Jenjen

We very much see it as a forever home so as long as we don’t end up paying more than it’s eventual value we will be happy to essentially break even. The plot is fully serviced as 2 other houses have recently been built next to it, I checked eight electricity company and was quoted an estimate of £2k for connection fees. I’ll look into the architect technician option too, thanks for the heads up! So many small details make such a huge difference. It’s so overwhelming when you have zero experience of it all. I feel this site is going to be a god send if we end up going down this route!

Thanks so much for all the advice. We haven’t done too much yet by way of budget/costing as we are still at the very early stages. We have a wish list and an overall budget so have a few initial meetings with potential architects etc to ascertain what is and isn’t do-able with the budget. The plot of land is in a good location in the middle of town in central Scotland, it’s very difficult to find land near me and this is fairly reasonable compared to a few other plots that have been up for sale over the past few years. I didn’t realize there was any form of official ratio but know this is the sort of price we will have to pay for land in our area (if not more).

Hi Looking for a bit of advice on financing options. Have found a plot of land that’s for sale for £95k with planning permisson (although we would re-design and resubmit)... overall budget for project no more than £450k (including land price). We have £100k cash, around £120k equity in current house so would need to find £230k for the rest. I’m not sure whether it would be best to sell up straight away, bank the equity then get the usual 5.5% self build mortgage. Using a mixture of self build mortgage and cash for plot purchase. Or. Keep house until toward end of project, get £100k additional borrowings (max we could get based on LtV) on current mortgage for 2.5% interest (use that to buy plot) and then make arrangements for self build mortgage for remainder. Not sure if option 1 would help with self build Mortgage as essentially plot would be bought so may be in better position!? Help! Head is spinning!