builder, after getting outline planning for 2 dwellings.

He's STILL living in an old holiday caravan, on the site, awaiting final planning approvel!!The council seem to be VERY fussy about the plans, that every time something is rejected, you wait another couple of months!!

His idea was to get loan to build first house, then change it to a mortgage (better rates) then loan for second house & sell first one, to get enough profit to pay off the second one!!

Result - we've got our £$£$, but a building site behind our house - so nobody wants to buy ours, he's nowhere near getting started - let alone seeing any profit & who knows what the REAL value will be, in the end!!

THINK VERRRRRRRRRRRY CAREFULLY!!

VB