is it possible to get self build mortgage for a semi detached, a builder offered me a site, he builds the other,or get a mortg for the land?
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buildstore doesnt do semi detached, is there any finance companys that would do, i could then switch to a cheaper mortgage one built,
smokeywokey
1 year ago
Expert Financial Adviser Answer
Darren Smith
answered 1 year ago
yes there are options. I have done something similar to what you have described for clients and myself. its not initially the cheapest means of purchasing the land but once you have the first phases sorted it can work out.
buildstore are ok but they only deal with 3 lenders - not exactly whole of market! whereas there are other lender options that could at least get you out of the ground and then, as you say, you could switch to a more traditional build. but you will still need a fair amount of capital to get you going as the maximum advance would be 65-70% of the initial value.
you can get monies in stage release like a normal self build but clearly the more cash you have to get more work done, the sooner you can move to a more mainstream loan.
do be careful though as these types of finance deals are not always regulated by the FSA (which doesnt mean they are bad, just that you have to do you due diligence or be prepared to pay for someone to do it for you).
Feel free to get in touch.
best of luck with your project.
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buildstore are ok but they only deal with 3 lenders - not exactly whole of market! whereas there are other lender options that could at least get you out of the ground and then, as you say, you could switch to a more traditional build. but you will still need a fair amount of capital to get you going as the maximum advance would be 65-70% of the initial value.
you can get monies in stage release like a normal self build but clearly the more cash you have to get more work done, the sooner you can move to a more mainstream loan.
do be careful though as these types of finance deals are not always regulated by the FSA (which doesnt mean they are bad, just that you have to do you due diligence or be prepared to pay for someone to do it for you).
Feel free to get in touch.
best of luck with your project.