Emma Hunt

We are in Oxfordshire, building in a conservation area & AONB. I think the area, view and that it won’t have any surrounding buildings has helped with end value. The plans have been valued by a friend that’s an estate agent & knows the area well so hopefully it’s pretty accurate. Appreciate the norm is that you own the land out right, had hoped that there may be other options but looks to be thin on the ground.

Thanks for your response Lizzie, the plot was purchased for 450k so would have 50k equity in it. The lender on the current house / land doesn’t offer self build so we would need to switch lenders. Seems like we are a little up against it at the mo. struggling to find financial advisors that understand self builders but will have another look at that. we have built contingency into our budget so hopefully that’s covered. Emma

Hi, Last year we purchased land with a house on for £400k and got planning permission to demolish the house and build a new one. we are having problems getting finance for the build as we have a 400k mortgage on the current land and need to borrow another £230k to build the house. The build cost will be 400k but we have 170k in savings. As we already have the 400k owing on the land mortgage BuildStore won’t help us due to the high initial advanced payment. End value of the house is expected to be £1.2m and we earn enough to have a mortgage of £630k. Any ideas on where we could go with this? Is it possible that I could take the £400k for the land on my own and my partner get a separate mortgage for the self build. Struggling with BuildStore at the moment but limited with what other options we have available to us as ultimately we are £230k short of cash? Any help would be great fully received as currently it looks like we may need to give up our dream & sell the land! thanks Emma